KEYSTONE HEIGHTS - Clay Electric Cooperative’s Board of Trustees has declared a $12 million Capital Credits refund for members who received service from 1992 through 2020.

Capital Credits reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid. Capital Credits are a unique benefit of being served by an electric cooperative. Investor-owned electric utilities send their margins (profits) to stockholders, and municipally-owned utilities return their profits to city coffers.

Before Clay Electric’s nine-member board of trustees decided whether a refund could be made, it carefully considered a variety of data and economic conditions. Following this review, the board decided it was prudent to refund $12 million to entitled members and former members. This year’s refund will be the 48th consecutive time that the cooperative has refunded Capital Credits.

Current members of the co-op who are entitled to a refund will receive a credit on their March bills. Multiple accounts with the same member number will receive a credit on the account associated with the membership.

The number of Capital Credits bill credits scheduled for this year is about 142,500. The average amount of a bill credit this year is $38.35.

Clay Electric provides service for a majority of the county.

For those entitled to a refund but who no longer receive service from Clay, a refund check will be mailed around March 24. The co-op is scheduled to mail around 57,000 refund checks to this group. The minimum amount to be refunded by check is $10 and the identifying customer number on the check should be preceded by three zeros (for example, CC#0001571429).

The average check amount this year is $55.60. Former members of the cooperative who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the Capital Credits refund.

There could be former memberships whose joint relationship may not print on the check. If a former member is unable to deposit or cash the check because of the missing name, they should call the co-op at (800) 224-4917 to have the check reissued.

If a member of the cooperative has any questions about Capital Credits, they should contact their district office in Keystone Heights at (352) 473-4917 or Orange Park at (904) 272-2456.