New-Mac Electric members will receive their capital credits return early this year

New-Mac Electric Cooperative, as it has done for 83 years, is still putting the membership first. One way New Mac is able to demonstrate this continues to run true by consistently paying back capital credits.

Normally, capital credits, also called patronage capital, are given back around New- Mac’s Annual Meeting in October. However, with the cost of almost everything on the rise, CEO/General Manager Stan Irsik, with approval from your Board of Directors, determined the membership would be better served by returning capital credits early this year.

This past week, New-Mac returned capital credits to its members who had service with the co-op in 2000 and 2001. The cooperative leadership understands the toll high gas prices and increased food costs are having on families in our service area. Not to mention, 2022 was the hottest July weather in a decade, which also had an effect on utility bills.

It’s the hope of Irsik and the Board that the return of capital credits will help with kids returning to school in need of clothes and supplies, or possibly just creating a little cushion for our members.

This year, New-Mac Electric is returning approximately $1.8 million in patronage capital, which includes 25 percent of the allocation from 2001 and the remainder from 2000. Returning capital credits is one of the ways the Board of Directors ensures the membership of the cooperative comes first. It is the cooperative difference.