Duke Energy Indiana President Melody Birmingham-Byrd says it was "the perfect storm" and offered an apology to customers.
Robyn Morton says her bill this month was for $240, compared with $90 to $150 she normally pays.
This settlement builds on a previous agreement from 2012 that required Edwardsport’s shareholders to pay the full construction and start-up costs.
As part of a settlement, Duke Energy set a 2016 deadline for cutting out coal at its power plants.
If approved, it would be Duke's largest solar facility in Indiana.
If approved, customers would see a gradual rate increase averaging 0.75 percent each year from 2017 to 2022.
The plan would upgrade Duke Energy's infrastructure around the state at an estimated cost of one percent per year for ratepayers.
Duke Energy agrees not to charge customers for $87.5 million of the operating costs of the Edwardsport plant, $2.5 million more than the original agreement.
It will feature 76,000 solar panels on roughly 145 acres of land owned by NSA Crane, making it one of the largest solar facilities in Indiana.
The attorney general of Virginia decided to repeal that state's concealed carry reciprocity with Indiana.