Capital Credits

 

Unclaimed capital credits. Image of someone checking their mailbox for mail.

 

If you received electric service in 1991 or earlier you may have unclaimed capital credits. Click on the button below to see if you are owed any capital credits. If you find your name, fill out the form at the bottom of this page to receive your capital credits. If you do not see your name on the list, you are not owed any capital credits and you do not need to fill out the form below.

Unclaimed capital credits must be turned over to the state treasurer’s office if they are still unclaimed after four years. You can still receive these credits, but you must contact the treasurer’s office to do so. If you do not see your name and you think you may be owed capital credits, you can search for them at NC Cash.

Capital Credits Q&A

Capital Credits

Since Piedmont Electric is a nonprofit cooperative owned by our members, we do not earn profits like investor-owned utilities. Instead, any money remaining after our expenses are paid is returned to our members and are called capital credits.

Capital credits are allocated on the pro-rata share of member’s purchases from the cooperative – the cost of the power the member used.

Capital credits are used to help pay the expenses of the co-op such as new equipment to better serve members, repairs and upgrades to poles and lines, and to repay debt. Capital credits help keep rates lower by reducing the amount of funds that must be borrowed.

Piedmont Electric also allows for the early distribution of capital credits to the estates of deceased members on a discounted basis.

In order to be financially responsible, our Board of Directors will decide when to return, or retire, each year’s capital credits back to our members. Every December, we will notify you if you will receive a capital credit that year.

Current members will receive a bill credit for capital credits of less than $20.00 and a check for $20.00 or more. Former members will receive a check in the mail once their capital credit total reaches $20.00.

If you move or no longer have electric service with Piedmont Electric, it is important that you inform the cooperative of your current address so that future retirements can be mailed to you. If you purchased electricity during the years being retired, then you are entitled to a capital credit.

After four years of trying to return money to former members, we are required by law to send their money to the North Carolina Treasurer’s office who enters it into their unclaimed property database. The money will remain there until the rightful owner files a claim and receives a refund.

If you know any former Piedmont Electric members, look for their names using the last name search below. A former member whose name is on the list is owed capital credits and can submit the form on the page to request their credit be sent to them! It’s a good idea to double check with the state of North Carolina as well to see if someone you know if owed money. To contact the North Carolina Treasurer’s office, visit nccash.com or call 919.814.4200.

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Unclaimed Capital Credits

If your name is on one the list of unclaimed capital credits, please fill out this form. Please allow up to 30 days to process. If you have any questions, please call us at 800.222.3107.

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