It’s that time of year again when some of our members will be receiving capital credits in the mail or as a credit on their bills. Below is all the information you need to stay in the know this capital credit season.
How Much We Will Return
As a not-for-profit co-op, we return margins back to our members, and this year, we will be returning approximately $1 million. Each year, our board of directors decides whether our co-op can return capital credits, how much is returned and which years are returned. Since 1975, we have returned about $33 million in capital credits.
Who Will Receive Them
This year, you will receive capital credits if you were a member in 1996.
When to Expect Them
If your capital credit is $75 or more, you’ll receive a check in the mail by the end of December. If your capital credit is less than $75, you’ll receive it as a credit on your December bill.
How to Check for Unclaimed Capital Credits
If someone you know has moved out of our service area in the last few years, they may have money waiting for them in the form of capital credits. This is because we can’t send their capital credits to them when we don’t have their new address. You can check pemc.coop/capital-credits to search for unclaimed capital credits for family members or friends who have moved.
Donation Options
Want to embrace the spirit of giving this holiday season? Consider donating your capital credits to our Helping Hand Foundation to directly support teachers, members or local charities in need. Visit pemc.coop/donate to learn how.
Naming a Beneficiary
Did you know that we offer a beneficiary option for capital credits? This allows you to select a person or organization to serve as a beneficiary should you pass. By setting up a beneficiary, we can pay the funds directly to them, which saves them the time and cost of going through the clerk of courts. You can add or change your capital credits beneficiary at any time by visiting pemc.coop/beneficiary.
Your board of directors elected to change to a new capital credit paper check amount of $75 or greater to lower expenses associated with postage and lost capital credit check reprinting requests. Piedmont Electric is always looking for ways to reduce costs.