Contact: NOVEC Public Relations, 1-888-335-0500, firstname.lastname@example.org
MANASSAS, Va. ― Northern Virginia Electric Cooperative (NOVEC) will give more than $4 million in CashBack to all current and former Co-op customers. Current customers will see a credit on their December bills while former customers will receive checks when the amount exceeds $5.
What is CashBack?
Like any electric utility, NOVEC uses its revenue to operate, upgrade, and expand its electric system, and restore power when outages occur. Because NOVEC is a not-for-profit business, it allocates to customers any revenues that are over and above the cost of conducting business. NOVEC holds the allocations (margins) in CashBack accounts for each customer in proportion to the kilowatt-hours of electricity each customer uses. It is through the CashBack program that NOVEC retires, or returns, a portion of customers’ allocated margins.
“NOVEC customers benefit from the Co-op’s strong corporate balance sheet that reflects our prudent financial and strategic planning,” explains NOVEC President/CEO Stan Feuerberg. “As a result, our board of directors approved a CashBack retirement of more than $4 million to be returned to customers this December -- just in time for the holidays.”