OPALCO mails capital credit checks to long-time members
Posted December 19, 2022 at 5:25 pm by San Juan Update
OPALCO shares an update about about their capital credit dividend program.
More than $1.1 million in capital credit checks are going out to long-time OPALCO members this month, as they do each year. As an electric cooperative, the margin at the end of any given year goes back into the hands of members. Each year the co-op tracks how much you pay for power and determines how much of the margin you will receive as a capital credit allocation to your membership.
Capital credit dividends are paid to members after 25 years. The checks being sent out this year are for members active in 1997 and 1998 and will be in the mail today, Dec. 19. The check amounts range from five dollars to thousands, for big energy users like grocery stores. Most checks are between $50 and $250.
Last year more than $18,000 was donated back from capital credit checks to support Project Pal, helping neighbors in our community. Project Pal offers a one-time-per-year grant to low-income members during the heating season.
More than 6,000 members will get checks in 2022.
In 2018, OPALCO started utilizing a smoothing methodology to ensure general retirements are as even as possible from year to year and to plan for bigger margins that occurred in the past twenty years. This year, all of the 1997 margin was distributed, plus about 60 percent of 1998’s. This helps OPALCO to budget for the cash required to pay capital credits and keeps co-op margins in the members’ hands. Members will continue to get their capital credits at 25 years, but distribution will be calculated based on a general rolling average.
Remember to keep OPALCO updated when your address changes so that your capital credit distributions can find you. Learn more about capital credits on the OPALCO website.
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