When you moved into NOVEC’s service territory, you became a member of the Cooperative. A cooperative is owned by its members. Because electricity is delivered to your home by NOVEC, you are a customer and a member.
Like any business that has a good year, NOVEC earns margins (i.e. profits). However, while profits for other companies go primarily to stockholders who may or may not be customers, NOVEC’s margins belong exclusively to you — our customers and members. All returns of margins are approved by NOVEC’s customer-elected board of directors, ensuring local accountability for the process.
Margin returns are received by current NOVEC customers as a CashBack credit on their NOVEC billing statement. Former customers will receive a check. CashBack checks are not issued in amounts less than $5.
CashBack is unique to the cooperative business model and an added value for our customers. It’s one of the many benefits of being served by your cooperative.
Unclaimed CashBack Refunds
CashBack refund checks are mailed to former members at their last address on file with NOVEC. And with every mailing, the U.S. Postal Service returns some of those checks as undeliverable. Names on this list can claim their CashBack refund by submitting the form accompanying their name on the web list. For more information call the Customer Care Center at 703-335-0500 or toll-free 1-888-335-0500.