Wake Electric to return $2 million in capital credits early for COVID-19 relief
To better serve our members through the COVID-19 pandemic, Wake Electric’s board of directors authorized an early capital credit retirement to assist members who may be facing financial hardship due to the pandemic. Historically, capital credits are returned in December right before Christmas, but Wake Electric will return $2 million in capital credits to members July 15.
This early retirement of capital credits is one of several extraordinary responses Wake Electric has taken to help members facing financial hardships because of the pandemic. Measures have included returning more than $300,000 in deposits to assist with bill pay and suspending disconnections for nonpayment and late fees. Moving forward, Wake Electric will continue to assess the needs of our membership and adapt our assistance programs as needed.
This year, patronage capital earned in the year 1995 will be fully retired as well as a small portion of the patronage capital earned from 1996 through 2019. Capital credits earned prior to 1995 have previously been fully retired. If your patronage capital retirement equals or exceeds $25, then you will receive your capital credit retirement through a check in the mail reflecting your contribution of capital to, and ownership of, the cooperative during those years. Members whose credit is less than $25 will not receive checks, but that amount will be rolled into their account for future refunds.
Wake Electric is glad to be able to take these steps to support our members during this difficult time. For questions regarding capital credit retirement or member assistance, please call us at 919.863.6300 or 800.474.6300.