When you moved into NOVEC’s service territory, you automatically became a member of the Cooperative. A cooperative is owned by its customers. Because electricity is delivered to your home by NOVEC, you are a customer and an owner. This means that all NOVEC assets – even the poles and wires – are owned by YOU.
Like any business that has a good year, NOVEC earns margins (i.e. profits). However, that is where the similarity with other business models ends. While profits or margins for other companies go primarily to stockholders who may or may not be customers, NOVEC’s margins belong exclusively to you our customer-owners. All returns of margins are approved by NOVEC’s customer-elected board of directors, ensuring local accountability for the process. The amount of the return is based on the financial health of the company.
Margin returns are received by current NOVEC customers as a CashBack credit on their NOVEC billing statement. Current customers who have moved within NOVEC territory and former customers who are no longer in our service territory will receive a check. CashBack checks are not issued in amounts less than $5.
CashBack is unique to the cooperative business model and an added value for our customers. We’re pleased to provide you with quality electric service and a share of the profits. CashBack – a powerful name for a powerful program.
Unclaimed CashBack Refunds
CashBack refund checks are mailed to former members at their last address on file with NOVEC. And with every mailing, the U.S. Postal Service returns some of those checks as undeliverable. Names on this list can claim their CashBack refund by submitting the form accompanying their name on the web list. For more information call Customer Services at 703-335-0500 or toll-free 1-888-335-0500.