Contact: NOVEC Public Relations, 1-888-335-0500, firstname.lastname@example.org
MANASSAS, Va. ― The Northern Virginia Electric Cooperative Board of Directors has approved returning more than $4 million in CashBack to current and former customer-owners during December. Current customers will receive CashBack credits on their December bills. Former customers will receive their refunds -- of $5 or more -- by check.
What is CashBack?
As a not-for-profit business, NOVEC annually allocates to its customers the revenue the Co-op receives over and above the cost of doing business. Such “margins” are held in CashBack accounts for each customer in proportion to the kilowatt-hours (kWh) of electricity consumed. NOVEC’s margins fund electric-system infrastructure upgrades and expansions, and service restorations when major power outages occur.
“Our financial and strategic planning has provided NOVEC’s customer-owners with superior reliability and a strong corporate balance sheet,” explains NOVEC President/CEO Stan Feuerberg. “As a result, our board of directors has approved this CashBack retirement — just in time for the holidays.”