Starting January 1, 2026, Wake Electric will be implementing a residential rate adjustment. The residential rate will increase from 12 cents per kWh to 13 cents per kWh.
Why Are Rates Increasing?
Wake Electric is a distribution electric cooperative, and we depend on our statewide power supply cooperative to provide a mix of owned and purchased resources to power your homes. Owned resources include a share of the Catawba Nuclear Station, which has provided a significant resource at relatively stable prices since the 1980s.
Purchased resources include contracts with regional generators, such as Duke Energy. These resources can be subject to more variability in price and have been recently influenced by several factors, including:
Changes in Power Generation Mix: A strategic energy plan was approved that shifts toward a generation portfolio with large investments in intermittent resources like solar and wind. Renewables like wind and solar are important for a balanced energy mix, but they come with high upfront costs and require building additional backup power for when the sun isn’t shining or the wind isn’t blowing.
Early Retirement of Power Plants: While coal is not the cleanest way to generate electricity, many coal plants that can still reliably produce power are being retired well before the end of their expected service life. These plants could continue to meet demand, but removing them too soon creates a gap in available generation. When dependable capacity drops while demand keeps climbing, the price of remaining power naturally goes up. Replacing these plants ahead of schedule also requires building new generation and supporting infrastructure. These projects often cost billions and add more pressure to wholesale power costs.
Increased Demand: Our reliance on electricity has never been greater. The rapid expansion of large data centers and the growing adoption of electric vehicles are adding significant new demand on the power grid. With reliable generation going offline faster than it can be replaced and new generation taking years and big investments to build, the power we all depend on is in higher demand and therefore being sold at a higher cost than ever before.
Keeping the Promise of Affordability
We know that no one likes to anticipate their bill going up. As your not-for-profit electric cooperative, we adjust our rates only when it’s necessary to continue delivering safe, reliable power. Even with this change, our rates remain competitive and are still lower than neighboring utilities that face the same energy cost challenges.
| Utility | Cost |
| Wake Electric | $155 |
| Duke Energy | $162 |
| Wake Forest Power | $166 |
*In a 1,000 kWh monthly home as of Jan. 2026
We’re Here to Help
We’re here to help you understand what this rate adjustment means and how to take control of your energy use to help offset it. Programs like our Residential Time-of-Use rate reward you for shifting usage to lower-cost, off-peak hours, and using energy usage tools in SmartHub can show you exactly where and when you’re using the most energy. If you ever find yourself facing challenges paying your bill, please reach out to us at 919.863.6300.
As your local cooperative, we’re committed to working with you to find solutions and supporting you through this adjustment. Our goal remains the same as it has since day one: to provide you with reliable, safe, and affordable power you can count on. We value your trust and are here to support our members as we face these industry changes together.