When you sign up for electric service, we agree to provide the best possible service at the lowest possible cost. In turn, each member contributes to the equity of the co-op, which is essential for Carteret-Craven to build, maintain, and upgrade the facilities necessary to providing members that reliable, economical electric service.
On the flip side, each member gets a share of any earnings that are available after the year’s expenses are paid out of revenues. These earnings are called Capital Credits and they are allocated to each member’s Capital Credit account based the amount of electricity used during the year.
A credit is applied to your bill when cooperative’s Board of Directors – your elected representatives – vote to retire Capital Credits. That is usually done annually when the financial condition of the cooperative permits.
If you have an active account, you will see a credit on your bill when a Capital Credit retirement takes place. Checks are mailed to those who are no longer served by the cooperative. Capital Credits are also paid to the estates of deceased members.
If you move from our service area, the Capital Credits accumulated in your account will remain in your name. It is important that you keep the cooperative informed of your current address so that we can send you a refund when a Capital Credit retirement is made.
If you have questions about Capital Credits, call us at 247.3107 or 1.800.682.2217.
We May Have Money for You
To view a list of unclaimed Capital Credits, click Outstanding Capital Credits 2012.