Community Electric Cooperative (CEC) is implementing a major change to reduce costs and bring more value to its member-owners. The cooperative is now issuing capital credit refunds as bill credits instead of mailing paper checks.
The shift to paperless refunds began in December and, under the direction of CEC’s Board of Directors, will become standard practice. Members eligible for payments will see a “Capital Credit Refund” line item on their December electric bills. The change is expected to save the cooperative more than $200,000 annually in postage, printing, and paper costs.
As a member-owned, not-for-profit organization, CEC returns excess revenue, called margins, to its members each year. These margins are allocated as capital credits, representing each member’s share based on their electricity use. CEC retains these credits for several years to reinvest in system improvements before returning them to members on a rotating basis.
This December, CEC refunded $264,364 in capital credits from member usage in 2006. Not all who were members that year will receive a refund. Households that were not members in 2006 will not receive a credit, though all members will benefit from the long-term savings achieved through paperless refunds.
“We are continuously evaluating our processes and systems to find ways to save our members money,” said Jessica Parr, manager of communications at CEC. “We understand that the cost of living is always rising, so we are working diligently to reduce expenses wherever we can. This change is just one example of how we’re thinking long-term and putting our members first.”
- Review their December electric bill.
- Look for a line item labeled “Capital Credit Refund.”
- Visit the CEC website.
- View the Capital Credit Recipient List, which includes the last four digits of eligible account numbers.
- If your number appears but the credit is missing from your bill, contact the office for assistance.
For more information, visit www.comelec.coop/your-account/capital-credits.