Putting money back into members’ pockets with capital credits is just one of the characteristics that sets Randolph Electric apart from investor-owned utilities. This year, the Randolph EMC Board of Directors authorized a general retirement of $2 million, with this year’s estate retirements estimated at $560,000. That’s a total of more than $2.5 million that’s flowing back to our members and into the local economy in the five counties we serve.

In June, nearly 97% of Randolph EMC members received a check or bill credit for their share of the annual general capital credit retirement. The amount of each capital credit check or bill credit is based on the amount of electricity a member purchased during the years being retired—1996, 1997 and 2022.

As a cooperative business, Randolph EMC does not earn profits. Instead, any revenues remaining after all expenses have been paid each year are considered “margins.” They are returned to the members after being used for a period of years as capital to help finance long-term reliability projects, substation improvements, power lines and poles.

Each year, the board of directors decides on capital credit retirements based on the financial health of the cooperative. The amount of capital credits allocated to a member’s account is based upon the amount of capital they contribute to the cooperative through payment of their monthly bills. The more electricity a member buys, the greater his capital credit allocation. Capital credits are allocated on a continuous cycle: the cooperative collects for current needs to deliver reliable electricity while returning funds collected in previous years. This helps offset the need to borrow funds, and that helps keep your electricity rates more affordable.

Randolph Electric mailed capital credit checks to members in early June. However, if your refund was less than $20, it was issued as a bill credit. You can help us find former members who may have an outstanding capital credits check by visiting our website. If you recognize a name on the list, please ask that person to call the local Randolph EMC office to update his contact information.

At Randolph EMC, we count it a privilege to touch the home of every member in a positive way. Our core values of integrity, accountability, innovation and community involvement guide us in every decision we make. You, our member-owners, are our top priority. We appreciate the opportunity to serve you.