Electric cooperatives provide electric service to member-owners at the lowest possible cost without a profit motive. This business model allows for the return of margins (money left over after all operating expenses have been paid) to our member-owners in the form of a refund that we call Capital Credits.
Haywood EMC is pleased to announce that the Board of Directors authorized a general retirement of $728,500. This amount is in addition to this year's estate retirements at an estimated amount of $301,000. That's a total of more than $1 million that's flowing back to your pockets and into the local economy. This is the seventh year in a row that your cooperative has returned more than $1 million to you, our member-owners.
Who Receives Capital Credit Refunds?
The refund is derived from member-owner margins allocated during the years 1994 - 2019. If you had service with Haywood EMC in these years, you are among those who will receive a refund. All capital credits prior to 1994 have been returned to member-owners with valid addresses.
When to Expect Capital Credits
Checks are mailed in mid-November to member-owners who are due a retirement of $250 or more as well as prior member-owners that no longer receive service with a valid address. For amounts less than $250, or in the case of a delinquent account, the credit is applied to the member-owner's electric bill in either October or November.
Unclaimed Capital Credits
Because unclaimed capital credits must be sent to the State Treasurer, it's a good idea to make sure Haywood EMC has your up-to-date mailing address, if you should move off-system so future refunds make their way to you.
You can help us find former member-owners who may have outstanding capital credits by visiting www.haywoodemc.com/capital-credits. If you recognize a name on the list, please ask that person to call Haywood EMC's office at (828) 452-2281 to update their contact information.
Capital credits represent your ownership in Haywood EMC and are one of the most unique and rewarding benefits you enjoy as a member-owner of an electric cooperative. Because it puts your money back where it belongs -- with you!