The Northern Virginia Electric Cooperative board of directors has approved returning $3.1 million in CashBack to customer-owners during the December billing cycle. NOVEC will also give power-cost-adjustment credits to customers in 2017.
As a not-for-profit business, NOVEC annually allocates back to customers revenue the co-op receives over and above the cost of doing business. Such margins are held in CashBack accounts for each customer in proportion to the kilowatt-hours (kWh) of electricity purchased. NOVEC retains a portion of the margins to fund electric-system infrastructure upgrades and expansions, and to fund service restorations when major power outages occur, such as during severe winter storms.
Current customers will see their share of the return as a credit on their December bills. Former customers will receive checks in the mail.
In addition to receiving CashBack credits, NOVEC will give customers power-cost-adjustment (PCA) credits on each monthly bill in 2017. Pending final Virginia State Corporation Commission approval, the PCA factor will be just over $0.008 per kilowatt-hour consumed. As a result, customers who consume an average of 1,300 kWh per month will receive a credit of a little more than $10 each month.
NOVEC customers will be paying less per kilowatt-hour for energy they consume in 2017 than they did in 2009 when NOVEC took over power-supply responsibility.
NOVEC, headquartered in Manassas, is a not-for-profit electric utility corporation that supplies and distributes electricity and energy-related services to approximately 164,000 customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford, and Clarke counties, the Town of Clifton, and the City of Manassas Park. See www.novec.com.