Piedmont Natural Gas offers tips to save money and energy as frigid temperatures sweep the Southeast
- Piedmont Natural Gas is committed to being a resource for customers by offering financial assistance and energy-saving tips.
- The company provides low- to no-cost energy-saving tips and projects to help customers manage their energy use during the winter months.
- The Equal Payment Plan (EPP) program helps customers manage their budgets by eliminating high winter bills.
- Piedmont Natural Gas offers a variety of energy-saving tools to help customers and communities identify ways to save money and energy all year long.
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From an energy market perspective, the initiatives by Piedmont Natural Gas to assist customers with managing their energy bills during peak winter months can have a multifaceted impact on the company and the energy sector. Firstly, the provision of financial assistance and energy-saving tips may enhance customer loyalty and satisfaction, which can translate into a more stable customer base. This stability is crucial during periods of high demand, as it can mitigate the risk of customer attrition due to financial strain.
Secondly, the introduction of 'smart' or programmable thermostats and encouragement of energy-efficient home improvements could lead to a reduction in peak demand. This demand-side management can alleviate stress on the natural gas supply chain, potentially leading to lower wholesale prices due to a more balanced supply-and-demand equation. Over time, this could influence the company's operating costs and margins, as well as its stock valuation.
Lastly, programs like the Equal Payment Plan (EPP) could improve the predictability of cash flow for Piedmont, as customers' payments are leveled throughout the year. This financial predictability is often viewed positively by investors as it reduces revenue volatility, which is a common concern in the utility sector.
Analyzing consumer behavior reveals that initiatives like those of Piedmont Natural Gas, which focus on cost-saving and efficiency, are likely to resonate well with consumers who are increasingly conscious of both their personal finances and environmental impact. The educational aspect, such as providing a video explaining the factors contributing to natural gas bills, empowers consumers to make informed decisions, which can lead to a more engaged and informed customer base.
Moreover, providing tools and resources to manage energy consumption effectively can lead to long-term behavioral changes. As consumers adopt more energy-efficient practices, there could be a collective reduction in energy consumption, which has broader implications for energy conservation and sustainability efforts within the community.
Financially, the customer assistance programs and energy-saving initiatives announced by Piedmont Natural Gas can be seen as a strategic investment in customer retention and brand value. While there may be short-term costs associated with implementing these programs, the long-term financial benefits could include reduced customer service costs, fewer payment defaults and potentially lower bad debt expenses.
Additionally, these programs could have a positive impact on the company's regulatory relations, as utility companies are often evaluated on their customer service and affordability metrics. Positive regulatory outcomes can lead to favorable rate cases and improved conditions for capital expenditure recovery. Investors should monitor the adoption rate of these programs and subsequent impacts on the company's operational efficiency and customer satisfaction metrics, which are key indicators of the company's financial health.
- Financial assistance and energy-saving tips and tools are available to help customers manage seasonal bills
- VIDEO: Factors that contribute to customers' natural gas bills
Higher energy consumption related to colder temperatures is the largest contributor to increases in the average household's home-heating expenditures during the winter months. A video explaining the factors that contribute to customers' natural gas bills is available on Piedmont's website.
"The downward trend in the cost of natural gas has allowed Piedmont to provide some relief during the winter months, when increased usage driven by colder temperatures often results in higher bills," said Sasha Weintraub, senior vice president and president of Piedmont Natural Gas.
"Even with these cost reductions, some customers may continue to struggle with paying their monthly bills or may just be looking for opportunities to keep their expenses down. Piedmont remains committed to being a resource for our customers, from helping them take steps to lower their natural gas bill to offering payment assistance programs," Weintraub added.
Low- to no-cost energy-saving tips and projects
Natural gas use typically spikes in the winter as customers combat low temperatures to stay warm. Below are tips to help manage your energy use when temperatures decline. B-roll of energy-efficiency measures is available here.
- Set your thermostat to the lowest comfortable setting to help save. Installing a "smart" or programmable thermostat will also help reduce your energy use while you are asleep or away.
- Leave drapes or blinds open during sunny winter days to allow the sun to warm the house. Close drapes and blinds at night, to help insulate your home as windows can allow heat to escape.
- Change air filters regularly. A dirty air filter makes a heating system work harder, which uses more energy.
- Manage your water heating temperature. Set your water heater temperature to 120 degrees Fahrenheit or consider installing an on-demand or tankless water heater that only heats water when you need it.
- Seal air ducts. Make sure the air ducts from your home's furnace and central air conditioner are properly sealed. Ducts that leak into the attic or crawl space can substantially increase your heating and cooling bills.
- Seal your home. One of the quickest energy-saving tasks you can do is caulk, seal and weatherstrip all seams, cracks and openings to the outside. This can save
10% to20% on your heating and cooling bills. - Consider insulation. Consider whether you need to add insulation to your ceilings, floors and walls. Insulation between the indoors and outdoors reduces energy demand, saving you money while improving the comfort of your home.
Level out your bill with the Equal Payment Plan (EPP) program
This free service helps customers manage their budgets by eliminating high winter bills. The EPP program levels out a customer's natural gas bills, allowing them to pay a predictable, equal monthly amount to help avoid billing surprises. Piedmont determines this payment by adding up a customer's annual natural gas usage and then dividing it into the same payment amount each month. Learn more here.
Energy-saving tools
Piedmont Natural Gas also offers a variety of energy-saving tools to help customers and our communities identify ways to save money and energy all year long. These programs and tools help customers understand what factors are impacting their natural gas bills and emphasize specific actions they can take to prepare and reduce the impacts of high winter usage.
Assistance for customers in need
Share the Warmth provides funds to local agencies to assist families with their utility bills, no matter the source of energy they use. Contact information for approved assistance agencies across Piedmont's service area is available at piedmontng.com/ShareTheWarmth.
The Low Income Energy Assistance Program (LIEAP) provides winter heating assistance to pay for natural gas, electric and other methods customers use to heat their homes. There are many customers who are eligible but do not apply for this annual federal benefit that can reduce winter heating costs for low-income families.
Piedmont says anyone in need should apply for this and other newly available programs to see if they qualify. For detailed federal and state-specific information, go to piedmontng.com/WinterBills and click on your state.
Piedmont Natural Gas
Piedmont Natural Gas, a subsidiary of Duke Energy, distributes natural gas to more than 1.1 million residential, commercial, industrial and power generation customers in
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
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
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.
Media contact: Jason Wheatley
Media Line: 877.348.3612
jason.wheatley@duke-energy.com
Twitter: @PNG_JasonW
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SOURCE Piedmont Natural Gas
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