‘Capital Credits’ will return money to Lowcountry power customers

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HARDEEVILE, S.C. (WSAV) – Palmetto Electric Cooperative is returning more than 3.5 million dollars into the local economy in the form of Capital Credits.

Just like every community around the world, Palmetto Electric Cooperative’s service
area of southern Beaufort, Hampton, Allendale and Jasper counties is facing the
unprecedented challenges of the coronavirus pandemic.

It is apparent that the coronavirus outbreak has affected nearly
every aspect of co-op members’ lives —and that’s why Palmetto Electric and their
Board of Directors wants to lend a helping hand in this time of need.

“The community is the Cooperative. Everybody who has a meter is an owner of the cooperative. We are all locally based,” said Tray Hunter, Vice President of Marketing for Palmetto Electric. “We are all shopping at the grocery stores, we are all doing take out at the restaurants, doing curbside pickup, we have spouses that work at the local businesses so its a very important, very easy decision.”

As a not-for-profit cooperative, Palmetto Electric allocates any revenues that are left
over – after expenses – to their member-owners in the form of Capital Credits. This
is a unique benefit of doing business the Cooperative way.

Because of the hardships that so many members are facing due
to the coronavirus, Palmetto Electric Cooperative has made the decision to return all
retired Capital Credits early, by the end of April 2020.

The amount you receive back is all based on the amount of power usage for a certain set of years, including last year.

While local families could get enough to pay for a grocery bill.. it may be a bigger deal for businesses.

They could checks for thousands of dollars – to be used for anything from expenses to paying their employees during this tough time.

The cooperative hopes that this money will help all members, both residential and
commercial, who may be facing hardships during this uncertain time.

“We want every member to know that we stand with our community – in good times
and bad,” said Berl Davis, Palmetto Electric’s president and CEO. “We believe in the
cooperative spirit and are committed to serving you.”

The cooperative will issue over 3.5 million dollars in Capital Credits assigned from
1999, 2001, 2003, 2004 and 2019. Returns over $25 will be mailed to members by
the end of April 2020, and Capital Credits of $25 or less will be issued as an electric
bill credit.

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