BERKELEY COUNTY, SC (WCSC) - A good financial year Berkeley Electric Cooperative means money in the bank for its members.
The electric company will distribute $1,728,973.91 in the form of Capital Credits to customers this month, with portions being determined based on the member's total billings.
"Much in the same way that shareholders in publicly-traded companies receive dividends from the profits generated by a company, Capital Credits are the members' share of the co-op's margins," the company states. "However, since every member of the cooperative is also an owner, any savings the co-op manages to generate belongs to the members."
According to Berkeley Electric Cooperative, 25% of money gathered throughout the year are returned to its members. The company is required to hod back 75%, which is invested into the system for improvements.
The refund also includes $646,565.24 for decreased patronage.
Members can expect to receive their checks in mid-December. Those who were set to receive under $10 will be issued a bill credit.