Duke Energy Carolinas, a subsidiary of Duke Energy Corporation, one of America’s largest power suppliers, announced that electric rates would drop for North Carolina customers, effective Sept. 1.

In a press release on Friday, the company said that for residential, commercial and industrial customers, monthly overall energy costs would decrease 2.9 percent, 2.5 percent and 2.1 percent, respectively.

The average residential customer can expect a decrease of $3.13 on their monthly energy bill, the company said.

The lowered costs aim to ease the financial burden that COVID-19 has placed on many North Carolina residents, the company said.

The company noted that the decrease in electric rates was possible because of fuel savings in the first quarter of 2020, which were included in a February fuel filing.

The press release noted that while the fuel savings could have been included in its 2021 fuel filing, the company decided to use the savings instead to charge North Carolina customers less now during the pandemic.

Duke Energy’s (DUK) stock rose 16 cents to close at $79.71 on Friday.