We are retiring capital credits for the year 1990 and the remaining portion (50 percent) for the year 1989 to active and former members of Piedmont Electric.
Piedmont Electric will return approximately $1.38 million to members this year as capital credits. In addition, over $300,000 was returned to the estates of deceased members this year.
One of the major benefits of being a member of Piedmont Electric is that you are allocated any money left over after all our bills have been paid. This allocated amount remains in an account with your name on it until a decision is made by Piedmont Electric’s Board of Directors to return it to you. The allocation you receive is based on the amount of electricity you used and paid for during that year.
General retirement checks will be mailed to eligible members with owed retirements of $20 or higher. Those who have capital credit accounts of $20 or less will see a credit on their energy bill. Inactive accounts will receive a check providing there is a current mailing address on file. Inactive members with less than $20 in their capital credits account will have their payments held until the $20 minimum is met in a future year.
Your cooperative membership entitles you to this capital credit retirement whenever Piedmont Electric is financially able to approve these refunds and receives approval by the board of directors. Until a specific year is “retired” the funds are used for maintenance of the electrical grid and to allow Piedmont Electric to meet the financial requirements of our lenders. Piedmont Electric has returned more than $23 million, inclusive of estate retirements, in capital credits to members since 1975.
NOTE If you change electric providers, please be sure to leave a forwarding address and other contact information so we can reach you concerning your future capital credit disbursements. For any questions regarding capital credits, call 800.222.3107.
You can find out more about capital credits at our website:Visit pemc.coop