Here’s some exciting news: Capital credits are coming to members soon. Be looking for a credit on your bill this year instead of a check in the mail.
What are capital credits? You receive this money because you are a member and owner of your electric cooperative. That’s right — when you began receiving service from us, you became a member-owner of this not-for-profit electric cooperative.
Your electric cooperative has a different way of doing things. Formed and governed by those who use our services, we are not in business to make a profit but rather to safely provide reliable electricity to you at cost. That means we do not have shareholders. Our owners are the people we serve — members like you.
As we safely provide you with reliable and affordable power, you pay your monthly electric bills. During the year, we set aside some of those funds to improve and maintain our system, as well as money to cover unexpected costs, such as storm recovery. The balance is returned to members, based on the Board of Trustees’ approval. A for-profit utility returns these profits to shareholders instead of its customers.
This return indicates your cooperative is financially healthy. Your individual amount is based on your kilowatt-hour (kWh) usage as a percentage of the overall power sold during a certain period.
In an effort to reduce costs associated with printing and mailing checks, the Board of Trustees approved applying the reimbursement as a credit to a member's account this year. Checks will still be mailed to members who are due capital credits and no longer have an active account with WFEC.
This benefit adds value to your cooperative membership. Capital credits are something that customers of other kinds of power providers do not receive. We’re pleased to put money back into your pocket and, in turn, give our local communities a boost. It’s another way your hometown electric cooperative is always here for you.