Were you a member of Piedmont Electric in 1993? If so, you’ll receive some of the $1.2 million in capital credits Piedmont Electric is returning to members this month. Here’s everything you need to know.
What are capital credits and how are they calculated?
Because we’re a not-for-proﬁt cooperative, we give proﬁts (known as margins) back to our members in the form of capital credits.
The amount you’re owed is based upon the amount of revenue you contribute to the cooperative through payment of your monthly bills during a year in which the coop collected more than it spent. This year, we’re retiring capital credits from 1993.
Our member-elected board of directors determines whether our co-op’s ﬁnancial position permits the return of capital credits and the amount of which will be returned to members. Holding capital credits helps keep our rates low as it lowers the amount of funds we need to borrow in a given year.
When will I receive my capital credit?
If you were a member in 1993, there’s nothing you need to do to claim your capital credits. If the amount you’re owed is less than $20, you’ll see your capital credits as a credit on your December bill.
If you’re owed $20 or more, you’ll receive a check in the mail around Dec. 20 with your full credit. That’s all there is to it!
Unclaimed capital credits
Have any of your friends or family members moved out of the Piedmont Electric service area over the last few years?
If a member moves away and we don’t have their new address, they could have money waiting for them in the form of capital credits or uncashed checks.
Visit pemc.coop/capitalcredit to search for unclaimed capital credits for your friends and family members who have moved.
We always attempt to contact former members that are owed money, but if capital credits go unclaimed for more than four years, they have to be turned over to the state treasurer’s office. That money can be claimed by visiting nccash.com.
Thanks in advance for helping us return money to former members!
This year has been a difficult one and many in our communities are feeling the financial effects of COVID-19. If you receive a capital credit check in the mail, and you have the means, consider donating it to the Helping Hand Foundation COVID-19 Relief Fund to help members in need. Visit pemc.coop/donate to learn more or call us at 800.222.3107 to donate any amount that you wish.