Members of Northeastern REMC enjoy several benefits that customers of other types of electric utilities don’t get to experience. One special benefit is receiving patronage capital.
When our revenues exceed expenses and the board determines there are adequate reserves to meet our cooperative’s business needs, the balance is returned, or “retired,” to members. These members receive a patronage capital retirement check. The amount being returned is based on how much power the member had used.
When a member moves out of our service area, patronage capital is retired at a discounted rate and appears as a credit on their final bill.
If you've recently moved out of the Northeastern REMC service area, you may have unclaimed patronage capital available to you. Please contact us to find out if you have patronage capital owed to you.
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April 2020 Patronage Capital FAQs
For members receiving a bill credit in 2020, you will see your Capital Credit Refund on your April statement.
Each member will receive a different amount based on many factors. How long you’ve been a member and the amount of energy you have used are the two main factors.
Every year, our board of directors will review and vote on a proposed amount. This year (2020), these funds were made available sooner than usual based on the COVID-19 pandemic response.
We are giving you a bill credit to help you as quickly and efficiently as possible without delays, complications or contamination. This method ensures you get your credit with no need to go to a bank, track down mail or any other inconvenience.
This year’s patronage capital retirement will be a straight percentage of your entire account. In years past we would retire 100% of a specific year, so if you were a member on our lines in that year you would receive a check. This year just over 3.5% of every year is being returned to members