The Central Electric Board of Directors has approved a capital credit general retirement of $500,000 from Central Electric and East River Electric Cooperative and additional $348,964 from Basin Electric Power Cooperative.
Members with active accounts with Central Electric will receive their refund as a credit on their bill received in early December. By doing this, your member-owned cooperative saves the cost of printing and mailing checks.
Members who had service for 2018 or prior will see a credit. For some members, the capital credit refund will result in a small balance due or in some cases a credit with no amount due, shown as a negative amount or with "CR" next to the amount due on the bill. Credits will also only be issued on current charges and not any past due balances.
For prepaid accounts, the credit will be automatically applied against your balance. You can check your balance by logging into SmartHub, calling the IVR at 855-730-8707 or contacting our office. For budget billing accounts, the credit will reduce your monthly budget amount.
Inactive members will receive a check in the mail for amounts over $10 (lesser amounts will carryover to the next retirement). When transferring service out of your name or moving off the service territory, ensure that Central Electric has your updated contact information for future capital credit payments.
Cooperative members are “owners” of the cooperative. As a non-profit cooperative, any margins are allocated back to members each year. Funds are retained by the cooperative to maintain cash flow and good financial standing. Then, the Board of Directors approves capital credit retirements when financially possible. That’s something customers of other utilities do not see.
Remember to keep a copy for your records. If you have questions, please contact our office.