OUR COMMUNITY has a long history of coming together in times of crisis. From hurricanes to the recent coronavirus pandemic, we have faced our fair share of challenges together.
As we deal with the new realities brought on by the coronavirus, I first want to assure you that your cooperative is here for you. We remain committed to providing you with the safe and reliable electric service you have come to expect.
Since the beginning of this pandemic, we have focused on helping both our employees and members navigate the situation. We have taken several safety precautions including closing our office lobbies, adjusting employee work schedules, working employees from home if possible,promoting online pay options and postponing cooperative events such as the Touchstone Energy Million Dollar Hole-in-One Shootout and Annual Meeting.
Throughout our service area, it is evident that the coronavirus outbreak has impacted nearly every aspect of our members’ lives. Commitment to Community is one of our core values that we take very seriously – and that’s why we wanted to lend a helping hand.
To start, we temporarily suspended all disconnects for non-payment and waived all late fees during this stressful time, Palmetto Electric, along with our Board of Directors, also made the decision to return 3.5 million dollars into the local economy in the form of Capital Credits.
As a not-for-profit cooperative, Palmetto Electric allocates any revenues that are left over – after expenses – to our member-owners in the form of Capital Credits. This is a unique benefit of doing business the cooperative way.
Retired Capital Credits are normally disbursed back to members in two different ways. For those that attend the Annual Meeting (originally scheduled for May 2), Capital Credits are normally returned in late spring, and for those that don’t attend the meeting, Capital Credits are issued in December.
Because of the hardships that so many members are currently facing, we made the decision to return all Capital Credits early, by the end of April 2020.
It is our hope that this money will help all members, both residential and commercial, who may be facing hardships during this uncertain time.
As we continue to face the challenges that may come our way, I want every member to know that we stand with our community – in good times and bad. We believe in the cooperative spirit and are committed to serving you.