It pays to be a member of Medina Electric Cooperative. At their November meeting, the board of directors voted to return $2.15 million in capital credits to members of the cooperative.
Current members will notice the credit on their December electric bill. Past members who are due a credit will receive a check if the credit is $5 or more. If your address has recently changed, be sure to call us at 1-866-MEC-ELEC (632-3532) to update your information. It’s important to update Medina EC of any address changes, even after you close your account so your capital credits check can be delivered. If you think you have unclaimed capital credits, you can search for your name at MedinaEC.org/CapitalCredits.
Capital credits are important to the cooperative business model and are earned by every member based on the amount of electricity used. It’s the members’ share of the cooperative’s margins during the time they have membership. Before they are retired, these margins represent an interest-free loan of operating capital. As a not-for-profit, Medina EC returns excess capital to members in later years, based on the cooperative’s financial condition.
In the past 83 years, Medina EC has returned almost $36 million to its members. It’s just one of the things that makes cooperatives different than many other utilities.
You can learn more about Medina EC and capital credits at MedinaEC.org/CapitalCredits.