Duke Energy Corp. proposed Monday building a $76 million electric vehicle initiative in North Carolina.

The three-year proposal, which was submitted Friday, has to be approved by the North Carolina Utilities Commission. The filing outlines multiple EV charging components including residential, public, fleet, transit bus and school bus.

The program will support about 2,500 new charging stations in North Carolina.

Under the proposal, Duke Energy would provide financial support for up to 85 electric school buses, up to 800 residential customers a $1,000 rebate for Level II EV charging stations and $2,500 for up to 900 commercial and industrial customers.

In addition, 800 public and 100 transit bus charging stations would be installed.

According to the filing, the electric vehicle market in North Carolina has increased significantly with a compound annual growth rate of 39 percent since 2011. If it continues to stay at that pace, the current infrastructure cannot support the growth.

“North Carolina deserves a cleaner and smarter energy future, and supporting the use of electric transportation is a Duke Energy priority that will benefit our communities, customers and our state’s future,” said Lang Reynolds, Duke Energy’s director of Electrification Strategy, in a release. “This initiative will help accelerate public and private EV use while also reducing carbon emissions.”

The program follows a similar $10.4 million initiative that Duke Energy piloted in South Carolina. The project is a part of Duke Energy’s commitment to building a “cleaner and smarter North Carolina,” according to a release.

Duke Energy stock was down $1.08 to $88.92 in Monday morning trading.