North Carolina Order Preserving TOU for Net Metering

In March 2023, the North Carolina PUC approved a section of a stakeholder agreement that replaces Net Energy Metering (NEM) credits with a time of use rate by 2027. Previously, credits were worth between 9 and 13 cents per kWh. The agreement does not go as far as other states recently have in diminishing NEM compensation, and includes a Bridge Rate for customers who grandfather in. The Commission did reject other proposals in the stakeholder agreement, including a smart thermostat demand response program. The NEM proceeding was pursuant to two recent laws requiring North Carolina’s PUC to revisit net metering by 2027.