Hancock-Wood Electric Board Approves $2.5 million Capital Credit Retirement to Members
This December, the Hancock-Wood Electric Board of Trustees has approved to retire and give back approximately $2.5 million in capital credits. Current members will see this reflected as a credit on their electric bills. This is just one of the many reasons it pays to be a co-op member. The prior years’ margins are allocated to member accounts based on energy use. Not-for-profit electric co-ops like Hancock-Wood operate at cost — collecting enough revenue to cover emergencies, such as natural disasters and other unexpected events, and to expand its electric system, all of which may require large-scale construction of poles and lines.
When Hancock-Wood has money left over and the co-op’s financial position permits, that money is allocated back to the members as capital credits. As a truly nonprofit cooperative, Hancock-Wood believes this money should be returned to our members. Capital credits are one of many benefits that set Hancock-Wood apart from investor-owned utilities. Visit www.hwe.coop to learn more about capital credits and other member benefits.