Since January, electric rates for Duke Energy Indiana’s residential customers have dropped 21 percent due to declining fuel and purchased power costs. If the Indiana Utility Regulatory Commission approves the company’s most recent request for an additional reduction, rates will go down another 4 percent beginning July 1. This would be the third consecutive rate decrease in 2023.
Collectively the decreases amount to a 25 percent reduction for the year – just in time for summer when customers typically use more power to cool their homes.
Understanding how fuel cost adjustments impact your bill
Fuel and purchased power can account for as much as 25 to 45 percent of an average residential customer’s bill, so when the markets are volatile, it can have a big impact on energy bills. Costs are starting to decline, and the Indiana Utility Regulatory Commission has approved Duke Energy’s requests to pass those savings along to customers.
Four times a year, Indiana utilities adjust prices based on fluctuating fuel costs. Fuel rate adjustments are not permanent; fuel costs rise and fall, and those costs are passed along to customers with no profit, so customers pay what the power company pays.
Energy efficiency tips and financial assistance
With warmer temperatures here, consider these energy efficiency tips to reduce your energy usage and maximize your savings:
- Change air filters regularly. A dirty air filter makes an HVAC system work harder, which uses more energy.
- Set your thermostat at the highest comfortable setting. The smaller the difference between the inside and outside temperatures, the lower your energy usage and bill will be.
- Close blinds, drapes and curtains during the hottest part of the day. Keeping your blinds, drapes, and curtains closed will help prevent the sun’s rays from heating your house.
- Use a ceiling fan in occupied rooms to supplement your air conditioning. Make sure the fans are set to operate in a counterclockwise direction to push cool air down into living spaces.
- Grill outdoors. Using your electric oven and stovetop creates a lot of indoor heat. Help save energy by firing up the grill outdoors or prepare meals that don’t require cooking.
- Turn off unnecessary lights. Be sure to turn off lights when you leave a room. Lights emit heat and cause your air conditioning system to work harder.
Duke Energy offers a variety of energy and bill management programs. You can learn more about these programs and others at this link. You can also call (800) 521-2232. Duke Energy is committed to connecting you with the resources that fit your individual needs.