![\"\"](\"http:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2012\/03\/lcec.jpg\" "\\"lcec\\"")
<\/a>The Lee County Electric Cooperative will give customers nearly $13 million in equity refunds or credits beginning in June, a power company spokeswoman confirmed Friday.<\/p>\nThe refunds and credits will range from $1 to $229,194.<\/p>\n
Refund checks will go to 48,500 customers based on the amount of equity they have in the system. Credits on the bills will be assigned to another 141,100 customers receiving a return of less than $250.<\/p>\n
A customer must have equity worth $56 or more to qualify for the program, spokeswoman Karen Ryan said.<\/p>\n
The refunds are part of LCEC\u2019s equity distribution program approved by the board of directors, Ryan said. Equity is the value of the customer\u2019s investment in the system after annual costs are paid. Customers invest in the company through their power bill payments.<\/p>\n
\u201cIf you use more electricity, you get more money back,\u201d Ryan said.<\/p>\n
An equity account balance is kept for each customer. \u201cThe balance in their equity owner account is their investment in the company. It\u2019s not money in the account. It\u2019s in poles, wires and equipment,\u201d Ryan said.<\/p>\n
The coop\u2019s privacy policies don\u2019t allow it to disclose who gets the biggest payouts, Ryan said. The largest goes to an investor-owned company.<\/p>\n
Refunds averaged about $20 per person last year. About 97 percent of those refunds were under $100.<\/p>\n
Information about the size of each customer\u2019s equity account value will be included with their check, credit or by letter.<\/p>\n
Money owed to former members who can’t be located is returned to LCEC\u2019s general fund. Those members have three years to contact LCEC to get the money.<\/p>\n","protected":false},"excerpt":{"rendered":"
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