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South Plains Electric Cooperative returns $3.1 million to members

South Plains Electric Cooperative, Inc.
South Plains Electric Cooperative, Inc.(South Plains Electric Cooperative, Inc.)
Published: Nov. 18, 2021 at 3:21 PM CST
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LUBBOCK, Texas (NEWS RELEASE) - South Plains Electric Cooperative is returning $3.1 million to members, just in time for holiday shopping. Members using the Cooperative’s service in 1984, 1985, 1986 and 2020 will receive a check or bill credit in November. South Plains Electric Cooperative has returned more than $50 million to local members in our local communities.

South Plains Electric Cooperative mailed checks to more than 33,000 members receiving $10 or more. All checks were mailed earlier this month. If the credit was less than $10, it will be credited on the member’s November bill.

Even not-for-profit businesses can have money left over after all expenses are paid in a given year. The difference is, at the end of the year, that money is credited to each member’s account according to the amount of electricity purchased. Assigning credits to members, instead of paying dividends to distant stockholders, is just part of the accountability members receive from South Plains Electric Cooperative.

Unlike other electric utilities, the Cooperative exists to make sure members’ needs are always met, not to make a profit. South Plains Electric Cooperative works hard every day to keep rates as low as possible. But it’s sure nice to know that when there are credits, they go back to members and members receive cash back over time.

If a member of South Plains Electric Cooperative has a question, please email capitalcredits@SPEC.coop or call 806.775.7766.

Copyright 2021 KCBD. All rights reserved. Information provided by South Plains Electric Cooperative.