SECO Energy is kicking off its 2020 SECO Scholarship Program. For over two decades, SECO Energy’s Board of Trustees has renewed its commitment to members and the communities the cooperative serves by approving the Scholarship Program for local students. A total of $36,000 is available for 12 recipients to receive $3,000 each.
SECO Energy is adjusting the eligibility requirements for the 2020 Scholarship Program to better align with its corporate goals. SECO believes its annual scholarships are a way to spark an interest in energy industry careers and should be used as a recruitment tool.
To be eligible to apply, the student must be interested in pursuing a career in the energy sector. The student must live in a home served by SECO and be a high school senior who is graduating this school year (May/June). Awardees must be enrolled full-time in an accredited college, university or vocational/technical school located in Florida by the end of 2020. Students should also be pursuing a degree in technology, engineering, math or business. The student may also pursue a certification directly related to jobs in the electric industry.
CEO Jim Duncan stated, “The goal for our 2020 Scholarship Program is to attract local students who want to come to SECO for internship opportunities during breaks and begin their careers with us after graduation. Our Scholarship Program embraces two of the seven cooperative principles observed by SECO: Concern for Community and Education, Training and Information. I wish our applicants the best and look forward to meeting our scholarship winners at the awards banquet in May.”
Scholarship applications are available online. For those without internet access, applications are also available at SECO’s Member Services Centers. The application must be completed in full and received in our corporate offices on or before 5 p.m. on Friday, March 27, 2020. Email Communications for questions about the scholarship eligibility requirements or application.
View a slideshow of past scholarship awardees, print an application and read more about eligibility requirements on our Scholarship page. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
SECO Energy members have rated the not-for-profit electric cooperative as a customer satisfaction leader. SECO received an American Customer Satisfaction Index (ACSI) score of 90 for 2019. SECO’s 90 is a one-point increase from its 2018 score.
The American Customer Satisfaction Index provides a one-of-a-kind, cross-industry measurement of customer satisfaction in the United States. Each year, the ACSI uses data from interviews with roughly 300,000 customers as inputs to an econometric model for analyzing customer satisfaction with more than 400 companies in 46 industries and 10 economic sectors. ACSI data has proven to be strongly related to several essential indicators of micro and macroeconomic performance.
At the end of 2019, NRECA Market Research Services conducted the membership survey on SECO Energy’s behalf that included the ACSI metrics at year end and contacted members by email to ask about their unique experience with the cooperative. Members rated SECO with an impressive ACSI score of 90.
SECO Energy’s ACSI score is tops when compared to average ACSI scores in the energy industry. Nationally, cooperative utilities averaged 75 in 2019, which is 2 points lower than the 2018 cooperative average. Investor-owned utilities and municipal utilities scores averaged 73, both of which are 2 points lower than the 2018 average.
In the 2019 membership survey, members scored SECO well in all 18 service attributes with 16 rated as “excellent.” The highest rated were employees, bills and payment options, minimizing outages and community support. A service attribute that increased significantly is “Keeping members informed on the status of outages.” The increase in this particular attribute can be attributed to SECO’s online outage and communications platform StormCenter that communicates outage alerts with enrolled members via email, text or voice notifications.
CEO Jim Duncan stated, “SECO Energy excels in customer satisfaction. When comparing our 2019 ACSI score of 90 to our industry peers and Fortune 500 companies, SECO is clearly a satisfaction frontrunner. One of the reasons members have rated SECO so well over the years is our world-class employees. We are customer service champions because of our employees’ dedication to member satisfaction and their commitment to local communities.”
Duncan added, “Thank you, members, for taking the time to respond and recognizing our employees’ efforts on your behalf. We are grateful for your approval and continued support.”
In recent years, SECO Energy has received national attention and three J.D. Power trophies for its exceptional customer satisfaction rankings. In the 2015 J.D. Power study, SECO Energy was ranked “Highest in Customer Satisfaction Among Midsize Utilities in the South.” And in 2016 and 2017, SECO was ranked “Highest in Customer Satisfaction Among Cooperatives.”
“Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates. Learn more about SECO Energy.
This year we are adjusting the eligibility requirements to better align with our corporate goals. The focus of the scholarship program is shifting to a recruitment tool to spark an interest in energy industry careers. Our goal is to attract local students who want to come to SECO Energy for internship opportunities during breaks and begin their careers with us after graduation.
The U.S. Department of Energy (DOE) reports that almost 2 million people are employed in jobs related to electric power generation and fuels. In that group, nearly half a million people are employed in jobs directly related to electric power generation, transmission and distribution.
The DOE also reports the number of jobs in the energy sector is increasing – thus the demand for a skilled workforce follows. New careers are evolving that focus on renewable energy, natural gas and information and communications technology. But the energy industry workforce is aging. Almost thirty percent of energy industry employees are on the cusp of retirement or between the ages of 51 and 60. Furthermore, thirty-three percent of energy industry workers are between the ages of 41 and 50.
An aging workforce and the need for employees interested in highly-skilled careers in the energy industry are driving the eligibility change in SECO’s 2020 Scholarship Program.
To be eligible to apply, the student must be interested in pursuing a career in the energy sector. The student must be a graduating senior who lives in a home served by SECO Energy. Awardees must be enrolled full-time in an accredited Florida college, university or vocational/ technical school by the end of 2020. Students should also be pursuing a degree or certification in technology, engineering, math or business.
Applications are available beginning January 2, 2020 online. For those without Internet access, applications are also available in all Member Service Centers. The application must be received in our corporate offices on or before Friday, March 27, 2020.
If you have questions about the scholarship program, email Communications. Or you can call and visit with Eneida Robaina in the Corporate Communications group. Eneida manages the scholarship program and is also this month’s SECO Champion. Read about her next and watch her video on YouTube.
In addition to transforming into a viable recruiting tool, our Scholarship Program embraces two of the seven cooperative principles observed by SECO: Concern for Community and Education, Training and Information. I wish our applicants the best and look forward to meeting our scholarship winners at the awards banquet on May 18, 2020.
Sincerely,
Jim Duncan
Chief Executive Officer
SECO Champion – Eneida Robaina
Length of Service: 10 Years
“MY FAMILY IS SUPPORTIVE WHEN DUTY CALLS.” Eneida Robaina is a Senior Staff Assistant in Corporate Communications. Eneida also coordinates SECO’s Scholarship Program and has implemented the program changes to cultivate our future workforce. Eneida organizes the applications, answers scholarship inquiries and arranges the yearly awards banquet for recipients and their families.
Eneida moved to Sumterville from South Florida in 2001 with her family. She is a world traveler and also enjoys spending weekends on the family boat. Her family is understanding when Eneida works long hours or overnights in her role in the Emergency Restoration Plan during major weather events like Hurricane Irma. Eneida believes she is incredibly fortunate to work at SECO and is proud to represent a utility that truly puts its members first. Eneida is a SECO employee and a member, too.
Advice from The Old Farmer’s Almanac
HAPPY NEW YEAR! Many of us ring in the new year with a list of resolutions. The Old Farmer’s Almanac offers guidance on the best date in January 2020 to begin some of the most popular resolutions. The best day to quit smoking is January 6 or 11. Best day to color your hair on January 4 – 6, straighten your hair is January 20 or 21 or wait until January 24 – 26 for a new perm. Start your diet on January 14 or 19 and travel for pleasure on January 11 or 12 – before starting your New Year diet!
Winter Heating – Wood-Burning Fireplaces
During winter months, will a wood-burning fireplace heat your home more efficiently than your HVAC unit? SECO’s Energy Services experts report it’s not likely.
A wood-burning fireplace pulls oxygen and heat from other areas in your home. As much as 30 percent of that heat goes up the chimney creating a drop in your home’s temperature. When the temperature drops, your HVAC unit cycles more frequently.
To increase fireplace efficiency, consider installing glass doors or a fireback. Doors will serve as a barrier that reduces the amount of warm indoor air that escapes through the chimney. In the summer, glass doors will help prevent warm outside air from entering your home through the chimney. A fireback is an iron or steel often decorative plate that is installed at the back of the fireplace. Not only does this protect the fireplace masonry, it absorbs the heat and reflects it into the room.
Your best bet for fireplace energy efficiency is to not use the fireplace in conjunction with your HVAC unit. The glow from a wood-burning fire adds a lovely ambiance to a room and is perfect for times when it is only a little chilly.
Safety Corner – Kids’ Electrical Safety Tips
Children are innately curious and enjoy learning about the word they live in. Teach children and grandchildren to be cautious around energized equipment inside and outside the home.
Install outlet protectors in rooms where children can reach electrical outlets. Children and adults can be shocked or injured by placing foreign objects in outlets. Teach children to never operate appliances without a responsible adult present. Water and electricity don’t mix – never place electronics near water.
Inspect trees where children are playing to ensure that branches are far away from overhead power lines. Do not let children climb trees growing close to electric lines. Never touch outdoor wires with any part of your body, toys or other objects. Keep kites, balloons, drones and toy planes away from poles and wires. Children should never be allowed to play near substations or underground transformers.
Find more electrical safety tips on our electrical safety page.
SECO Energy’s Engineering department recently embarked on a solar and battery energy storage pilot project. The cooperative contracted local solar array vendor Solar Trek to construct a 6,000-watt solar array and battery storage system at the Sumterville substation at its headquarters location. The project was designed and constructed over a nine-month period this year.
The new 6,000-watt solar array is ground mounted near Highway 470 to offset the utility-supplied power needed to serve the load in the switchgear enclosure. The energy storage batteries are housed in a cabinet outside of the substation switchgear. On average, the solar panels will produce 25 kilowatt hours (kWh) per day or about 750 kWh per month. Each panel is connected to a micro inverter that maximizes efficiency by converting DC to AC power at the panel. The battery storage is configured for charge by the solar system. This stored energy is released onto SECO’s electric system twice per day, in the morning before 9 a.m. and in the evening before 6 p.m.
Solar systems produce energy from the sun in the form of direct current (DC). To convert DC power to alternating current (AC) that is usable in homes and businesses, inverters are installed on each solar panel. The pilot project offers a variety of data for SECO’s Engineering staff to collect and study. SECO will measure the amount of AC power produced by the panels and the amount of energy the battery inverters will use to convert AC to DC then back to AC voltage. Also, SECO will assess the amount of energy required to charge the batteries and how much energy the battery inverter uses to convert DC to AC voltage. In its first month of operation, the system has produced 700 kWh of energy and approximately 300 kWh has flowed back into the grid.
CEO Jim Duncan stated, “The goal of the pilot project is to learn more about solar arrays and battery storage systems. This knowledge will better prepare SECO employees who assist members interested in solar investments at their homes or businesses. Ultimately, we will monitor the data collected to compare the costs and benefits of energy storage and determine if the efficiency of the project will lead to SECO investing in future large-scale solar enterprises.”
SECO Energy is an advocate for members who decide to invest in a member-owned solar array and want to interconnect with SECO’s electric facilities. The not-for-profit cooperative has devoted a section of its website to helping members understand their solar investment prior to committing to a project. Visit our Solar Power page for an overview of solar panels, inverters and net metering. Members can also use the Solar Estimator to determine the potential reduction in utility-supplied power they may expect after installing a solar system.
“Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
The costs of virtually everything required to operate a modern electrical system are increasing rapidly. Our 2020 outlook is a mix of good and bad news. The good news is wholesale power costs are stable, so we’re able to apply a higher, member-favorable Power Cost Adjustment (PCA aka Hot Bucks) credit to your bills starting January 1. The bad news is the customer charge component for both residential and certain commercial members is increasing. The residential increase is 17 cents a day and the commercial customer and demand charge increases vary by rate type.
SECO’s mission is to construct, maintain and restore the electric system. We construct new facilities to meet growth demands. We upgrade and maintain the electric system to prevent outages. When an outage occurs, we restore as quickly as possible. Unfortunately, the costs associated with our three mission-critical focuses are rising at an alarming rate.
The 2020 construction work plan tops $55 million to construct new and upgrade existing infrastructure. Tree trimming, storm hardening and system maintenance work is performed largely by contract labor.
Construction and maintenance costs are rising by a whopping 25 percent in 2020. The job market is tight and contractors who perform system reliability maintenance are paying higher wages to keep workers on their payroll. This isn’t just a Florida utility phenomenon – it’s happening nationwide and was spurred when California utility PG&E was court ordered to significantly beef up their tree trimming and system maintenance programs to reduce fire risk. Florida lost a significant amount of its utility-related contract labor workforce to California and we are paying the price despite a booming economy.
SECO Energy is experiencing systemwide growth. Every part of our service territory requires infrastructure additions, system upgrades, storm hardening, tree trimming or communications improvements whether you live north, south, east or west of our headquarters.
You may be wondering why the financial benefit of customer growth isn’t covering rising costs, and it’s a valid question. The answer lies in the low average residential member’s energy consumption. In our service area, the average kilowatt hour (kWh) monthly consumption today is 1,037. This average consumption is much lower than our cooperative peers due to the growing Central Florida trend of energy efficient homes and businesses, use of natural gas appliances, and a strong increase in solar installations. Low energy consumption equals a lower monthly bill – that is good for our members. Less energy consumption and use of solar are also good for the environment. So, what’s the downside?
There are significant financial challenges to low kWh sales, even for a not-for-profit electric provider in a growth environment. We must adjust the monthly customer charge that is collected to cover the costs associated with the delivery of power and system reliability maintenance.
A recent cost of service study indicates that the cost of delivering power and maintaining infrastructure in the residential sector is nearly $35 a month. Currently, we apply an average residential customer charge of $25 a month (83 cents a day). We are bridging that gap by increasing this customer charge by 17 cents a day. Commercial account customer and demand charge increases vary based on the cost of service study. Those adjustments are detailed in our rate tariff online. These collective increases will raise total revenue by about 3.5 percent.
We have tightened our corporate belts to carefully monitor controllable expenses while striving to maintain system reliability, but as I mentioned previously and as you can see on the 2020 Project Map, new construction, upgrades and maintenance are required across our entire service territory.
In response to growth and to preserve reliability, we must build new substations, add power transformers at existing substations, upgrade voltage and conductor and convert critical overhead facilities to underground. The work plan includes building new communication towers, upgrading our radio system and installing fiber-optic cable and microwave backhaul for automated communications that facilitate faster outage restoration. To storm harden, we must support an aggressive pole replacement and vegetation management program systemwide. All of these components play critical roles in the delivery of reliable power and speedy restoration in the event of an outage.
The bottom line is that none of us like having to increase the customer charge, but it is quite necessary to ensure continued service reliability. At the same time, we are pleased that stable fuel costs are allowing a larger Hot Bucks Credit (PCA) that will offset most or all of the increase depending on your respective usage level. These changes reflect the difficult balance between affordability and reliability.
Sincerely,
Jim Duncan
Chief Executive Officer
Each year, SECO Energy employees participate in an employee-funded United Way Pledge Drive. Our employees understand that local community support is needed year-round and not only during the Christmas season.
The 2020 United Way Pledge Drive was an amazing success. SECO employees pledged $70,316 to United Way agencies in ten local counties. This total increased almost seven percent over 2019.
Citrus, Lake, Marion and Sumter Counties are where the bulk of our employees live and received the highest dollar amounts in donations. The breakdown by county is:
Join us in United Way’s mission to improve lives by mobilizing the caring power of communities to advance the common good. To donate or volunteer, visit United Way online.
Kathy Judkins – Senior Consultant for Civic, Charitable & Government Relations
Length of Service: 12 Years
“SECO IS COMMUNITY FOCUSED.” Kathy Judkins, Sr. Consultant for Civic, Charitable & Government Relations is a fourth-generation Floridian residing in Marion County. Her role with SECO Energy focuses on the cooperative principle of Concern for Community. Kathy manages annual SECO employee-giving campaigns and is excited that SECO is nearing the $1 million United Way contribution mark in the coming year. Kathy is honored to give hope to members in our service territory through SECO employee contributions to United Way. She also manages the Toys for Tots campaign companywide and is proud of SECO employees’ efforts to bring joy to children in our service territory on Christmas. Kathy also develops relationships with State Legislators and U.S. Congress members in Washington, D.C., to engage on issues related to the energy industry that could affect SECO’s ability to provide affordable, reliable service to our members.
SECO Energy and our employees are long-time sponsors of Relay For Life events that support the American Cancer Society. Our superhero employees participated in the Sumter County Relay For Life event on Saturday, November 2. The SECO team’s theme was “Superheroes Finish The Fight.”
In 2019, SECO raised $25,655 for the American Cancer Society to support cancer research, patients and caregivers and to fight for a cure.
Learn more about Relay For Life or donate to the American Cancer Society online.
SECO Energy and our employees are Making A Difference at Christmas by donating toys for local children through our Annual Marine Toys for Tots collection drive. Members also joined in the gift-giving by adding new, unwrapped toys in the donation boxes at our five Member Service Centers.
Toys donated through Toys for Tots are delivered to local children. The donated toys remain in our local communities. For many children, toys donated by our generous employees and members will be the only gifts under the Christmas tree.
SECO employees rallied to pack Santa’s sleigh by donating over 60 bicycles and tricycles for local children, along with hundreds of other gifts. New this year, SECO’s member-funded Pennies from Heaven program matched this number with additional bike purchases. It’s clear that our employees enjoy playing Santa for local children through Toys for Tots.
Thank you to our generous employees and members who are willing to share their Christmas joy and spirit with others. Making A Difference at Christmas brings happiness to children across our area.
December is the month of giving, goodwill and cheer. Keep the Christmas spirit alive in the new year by joining SECO Energy’s Pennies from Heaven program. By joining Pennies from Heaven, SECO rounds up your bill to the nearest dollar and donates those pennies to charitable causes in the communities we serve.
The small change donated through Pennies from Heaven supports financial assistance to worthy causes in our service area. Requests for Angel Fund bill payment assistance are administered through several area agencies by calling 211 or visiting 211 online.
This year, we are excited to announce that Pennies from Heaven will purchase bicycles and tricycles to match the number donated by SECO employees! Thus far, employees donated over 60 bikes and trikes and SECO will double the amount. This means hundreds of local children will get their Christmas wish of a new bike courtesy of SECO employees and SECO members who donate to Pennies from Heaven.
Enroll in Pennies from Heaven to put your extra pennies to good use in charitable causes in our communities. Just a few cents every month can change lives. Learn more about the program or enroll online.
SECO Energy District 7 Trustee Joseph Kusiak has completed two cooperative-focused board certifications from the National Rural Electric Cooperative Association (NRECA). Mr. Kusiak completed the courses required to earn both the Credentialed Cooperative Director (CCD) and the Board Leadership Certificate (BLC).
The NRECA’s CCD is the first certificate in a three-part education program for Board of Trustee members of Directors of an electric cooperative. The courses encompassed in the CCD curriculum prepare Trustees to fulfill their fiduciary duty as elected officials who serve on behalf of the cooperative’s members.
Trustee Kusiak also earned the BLC, the second part of NRECA’s Board of Trustees Director curriculum. The BLC courses focus on specific industry and governance issues that directly affect electric cooperatives today. Lessons focus on risk management, power supply, parliamentary procedure, technology and policy development.
Mr. Kusiak resides in Dunnellon and has been a SECO member since 2002. He was elected to serve as District 7 Trustee in a special election to fill a Board vacancy on October 25, 2018.
Trustee Kusiak stated, “I am honored to continue my professional development by completing the CCD and BLC courses offered through the NRECA. This knowledge will help me in my role serving as the District 7 representative on SECO Energy’s Board of Trustees. I appreciate the trust my fellow members have placed in me.”
CEO Jim Duncan stated, “Congratulations, Mr. Kusiak, for completing the Board certificate courses to advance your knowledge of the energy industry. SECO Energy is grateful for your time and dedication to serve the cooperative’s membership through your Board service. Thank you.”
Learn more about SECO Energy’s Board of Trustees and read a short bio about Joseph Kusiak. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
SECO Energy congratulates District 3 Trustee Gerald Anderson who has completed the requirements to earn the Credentialed Cooperative Director (CCD) certificate from the National Rural Electric Cooperative Association (NRECA).
The CCD is the first of a three-part certificate program offered by the NRECA for Board of Trustee members or Directors. Participants complete courses on director duties and liabilities, understanding the electric business, board operations and processes, strategic planning and financial decision making. The courses encompassed in the CCD curriculum prepare Trustees to fulfill their fiduciary duty as elected officials who serve on behalf of the cooperative’s members.
Mr. Anderson has been a SECO member for five years and resides in The Villages. He was elected to represent the members of District 3 at a special election to fill a Board vacancy on May 13, 2019.
Trustee Anderson stated, “I am pleased to continue my education through the NRECA’s Director Certificate Program. The lessons I’ve learned help me to sharpen my skills in the energy industry. I look forward to continuing as the District 3 Trustee to represent my fellow SECO members.”
CEO Jim Duncan stated, “Congratulations, Mr. Anderson, on completing your Credentialed Cooperative Director certificate. I am grateful for your commitment to SECO members through your service on the SECO Board of Trustees. Thank you.”
Learn more about SECO Energy’s Board of Trustees and read a short bio about Gerald Anderson. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
SECO Energy employees have participated in an annual employee-funded United Way Pledge Drive for local communities for decades. During the 2020 United Way Pledge Drive, SECO employees donated $70,316 that will benefit local families living in SECO’s service area.
The $70,316 pledged by SECO employees for the 2020 drive is an increase of seven percent from the 2019 pledges. The donated funds will be distributed among ten local counties. The bulk of SECO employees live in Citrus, Lake, Marion and Sumter Counties and received the highest dollar amounts in donations. The breakdown by county is:
Citrus: $7,799
Lake: $14,316
Marion: $23,002
Sumter: $21,559
Other Counties (Hernando, Levy, Orange, Pasco, Polk and Volusia): $3,640
CEO Jim Duncan stated, “SECO’s ever-generous employees and their commitment to the communities we serve made our 2020 United Way Pledge Drive extremely successful. Our employees understand that local families need financial support year-round, and United Way is instrumental in leading the charge to improve lives. I truly appreciate the efforts of our employees and applaud their generosity.”
SECO’s Senior Consultant for Civic, Charitable & Government Relations Kathy Judkins spearheads the annual employee giving campaign. She stated, “United Way’s mission is to improve lives by mobilizing the caring power of communities around the world to advance the common good.” To join SECO Energy employees in supporting United Way, visit them online to donate or volunteer.
Learn more about SECO Energy’s Concern for Community online. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
Just in time for the holiday season, SECO Energy’s Board of Trustees approved a Capital Credits return (retirement) of $3.5 million to current and former members. Since SECO Energy was founded in 1938 as Sumter Electric Cooperative, Inc., the cooperative has retired more than $66.8 million to current and former members.
SECO Energy is a not-for-profit electric utility. As such, SECO’s almost 210,000 members own a portion of the cooperative’s equity and their energy purchases 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.
CEO Jim Duncan stated, “This year’s Capital Credits retirement of $3.5 million means that a portion of the cooperative’s equity is being returned to current and former members. 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. Commercial members with retirements over $1,000 will receive a check.”
Current members will find their retirement on the November billing statement a on line item labeled “Gen. Ret. Credit.” Former members receiving a retirement will be mailed a check. Former members should update their current address with the cooperative to receive future Capital Credits returns.
This year’s $3.5 million Capital Credits retirement is a lower number than in years past. The cost of delivering power to new members, constructing new facilities to meet new members’ demand for power and maintaining existing infrastructure is rising faster than SECO’s revenues.
To learn more about Capital Credits online. “Like” SECO’s Facebook page and “follow” @SECOEnergy on Twitter for news releases and cooperative updates.
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.
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.
