703-335-0500 or Toll-free 1-888-335-0500

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

November 29, 2017

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

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.”
 

About NOVEC

NOVEC, headquartered in Manassas, Virginia, is a not-for-profit electric utility corporation that supplies and distributes electricity and energy-related services to approximately 160,000 metered customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford, and Clarke counties, the Town of Clifton, and the City of Manassas Park. It is one of the largest electric companies of its kind in the nation.  For more information, visit www.novec.com or call 703-335-0500 or 1-888-335-0500.

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