Cherryland Electric Customers to Receive Surprise Bill Credit
"Ultimately, it's $2.5 million in cash going out into the community."
The extra time spent at home during the pandemic hasn’t been all bad, it means more money for some utility customers.
Cherryland Electric Cooperative is giving $2.5 million to members with a one-time credit this month. They say electric use is near record-levels this year, and that’s resulted in good financial news.
Cherryland Electric Cooperative General Manager Tony Anderson says once the pandemic hit and the lockdowns and quarantine started, “Everybody went home. And when they went home, they turned the meters on. And when kids didn’t go to school, more electricity was used. Our residential usage in 2020 has been close to record breaking. And that’s resulted in some good financial news for us. It’s come down to our bottom line: we’re a not-for-profit electric cooperative. Our goal is to meet our mortgage requirements and after that we give need to give money back to the membership.”
The bill credit for October will be an average of $64 for every customer who used electricity in 2020.
This comes in addition to another $3 million that will be distributed with the annual capital credit that goes to Cherryland customers in December. This time around, that is based on usage from the year 2001 for members of Cherryland. Past customers only need to make sure their address is updated with the cooperative to be eligible to receive the capital credit allocation.
Anderson says the December credit will average around $70.