North Carolina has electric providers that provide safe, widely accessible, highly reliable, and competitively priced power to meet the needs of industrial customers. Outlined below is brief insight into how Duke Energy, Electricities, and NC Electric Cooperatives can help provide assistance for economic development opportunities.
Duke Energy believes in creating opportunities that strengthen the communities we serve and promote long-term economic growth. The Carolinas are among the best business climates in the nation because the region offers companies real business advantages to help them succeed. Likewise, our Economic Development team goes the extra mile to support companies expanding or relocating in the Carolinas. That’s just one of the reasons we’ve been recognized as one of the “Top Utilities for Economic Development” by Site Selection Magazine.
Duke Energy offers a variety of rates for business and industry. Recognized as being among the most competitive electric rates in the nation, Duke offers small, medium and large general service schedules including time-of-use and real time pricing options. In an effort to further incent industrial location and expansion, we offer economic development and redevelopment riders for qualifying customers which reduce costs even further. Generally, these programs are designed such that they provide significant discounts over a period of time ranging from 1-5 years.
Due to the number of variables that may have a major impact upon industrial rates, calculating an accurate estimate of a new customer’s projected power costs can be a complex process. To assist in this effort, please contact John Geib at email@example.com to determine an estimated rate.
Public power communities have access to economic development grants and resources aimed at helping their city leverage growth opportunities. By maintaining local control over the city’s electric system, local officials are more agile when negotiating with prospective businesses. This allows for time-sensitive negotiations to be undertaken swiftly and with high levels of discretion.
At ElectriCities, we look for opportunities to partner with our 70+ member cities to provide customized assistance within all aspects of economic development. ElectriCities partners with public power communities to support projects with rate development and small scale grants, leveraging the uniqueness of each community to channel economic growth.
For more information about ElectriCities and economic development support, please contact Brenda Daniels at (919) 760-6363 or firstname.lastname@example.org. And for more information about the public power, visit www.electricities.com.
NC Electric Cooperatives
USDA Rural Economic Development Loan (up to $1 million | 0% | 10-year term): This program provides funding for rural projects through local utility organizations (Electric Cooperatives). USDA provides zero-interest loans to Electric Cooperatives which they, in turn, pass through to local governments or businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The local recipient repays the lending utility directly with the following terms: 1) the interest rate is 0 percent, 2) up to 80 percent of project costs; 20 percent must be provided by the ultimate recipient or the local utility, and 3) repayment may be deferred up to two years of the ten-year loan term. Link for additional information.
Member Cooperative Loan (up to $2 million | 0% | 10-year term): Participating Electric Cooperative may provide loans to local governments or businesses to construct buildings and provide infrastructure, equipment and related facilities for the attraction of business engaged in the manufacture, value-enhancement, or distribution of products and services. Cooperatives may provide the loan at zero percent interest over a ten-year period with the option to defer for two years.
Development Matching Grant: Participating Electric Cooperatives direct these grants toward economic development and business enhancement initiatives such as feasibility studies, environmental assessments, and land use plans, and similar documented evaluations to improve the economic development capabilities of a specific site or facility. It can also be utilized for water and sewer service to a site, site clearance and grading expenses, access roadway to a construction site, and related physical improvements to the land used for new or expanded business operations. These are targeted grants, (typically less than $10,000) that are evaluated case-by-case, with maximum award of up to $30,000.
Building and Process Efficiency Consulting: Participating Electric Cooperatives can provide a grant towards consulting services for new projects locating in the cooperative’s territory. Advanced Energy, with nationally recognized building science and industrial processing expertise, will provide the cooperative and new member customer (member and/or member’s engineering, building, or architectural consultants) access to Advanced Energy’s staff and resources to maximize energy and process efficiency of the new building. Focus will be on technologies and processes that provide a reduction in operating costs over time.
Business Development Offerings: The Electric Cooperative will work with the new member-consumer to evaluate their resiliency and sustainability needs and can provide a range of solutions. For example, one option for resiliency is to provide the new member-consumer with a revenue stream for their onsite generator to help reduce the upfront, maintenance, and fuel costs. Another option is for the cooperative to provide the onsite generator and to maintain the generator in exchange for a monthly fee. If the new member-consumer also has sustainability requirements, the cooperative will do an assessment of the viability of a solar and/or energy storage project onsite and can provide different resource/payment plans to meet this need.
For more information, contact: Ryan Nance at econdev@NCEMCS.com.
The Economic Development Partnership of North Carolina does not award or administer these incentives or programs. These programs are administered by Duke Energy, Electricities, and NC Electric Cooperatives.