REC returns $7.8 Million to Consumer-Members
Nov. 2, 2018
REC is happy to announce REC members will receive cash back on their November electric bills. That cash - in the form of credits on members' bills - is the result of REC returning $7.8 million in capital credits to consumer-members.
"Members invest in REC each month through their purchase of electricity," said Larry Andrews, manager of administrative services and controller for REC. “And now, REC is investing back in members through these credits.”
About Capital Credits: Any money above the cost of doing business is assigned to each REC consumer-member into a special account called capital credits. Members' locally elected board of directors decides how to best use capital credits, with most of the funds reinvested into building and improving REC's system of poles and wires to better serve its members. The exact amount each consumer-member receives will vary. Those who use more electricity or have been with REC for a longer period of time, for instance, typically see a bigger credit.
"Using capital credits as a source of financing for system improvements helps manage long-term costs for REC," Andrews said. "Retiring some of the capital credits and reducing individual electric bills is a direct benefit to members. Best of all, capital credits stay right here in the local communities served by REC."
REC provides electric service to over 167,000 connections in parts of 22 Virginia counties. With its general office in Fredericksburg, Va., the Cooperative operates and maintains more than 17,000 miles of power lines through its service area, which ranges from the Blue Ridge Mountains to the tidal waters of the Chesapeake Bay. Follow REC on Facebook, Twitter, Instagram, and YouTube.