Palmetto Electric Cooperative is returning more than 3.5 million dollars into the local economy in the form of capital credits.
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.
It is apparent that the coronavirus outbreak has affected nearly every aspect of co-op members’ lives – and that’s why Palmetto Electric and its board of directors want to lend a helping hand in this time of need.
As a not-for-profit cooperative, Palmetto Electric allocates any revenues that are left over – after expenses – to their member-owners in the form of capital credits. This is a unique benefit of doing business the cooperative way.
The 2020 annual meeting has been postponed. 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 of the hardships that so many members are facing due to the coronavirus, Palmetto Electric Cooperative has made the decision to return all retired Capital Credits early, by the end of April 2020.
“We want every member to know that we stand with our community – in good times and bad,” said Berl Davis, Palmetto Electric’s president and CEO. “We believe in the cooperative spirit and are committed to serving you.”
The cooperative 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.