We’re giving cash back!

We’re giving cash back!

When you move to Cobb EMC’s service area, you become a member of our electric cooperative. Our cooperative (or co-op) is owned by our customers/members, much like a credit union.

As a not-for-profit business, we exist to provide you reliable electricity – not to make a profit. When we have a good year and earn profits or margins, we can give cash back to our members. It’s one of the things that makes an electric co-op unique, and it’s one of the many benefits of being a co-op member.

Your board of directors (who are elected by our members) can vote to return excess revenue, based on the financial health of the company. The money you receive – known as capital credits – is your individual portion of the cooperative’s profits.

Cash back for 2016

Cobb EMC is in a strong financial position this year. Our leadership has planned for and secured future power needs and increased efficiency, all while maintaining high reliability and some of the lowest rates in the state.

With this in mind, our board of directors will return $13.6 million to you and other members who received electric service from Cobb EMC in 2016 – 100 percent of the excess revenue that was received for 2016. The amount you receive is based on how much you paid for electricity during 2016.

What are capital credits?

The cash you get back from Cobb EMC (known as capital credits) is your individual portion of the cooperative’s profits beyond the costs of providing our members reliable electricity. As a not-for-profit business, we exist to provide you reliable electricity – not to make a profit. When we have a good year and earn profits or margins, we can give cash (or capital credits) back to our members.

This cash back – or retirement of patronage capital – is controlled by the bylaws of our cooperative. Decisions about whether to give cash back (and when) are made annually, based on the company’s financial condition. 

This year, Cobb EMC is in a strong financial position, and our board of directors will return $13.6 million – 100 percent of the excess revenue that was received for 2016. Members who received power from Cobb EMC during 2016 will receive cash back. The amount you receive is based on how much you paid for electricity in 2016.

How is cash given back to members/customers?

  • Current members: Current members will receive a check in the mail with an attached notice during the month of September. If the amount is less than $10, current members will receive their cash back in the form of a bill credit.*
  • Former members: Former members who have moved and are no longer on the Cobb EMC system will receive a notice and check in the mail during the month of September.* Check will be mailed to the most recent address that was provided.
  • Estate members: Heirs or estates of current or former members may file a claim for capital credits. Check will be mailed to the most recent address that was provided.

*Some restrictions may apply. If you have specific questions about your account, email our team at memberservices@cobbemc.com.

The amount you receive is based on how much you paid for electricity during 2016. Cobb EMC’s excess margins totaled $13,603,842.58. To calculate your amount, multiply the total amount billed for electric service* in 2016 by 3.21165429%.

*This excludes taxes, operation round up and other ancillary services.

What if I have more than one account?

Members with more than one active account will receive one combined check for all accounts.

What if I have a closed account and an active account?

Members with more than one account will receive one combined check for all accounts.

Do businesses receive money, as well?

Yes, all Cobb EMC members, both residential and commercial, can receive capital credits. The amount is calculated the same, regardless of the type of member. The business’ amount will be the total amount billed for electric service* in 2016 multiplied by 3.21165429%. If the business has been sold or dissolved, please complete the redesignation application.

*This excludes taxes, operation round up and other ancillary services.

Why isn’t money given every year?

Decisions about whether to give cash back (and how much and when) are made annually, based on the company’s financial condition. The board of directors also assesses whether the company needs to invest in system improvements to improve reliability. Reinvesting that money in our cooperative means we don’t have to borrow money, which helps us keep costs down and rates low.

 

Still have questions? Contact us at memberservices@cobbemc.com.

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