What is a capital credit?
As a member-owned, not-for-profit utility, Wiregrass Electric Cooperative (WEC) is different than most companies you do business with. WEC does not focus on making a profit for investors living far away. Instead, WEC’s focus is to provide members with affordable, reliable energy. So, when revenue does exceed expenses, the money goes back to members in the form of patronage capital or capital credits. These refunds are a large part of what makes it special to be a cooperative member.
Where can I find my refund amount?
Wiregrass Electric Cooperative members from 1997 are eligible to receive capital credit refunds based on the amount of business they did with the cooperative in that year. To simplify the process, the amount of each member’s capital credit appears on their electric bill as “Capital Credit Refund 1997.” Credits began showing on active members’ monthly statements in September. Inactive members received a check in the mail around the first of October. WEC issued more than $1.1 million in capital credits this year.
Why wait to refund capital credits?
WEC tracks how much electricity each member purchases. When those payments exceed expenses, the cooperative retains the gains, also called margins, and uses them for a time to help with operations. When the WEC board of trustees determines the cooperative’s financial position allows it, those margins go back to the membership.
If you would like to discuss capital credits or have any questions about your bill, please contact us. We have a member care team available to help you at each of our offices or by phone at (800) 239-4602. We are also available by email.
Did you know?
To date, WEC has returned more than $12.4 million to WEC members.