First Electric returns more than $9.5 million to members
Posted on November 29th, 2018
First Electric Cooperative returned $9,538,077 to its members in December.
The not-for-profit electric cooperative returns any profits to members in the form of capital credits. Revenue collected that is not needed to cover the cost of providing service is assigned back to members based on the amount of electricity used during the year. The First Electric Cooperative Board of Directors reviews the cooperative’s financial position each year and determines the amount of capital credits to refund. The amount of money members receive is based on how much electricity they used during the year or years that are being refunded.
This year’s capital credits calculation represents a complete retirement of 1996 through 1998 and a portion of all years from 2005 through 2017. Capital credit checks were mailed in December. Members whose refund was less than $30 receive a credit on their December electric bill.
Throughout First Electric's 80-year history, more than $105 million has been refunded to members since the practice began in the 1940s.