Electric cooperatives are as local and community centered as they come. Founded as a way to bring electricity to communities that didn’t interest Investor owned utilities (or IOUs), electric co-ops have been a cornerstone of community and economic development in rural America and beyond for decades. Part of that economic development and community support comes from member credits.
You see, PVREA is a not-for-profit business, meaning we operate at cost. When we make more money than we need to keep the lights on safely, affordably and reliably, we return it back to our members (that’s you!) in the form of member credits. This means after all co-op expenses are paid, any additional money we earn goes back into our community, instead of going into a shareholder’s pocket, which is pretty great!
This month, we are paying $3.2 million to our members. The amount of credits you receive is primarily determined by the length of service with PVREA, as well as the amount of energy you purchased in prior years in your membership with the co-op. Many of the credits paid back are substantial dollar amounts and pumps money back into our local economy. Some of our largest energy users are local businesses, school districts, municipalities and large manufacturing companies who support our local community; the financial impact of those organizations’ member credits is quite significant to them and the community they serve.
Members will either receive their money as a check in the mail or as a bill credit. If your allocations have built up to at least $10 worth of member credits, you’re getting your slice of the pie this month. If you haven’t accumulated up to $10 yet, we’ll keep allocating your member credits and will pay it back to you when you’ve reached over $10.
I hope that you view PVREA not just as your electric utility provider, but as a local business that brings pride and prosperity to our community. Living on co-op lines is more than just knowing there are people out there working to bring you safe, reliable, and affordable electric service. Living on co-op lines is an investment in our community and its members. Be on the lookout in future issues of the magazine for more positive news from your co-op about rates!
President & CEO