NOVEC Customers Getting a Break on Power Bills

MANASSAS, VA — Good news for those of you who rely on the Northern Virginia Electric Cooperative (NOVEC) for electricity: some money is coming your way.

The Manassas-based not-for-profit is returning $3.1 million to customers in Fairfax, Fauquier, Loudoun, Prince William, Stafford and Clarke counties, as well as Clifton and Manassas Park.

Bottom line: the cooperative's costs fell short of projections. Here's an explanation from the entity:

"As a not-for-profit business, NOVEC annually allocates back to customers revenue the Co-op receives over and above the cost of doing business. Such "margins" are held in CashBack accounts for each customer in proportion to the kilowatt-hours (kWh) of electricity purchased. NOVEC retains a portion of the margins to fund electric-system infrastructure upgrades and expansions, and to fund service restorations when major power outages occur, such as during severe winter storms."

Got that?

Good. Enjoy.

Image via NOVEC