SECO News, November 2019
Money doesn’t grow on trees and pigs don’t fly, but you can take your Capital Credits return to the bank. This month, SECO Energy is making you and your wallet a little happier. During its October meeting, SECO’s Board of Trustees approved a Capital Credits return (retirement) of $3.5 million to current and former members. Look for your 2019 Capital Credits retirement on your November bill just in time for the holiday season.
As a member of a not-for-profit electric utility, you along with your fellow 200,000+ SECO members own a portion of the cooperative’s equity. Your membership brings home the bacon through energy purchases that build patronage capital. Ownership is defined through the annual process of allocating each member’s share of the co-op’s margins from the prior year. The annual amounts for each member who purchases electric service during the year are referred to as Capital Credit allocations.
Capital Credits are the accumulation of all prior year’s revenue after the co-op’s operating costs and expenses are paid. These credits are allocated on a pro-rata basis to each SECO Energy member’s account as Capital Credits. Annually, SECO examines the financial position of the cooperative and makes a recommendation to the Board of Trustees on the “retirement” of Capital Credits. This year’s $3.5 million retirement means that a portion of the cooperative’s equity is being returned to current and former members. That number is a lower retirement than in years past, as the cost of delivering power to new members and maintaining our existing infrastructure is rising faster than our revenue.
Each current member who receives a 2019 Capital Credits retirement will see the retirement amount on the November billing statement listed as a line item labeled “Capital Credits Ret.” Commercial members with retirements over $1,000 will receive a check. If you move out of SECO’s service area, keep your mailing address updated so we can send future Capital Credit retirements your way.
SECO Energy was founded as Sumter Electric Cooperative, Inc. in 1938 and has retired more than $66.8 million to current and former members as a tangible benefit of the cooperative business model.
Sincerely,
Jim Duncan
Chief Executive Officer
SECO Energy and its ever-generous employees support the Marine Toys for Tots drives in the communities we serve. SECO’s five Member Service Centers in Eustis, Groveland, Inverness, Ocala and Sumterville are available as public drop-off locations for Toys for Tots.
This year, members can partner with SECO Energy to bring a smile to a child on Christmas day. Visit a Member Service Center to drop off new, unwrapped toys for the Toys for Tots donation box. Toys are collected by local Toys for Tots volunteers in each county and donated locally.
Toys for Tots is a top-rated charity. Since 1947, its mission is to deliver toys, books and other gifts to less fortunate children. Over 97% of cash donations directly support that mission. The remaining 3% is spent on fundraising expenses. No donation dollars are spent on salaries or other manpower. Toys for Tots volunteers collect and deliver the donations received. You can donate to Toys for Tots with confidence that your donation will go straight into the hands of a local child.
In 2018, SECO employees donated more than a hundred bicycles and tricycles, as well as hundreds of toys to make a difference in the lives of local children who live in the communities we serve.
Learn more about the Marine Toys for Tots Program online. Find a SECO Energy Member Service Center.
Protect your home from power surges by investing in SECO Energy’s Surge MitiGator™. Power surges are sudden, powerful increases in voltage that can damage or destroy your household appliances and electronics. Surges are caused by lightning, trees, small animals, birds and vehicle accidents involving energized facilities.
SECO’s Surge MitiGator™ is “Made in the USA” and is built to chomp down on surges and spikes. The MitiGator™ is available for just a few cents per day at a lease rate of $5.95 per month, plus tax, conveniently added to your monthly bill. Installation for standard residential 200-amp service is $25. For residential services greater than 200-amps installation is $100.
You can opt to purchase the product for $349 to $399 plus tax. The installation fee is waived when purchasing the MitiGator™.
The Surge MitiGator™ is an arrestor that is installed behind the meter. Your protection against surges and spikes begins at the meter but SECO encourages members to plug all sensitive electronics into point-of-use surge protection devices. Point-of-use devices can be purchased at your local hardware or big-box store.
Visit our Surge MitiGator™ page today to enroll and to learn more about how you can protect your home’s appliances from surges.
According to the Old Farmer’s Almanac, November and December temperatures will average in the mid-60s. Winter is forecast to be mild with the coldest temperatures arriving in February. A well-functioning HVAC runs more efficiently and helps you lower your energy use when cooling or heating your home.
Inspecting your HVAC system is not a do-it-yourself job. Hire an experienced, licensed HVAC technician to test the unit’s voltage and electrical components. The tech should also lubricate moving parts, check the filter, measure refrigerant pressure, check electrical connections and test the safety controls. Ensure the tech inspects the drain system, tests the thermostat settings, airflow and more if your unit is problematic. Buyer beware – do your homework, obtain three quotes for the inspection service, read Google reviews and Better Business Bureau reviews. Most important if the price sounds too good to be true it probably is.
Change your air filter according to the HVAC manufacturer’s schedule or once a month. A clean air filter is the first step in helping your HVAC run efficiently.
Don’t leave energy efficiency out in the cold. Schedule an HVAC inspection with a qualified technician before the temperature drops. Preventative maintenance on your system will allow you to enjoy the winter weather from the comfort of your home and save you from the shock of a high repair bill.
Read the full November 2019 SECO News online.
