Duke Energy Supports Green Energy Output in South Carolina - July 13, 2018
Duke Energy Corporation DUK announced that its unit Duke Energy Carolinas continues to support solar energy production for its customers. In addition to the net metering incentive, the company also provided in excess of $50 million in rebates as an extra incentive for customers who wanted to install solar panels across South Carolina.Owing to friendly legislation passed in the state, a new report by Southern Alliance Clean Energy (SACE) suggests the South Carolina solar market to expand much rapidly in the coming years. South Carolina registered 318 watts of solar per utility customer in 2017 and the report expects solar per utility customer to grow 170% to 856 watts by 2021.Looking AheadPer a latest release from the U.S. Energy information administration (EIA), non-hydropower renewables provided slightly less than 10% of electricity generation in 2017 and are expected to provide more than 10% in 2018 and nearly 11% in 2019. The report indicates that production from solar energy is going to increase further from the current levels.Utilities are investing in renewable projects and lowering their carbon footprints. Zacks Rank and Key PicksDuke Energy currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry are Algonquin Power & Utilities Corp. AQN and Brookfield Renewable Partners L.P. BEP. While Algonquin Power & Utilities sports a Zacks Rank #1 (Strong Buy), Brookfield Renewable carries a Zacks Rank #2 (Buy).