Provided by NOVEC
Northern Virginia Electric Cooperative (NOVEC) will return more than $6.2 million in CashBack to current and former Co-op customers in December. Current customers will see a credit on their bills. Former customers will receive checks if their individual amount is at least $5.00.
What is CashBack?
NOVEC reinvests its revenue to operate the cooperative, as well as operate, upgrade, and expand its electric system. Because NOVEC is a not-for-profit business, it allocates revenue greater than the cost of conducting business to customers. NOVEC holds the allocations (margins) in CashBack accounts for each customer in proportion to the kilowatt-hours of electricity purchased.
“Prudent financial management and strategic planning have kept NOVEC strong and steady throughout the COVID-19 pandemic,” said NOVEC President/CEO Stan Feuerberg. “Therefore, our board of directors approved giving customers more than $6.2 million in CashBack in December.”
NOVEC has returned to current and former customers approximately $309 million in CashBack since 2000.
