Salem Electric is proud to announce that we returned over $2.2 million in capital credits to our members this October! Members who earned credits in 2007 and 2008 received a check, a credit to their electric account, or donated their credits to the member assistance program.
Unlike neighboring investor-owned utilities, Salem Electric does not earn a profit. Instead, we establish rates to cover our operational expenses, maintain solid financial stability, and ensure reliable service. When our revenue surpasses the cost of providing electricity, we allocate the surplus funds to our members in the form of capital credits. The amount a member receives is proportionate to the electricity they used during those specific years. Before returning capital credits to members, the funds are used to invest in the cooperative in the form of working capital, infrastructure maintenance, and other capital purposes.
We look forward to continuing to serve you and provide the reliable, community-focused electric service that defines us. Thank you for supporting the cooperative business model and being a member-owner of Salem Electric!