Medina EC Returns $1.5 Million to Members
It pays to be a member of Medina Electric Cooperative. At their December meeting, the board of directors voted to return $1.5 million in capital credits to members of the cooperative.
Current members will notice the refund on their electric bill. Past members who are due a refund will receive a check once the credit reaches $5. It’s important to update Medina EC of any address changes, even after you close your account so your capital credits check can be delivered. If your address has recently changed, be sure to call us at 1-866-632-3532 to update your information.
Capital credits are important to the cooperative business model and are earned by every member based on the amount of their electric use. It’s the members’ share of the cooperative’s margins during the time they have membership. Before they are retired, these margins represent an interest-free loan of operating capital by the membership to the cooperative. As a not-for-profit, Medina EC returns excess capital to members in later years, based on the cooperative’s financial condition.
In the past 80 years, Medina EC has returned over $27 million to its members. It’s just one of the things that makes cooperatives different than many other utilities.
You can learn more about Medina EC and capital credits at MedinaEC.org/CapitalCredits.