NOVEC is giving customers $4M in CashBack for the holidays

November 27, 2018

Contact: NOVEC Public Relations, 1-888-335-0500, communications@novec.com

MANASSAS, Va. ― Northern Virginia Electric Cooperative (NOVEC) will give more than CashBack 2015$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.”

About NOVEC

NOVEC, headquartered in Manassas, Virginia, is a not-for-profit corporation that provides electricity to more than 169,000 metered customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford, and Clarke counties, the City of Manassas Park, and the Town of Clifton. It also supplies natural gas and energy products and services to consumers in the Washington, D.C., region. The utility serves more customers than any electric co-op in Virginia and is one of the largest electric cooperatives in the United States. For more information, visit www.novec.com or call 703-335-0500 or 1-888-335-0500.

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