Solar Program Pays Customers $5M (DUK)

 Solar Program Pays Customers $5M (DUK)

Duke Energy Corp (DUK) - and many of its customers - are enjoying the benefits of a successful solar power rebate program. (See Also: What to Expect From Duke Energy's Earnings (DUK).)

In fact, Duke Energy said its Solar Rebate Program has already paid nearly $5 million to customers who have invested in solar power for their homes or businesses.

Duke Energy launched its Solar Rebate Program last year. Under the terms of the program, customers can receive rebates to cover some of the upfront costs associated with solar panels, empowering both Duke Energy and its customers to lower their energy consumption.

The Solar Rebate Program has helped Duke Energy offer solar power to 730,000 customers across South Carolina, according to Duke Energy. At least 750 residential customers and 35 business customers have applied for Duke Energy solar power rebates, Duke Energy said, and these totals may continue to rise.

Ultimately, the Solar Rebate Program could prove to deliver significant return on investment (ROI) for both Duke Energy and its customers.

Duke Energy said the Solar Rebate Program helped make solar power more affordable for customers. The program provides customers with "$1 per watt-dc for qualified residential customers who install systems up to 20 kilowatts-ac on their property; and for business customers who install systems up to 1 megawatt-ac on their property," Duke Energy noted. Thus, South Carolina homeowners and business operators can use the program to capitalize on solar power at reduced rates.

In addition, the program may help Duke Energy increase its revenues thanks in part to the rising demand for solar power.

The Solar Energy Industries Association (SEIA) reported that 2,051 megawatts (MW) of solar photovoltaic (PV) power were installed in the United States in the second quarter of 2016. Also, SEIA pointed out that 31.6 gigawatts (GW) of total installed solar power capacity were available in 2Q16 - a 43% year-to-year increase.

To date, Duke Energy's Solar Rebate Program has delivered substantial ROI for Duke Energy and many of its customers. If the demand for solar power continues to grow, Duke Energy could bolster its earnings, too.