Duke Energy's Rebates Program Helps Florida Customers Get Money Back for Making Home Improvements

Rhea-AI Summary

Duke Energy is offering Florida customers the opportunity to earn up to $1,700 in home improvement rebates through their Home Energy Check program, encouraging energy efficiency and cost savings. The program provides expert recommendations for upgrades and offers incentives for improvements such as attic insulation, duct testing and repair, high-efficiency HVAC replacement, and energy-efficient windows for single-family homes, as well as HVAC replacement for manufactured homes and multifamily properties.

Energy Policy Analyst

The initiative by Duke Energy to offer rebates for home energy improvements is a strategic move that aligns with broader energy efficiency goals and regulatory incentives. From an energy policy perspective, such rebates serve multiple purposes. They encourage the adoption of energy-efficient technologies, which can reduce the overall energy demand and peak load on the grid, contributing to a more stable and sustainable energy supply. Additionally, these programs can help to meet state and federal energy efficiency standards.

This approach also has implications for the energy market, as it can influence the demand for certain products, like high-efficiency HVAC systems and energy-efficient windows. Manufacturers and service providers in the home improvement sector could see an uptick in business due to increased consumer demand spurred by these incentives. Over time, the cumulative effect of widespread energy efficiency improvements could also lead to lower energy prices due to decreased demand.

Financial Analyst

From a financial standpoint, the rebate program offered by Duke Energy could have a noticeable impact on the company's financials. Initially, the cost of providing rebates might be seen as an expense that could affect the company's short-term profitability. However, the long-term savings from reduced energy consumption could offset these costs. Moreover, by incentivizing energy efficiency, Duke Energy may be able to better manage its capital expenditures on infrastructure by delaying or reducing the need for new power plants and grid expansions as demand growth is mitigated.

For shareholders and investors, the key interest lies in how such programs affect the company's operating margins and return on investment. If the program is successful in reducing peak demand, it could lead to operational efficiencies and potentially enhance Duke Energy's financial performance over time. However, it is crucial to monitor the adoption rate of the program and the actual savings realized by the company as a result of these energy efficiency measures.

Market Research Analyst

Examining the program's impact from a market research standpoint, it is essential to consider consumer behavior and the adoption rates of such rebate incentives. The effectiveness of the program largely depends on the awareness and participation of the residential customers. The success of the program could lead to a significant shift in consumer preferences towards energy-efficient home improvements.

Market research can provide insights into the factors that drive consumer decisions in this area, such as the importance of cost savings versus the upfront investment required for home improvements. Understanding these dynamics can help Duke Energy and other stakeholders tailor their marketing strategies and product offerings to better meet customer needs and maximize the impact of the rebate program.

• Residential customers may earn up to $1,700 in home improvement rebates after completing an online Home Energy Check

ST. PETERSBURG, FL / ACCESSWIRE / February 6, 2024 / Duke Energy is encouraging Florida customers who are planning on making upgrades to their home to take advantage of the Home Energy Improvement rebates program, where they can earn up to $1,700 in rebate incentives.

"Our team of specialists can provide everything you need to enhance your home's energy efficiency and lower your bills," said Melissa Seixas, Duke Energy Florida state president. "It's important that customers reach out to us before they make improvements on their HVAC systems, windows, ducts and attic insulation so we can help you save money and energy while adding value to your home."

Through the program, residential customers who have not had a Home Energy Check within the past two years can complete a free Home Energy Check online and receive a report detailing their home's past and current energy usage, as well as expert recommendations for improvements that will increase their home's efficiency.

After the customer completes a free Home Energy Check, they may qualify for the following incentives or rebate offers for making the recommended improvements based on the home type.

For single-family homes:

• Attic insulation - Qualify for up to $800 to upgrade insulation
• Duct test and repair - Qualify to receive 50% of the cost of the duct test and up to $200 for duct repairs per system for single-family homes with ducted electric air and heat
• High-efficiency HVAC replacement - Qualify to receive up to $300 in rebate incentives
• Energy-efficient windows - Qualify to receive up to $400 in rebate incentives

For manufactured homes and multifamily properties:

• HVAC replacement‌ - Qualify to receive $150 in rebate incentives

To complete a free, self-directed Home Energy Check assessment online, visit duke-energy.com/HEC.

For more information about the Home Energy Improvement rebates program, visit duke-energy.com/HEI.

Customers who participate in any of the Home Energy Improvement rebates programs may also qualify for a free quality control compliance inspection, which can be scheduled by emailing HEIinspections@duke-energy.com.

Duke Energy Florida

Duke Energy Florida, a subsidiary of Duke Energy, owns 10,500 megawatts of energy capacity, supplying electricity to 1.9 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Contact: Audrey Stasko
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Twitter: @DE_AudreyS

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SOURCE: Duke Energy

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FAQ

How much can residential customers earn in home improvement rebates through Duke Energy's program?

Residential customers can earn up to $1,700 in rebate incentives through Duke Energy's Home Energy Check program.

What are the incentives for single-family homes under Duke Energy's Home Energy Check program?

For single-family homes, incentives include up to $800 for attic insulation upgrades, 50% of the cost of duct testing and up to $200 for duct repairs per system, up to $300 in rebate incentives for high-efficiency HVAC replacement, and up to $400 in rebate incentives for energy-efficient windows.

What are the incentives for manufactured homes and multifamily properties under Duke Energy's Home Energy Check program?

For manufactured homes and multifamily properties, customers can qualify to receive $150 in rebate incentives for HVAC replacement.

Where can customers complete a free Home Energy Check assessment online?

Customers can complete a free, self-directed Home Energy Check assessment online at duke-energy.com/HEC.