After four years of trying to return money to former members, we are required by law to send their money to the North Carolina Treasurer’s office who enters it into their unclaimed property database. The money will remain there until the rightful owner files a claim and receives a refund.… Read More»
If you move or no longer have electric service with Piedmont Electric, it is important that you inform the cooperative of your current address so that future retirements can be mailed to you. If you purchased electricity during the years being retired, then you are entitled to a capital credit.
Current members will receive a bill credit for capital credits of less than $20.00 and a check for $20.00 or more. Former members will receive a check in the mail once their capital credit total reaches $20.00.
In order to be financially responsible, our Board of Directors will decide when to return, or retire, each year’s capital credits back to our members. Every December, we will notify you if you will receive a capital credit that year.
Piedmont Electric also allows for the early distribution of capital credits to the estates of deceased members on a discounted basis.
Capital credits are used to help pay the expenses of the co-op such as new equipment to better serve members, repairs and upgrades to poles and lines, and to repay debt. Capital credits help keep rates lower by reducing the amount of funds that must be borrowed.
Capital credits are allocated on the pro-rata share of member’s purchases from the cooperative – the cost of the power the member used.
Since Piedmont Electric is a nonprofit cooperative owned by our members, we do not earn profits like investor-owned utilities. Instead, any money remaining after our expenses are paid is returned to our members and are called capital credits.