This holiday season, Piedmont Electric is returning nearly $930,000 to individuals who were members in 1992. Members who will receive $20.00 or more should be on the lookout for a check in mid- December while those receiving less will see their capital credit as a bill credit.
What are capital credits?
As a not-for-profit cooperative, Piedmont Electric returns margins back to our members. The credits are returned in the form of a check or a credit back on your bill. This is just another benefit of being a cooperative member!
How are capital credits calculated?
The amount you’re owed is determined by the proportional amount of revenue you contributed to the cooperative through your monthly bill payments during a year in which our utility collected more than it spent. Each year our member-elected board of directors determines whether the co-op’s financial position permits the return of capital credits and, if so, what amount of capital credits will be returned. Holding capital credits helps us keep our rates low by reducing the amount of funds that need to be borrowed.
What happens to a member’s capital credits if they move out of the Piedmont Electric service area?
This is where we need your help! If a member moves out of our service area, they may have unclaimed capital credits. For example, if a member living in our service area in 1992 moved away in 2001, they may not realize that they are probably owed a credit from 1992.
Visit pemc.coop/capitalcredit to search for unclaimed capital credits for your family, friends and coworkers.
While we make every attempt to contact former members that are owed money, unclaimed capital credits must be turned over to the North Carolina treasurer’s office if they are still unclaimed after four years. That money can be claimed by searching nccash.com.
Thank you for helping us return money to former members who were with us in the late 80s and early 90s!