Palmetto Electric returns $3.5 million in Capital Credits

Dear members,

Just like every community around the world, Palmetto Electric Cooperative’s service area of southern Beaufort, Hampton, Allendale and Jasper counties is facing the unprecedented challenges of the coronavirus pandemic.  Commitment to Community is one of our core values and one that we take very seriously.  

Day by day we continue to see how the coronavirus has affected nearly every aspect of our members’ lives —and that’s why Palmetto Electric and our Board of Directors want to lend a helping hand to our members in this time of need. 

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.

Typically, for those that attend the Annual Meeting, Capital Credits are returned in late spring.  For those that don’t attend the Annual Meeting, Capital Credits are issued in December.  Because we know the hardships that so many members are facing because of the coronavirus, we have made the decision to return all retired Capital Credits early, by the end of April 2020. 

We will issue over 3.5 million dollars in Capital Credits assigned from 1999, 2001, 2003, 2004 and 2019.  Returns over $25 will be mailed to members by the end of April 2020, and Capital Credits of $25 or less will be issued as an electric bill credit.  

We hope that this money will help our members, both residential and commercial, who may be facing hardships during this uncertain time.  

From all of us at Palmetto Electric, we 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. 

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