Because you are a member-owner of Bon Homme Yankton Electric, each year’s margins or profits are allocated to you based on the amount of electricity you purchased. This will be returned to you in the form of a capital credit refund on our regular refund schedule which is currently a 20-year rotation using the first-in-first-out method. This revolving capital allows us to invest in the distribution system providing reliable power and helps stabilize affordable rates.
At the July 22, 2020 board meeting, your Board approved the capital credit refund of $370,896. This refund is traditionally planned to be dispersed in December, but with the current COVID situation your board recognized that members could use financial relief sooner. So, they decided to return it in September in the form of a bill credit for active members. A check will still be sent to former members. This will be our first time issuing a credit on your bill. This is a substantial cost-saving measure. The credit will print on your bill the first of September for August usage.
Your credit may include prior years’ refunds if you didn’t cash your check or if the amount was under our check limit of $25.
Part of the upcoming refund is a direct pass-through of capital credits refunded by Basin Electric Power Cooperative and East River Electric. Basin and East River returned $165,915 that was allocated from previous years. The total refund will be paid to members with service in 2001. When you receive your refund, take note that you are being refunded capital credits for not only being a member-owner of your cooperative, but also a member-owner of Basin and East River Electric.
Contact our office if any information on your check is incorrect or if you received a check for a member that has passed away. The list of unclaimed capital credits can be found at https://byelectric.coop/unclaimed-capital-credits.