Thank you for being a member of Piedmont Electric. One of the many benefits of being a member of your locally run cooperative is capital credits. As a not-for-profit cooperative, when we collect more money than we spend, we return these funds to members through a capital credit. This year, we are returning credits for members who purchased electricity in 1991.
This year, Piedmont Electric will be returning approximately $950,000 to active and former members plus an additional $310,000 that is being returned to the estates of deceased members. As a not-for-profit organization, your co-op refunds money as long as it is fiscally able to do so. Until a specific year is retired, these funds are reinvested back into the cooperative allowing us to maintain, grow and improve our system without borrowing additional money. Avoiding these extra interest payments helps us keep costs down for members while also improving our service to you.
When a year’s credits are retired they are sent to those who were members in that particular year. If those individuals are still members, that is pretty easy to do. However, in the case of former members, they can sometimes be difficult to locate and contact. If you know of former members who may be eligible for a capital credit retirement from electric service in 1991, please have them visit pemc.coop/capitalcredit to look for their name or contact us at 800.222.3107 or firstname.lastname@example.org to provide updated contact information.
Again, we appreciate you being a member of Piedmont Electric.