Piedmont Electric members who are eligible for capital credits should start receiving checks in the mail during the month of December.
Consumers who were members of Piedmont Electric in 1983 and 1984 will soon receive their share of the capital credits for those years. With this retirement of capital credits, Piedmont Electric will be refunding approximately $1,200,000 to current and former members this year, including approximately $180,000 that is being returned to the estates of deceased members.
This is just one of the benefits of being a member of a cooperative. All money after Piedmont Electric’s bills have been paid are returned to those who were receiving service based on the amount of electricity they bought during the affected years. General retirement checks will be mailed to those active accounts with retirements of $20 and more. Those whose capital credit accounts are less than $20 will receive credits on their electric bills.
Inactive accounts with general retirements of $20 and more will also receive a check, providing there is a current mailing address on file. For those with less than $20 in their patronage account, money will be held until the $20 amount is met in a future year.
As a not-for-profit organization, the Cooperative refunds money as long as it is fiscally able to do so. Until a specific year is “retired,” the money is used for maintenance of the electrical system, and to allow Piedmont Electric to meet the financial requirements of our lenders.