Palmetto Electric returns more than 3.5 million dollars into local economy

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.

Commitment to Community is one of Palmetto Electric’s core values and one they take very seriously. It is apparent that the coronavirus outbreak has affected nearly every aspect of co-op members’ lives —and that’s why Palmetto Electric and their Board of Directors wants 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. 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 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.

The cooperative hopes that this money will help all members, both residential and commercial, who may be facing hardships during this uncertain time.

“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 $25 or less will be issued as an electric bill credit.

Source: Palmetto Electric

Photo: Getty Images

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