REC Returns $6.2 Million to Member-Owners
Rappahannock Electric Cooperative (REC) member-owners received a cash back credit on their November electric bill. This credit represents a portion of the member-owner’s share of the Cooperative. The longer a household has been a member-owner of REC – and the more electricity they have used during that time – the more Capital Credits they will have earned and the larger their share of the cash back will be.
“As a not-for-profit business, all revenues REC receives, beyond the costs for providing electric service, remain the property of REC’s member-owners and is assigned to them as Capital Credits,” explained Larry Andrews, manager of administrative services and controller. “As financial conditions allow, a portion of the Capital Credits are returned as cash back. This year, REC is returning $6.2 million to member-owners in the form of Capital Credits.”
Member-owners are reminded to check their November-December electric bill to see their cash back amount. For more information on Capital Credits and how they benefit REC, visit myrec.coop/capitalcredits.
REC provides electric service to over 170,000 connections in parts of 22 Virginia counties. With its general office in Fredericksburg, Va., the Cooperative operates and maintains more than 17,000 miles of power lines through its service area, which ranges from the Blue Ridge Mountains to the tidal waters of the Chesapeake Bay. For more information about REC, please visit www.myrec.coop. Follow REC on Facebook, Twitter, Instagram, and YouTube.