Contact: NOVEC Public Relations, 1-888-335-0500, firstname.lastname@example.org
MANASSAS, Va. ― Northern Virginia Electric Cooperative (NOVEC) will return almost $10 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 amounts are $5 or more.
What is CashBack?
NOVEC reinvests its revenue to operate the Cooperative, and upgrade and expand its electric-distribution system. Because NOVEC is a not-for-profit business, it allocates revenue greater than the cost of conducting business to customers. NOVEC holds allocations (margins) in CashBack accounts for each customer in proportion to the amount of electricity each customer purchases.
“We have kept NOVEC’s finances strong and steady, despite the COVID-19 pandemic and inflation,” explains NOVEC President and CEO Dave Schleicher. “Therefore, our board of directors approved retiring almost $10 million in CashBack for customers in December.”