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For the first time in YEC's history, we were able to return $1.5 million dollars back to our members through capital credits in May of 2019. While this milestone shows your cooperative is in tip-top financial shape, it also means there's more money back in your pocket.
After reviewing our margins for the remainder of this year, your Board of Directors made the decision to retire another $1.5 million dollars to you THIS YEAR. That's right–YEC will return capital credits for a second time back to our members in 2019. Checks should hit mailboxes around the first week in December, just in time for Christmas.
As a reminder, capital credits are based on your co-op's yearly margins which means investments in your cooperative's future, growth and financial health are evaluated each year before determining the amount we can return to you. Rest assured our Board of Directors takes this matter seriously and always has your best interest at heart. For example, we are proud to have the lowest published electric rates in South Carolina and haven't raised rates in nine years and don't anticipate any increase for 2020. As a member, you own a piece of the co-op pie and are returned a portion of the profits based on your energy use and years of membership. In May, we returned money back to YEC members who received service from York Electric during the years 1996, 1997 and 2017. The second 2019 retirement will be for members who received service in 1997 and 2017. If your refund is less than $15, the amount will be printed as a line item credit on your utility bill.
Returning capital credits is just another way YEC is always looking out for you. To see more ways your co-op is investing in our greatest asset, our members, look at our year-end member comfort recap, our scholarship opportunities, and the winners of our first Bright Ideas Grant program and more local news in this issue.
Thank you for making 2019 one of our best years yet. Here's wishing you and your family a Happy Thanksgiving and a Merry Christmas.
Paul Basha
President and Chief Executive Officer
Capital Credits FAQ
As members of YEC, do we build equity in the co-op, and if we leave the area do we get a payout?
Capital Credits are a benefit of membership in a member-owned utility. Each year, YEC uses the revenues that exceed operating costs as equity. These funds and borrowed capital allow YEC to serve a growing number of members while implementing the latest technology to provide the best possible service. As a not-for-profit utility, YEC later returns these revenues to the members who originally paid them in his/her electric bills.
Each year, our members receive Capital Credit checks. Members will receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit. The amount of Capital Credits returned is determined by total revenues received over expenses for the cooperative and your total energy billings for the year. They are paid periodically with board approval after review of YEC’s financial status.
If you leave YEC’s service area, your Capital Credits remain in your name and member number until they are retired. Therefore, you need to make sure YEC has your current mailing address.
What are Capital Credits?
York Electric is a cooperative. A cooperative is owned by its members and does not technically earn profits. Instead, any revenues over the cost of doing business are considered “margins”. These margins represent an interest free loan of operating capital by the membership of the cooperative. This capital allows York Electric to finance operations and, to a certain extent, construction. The utility then returns this capital to the members in later years.
How often will I receive an allocation notice?
You should receive an allocation notice each year after a financial audit of York Electric has been completed. During the month of May, members receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit.
What do I have to do to start accumulating Capital Credits?
Capital Credits are calculated by York Electric for every member who purchased electricity during a year in which the utility earned margins. No special action is required to start a Capital Credit account. Your membership with York Electric activates your Capital Credit account.
How are Capital Credits calculated?
The amount of Capital Credits you earn in a given year is based upon the amount of electricity purchased. Each member receives a credit based on a percentage for each dollar of electricity purchased.
Will I receive a Capital Credits check every year?
Not necessarily. The board of trustees must authorize a refund before you receive a check. When considering a refund, the board analyzes the financial status of the cooperative and will not authorize a refund if it is not in the best interest of the membership.
Can I use the Capital Credits I have allocated to pay my electric bill?
No. Allocated Capital Credits may not be used to pay current bills. While your electric bill is due monthly, you will not be entitled to your Capital Credits until the board of trustees authorizes a refund. This will take place over many years, since York Electric needs the funds to grow.
What happens to the Capital Credits of members who die?
The representative of the estate can have the balance of Capital Credits transferred into the heir’s name and the balance will be paid out as the board of trustees approves refunds.
What happens to my Capital Credits when I leave York Electric’s service area?
Your Capital Credits remain in your name and member number until they are retired. You just need to ensure that York Electric has your current mailing address.
Recognizing classroom innovation, YEC and the Operation Round Up Trust recently awarded our first annual Bright Idea grants for teachers in York, Clover, and Rock Hill school districts. We salute these winners—really, all educators—who brighten our future!
Learning starts in the classroom. Our dedicated teachers work tirelessly to prepare students for the world to come. Although it is necessary to pass on the basics of science, math, and language arts, our teachers go beyond what is required so that the lessons mean something and stick with the student.
Funding to accomplish these beneficial projects is often a problem, which is why York Electric Cooperative and our Operation Round Up Trust Board are working together to provide the Bright Ideas Grant Program. All kindergarten through 12th-grade teachers in York, Clover, Rock Hill, and Fort Mill school districts are eligible to apply for a grant to fund an innovative program to implement in their classroom. Each district will be awarded one grant up to $1,000 and 2019 winners are shown below.
Erica Fielder, Clover
Image 1 of 6
Reigniting a love for reading is the main goal of Oakridge Middle School's Sixth Grade teacher Erica Fielder, who won second place for Clover School District. Her project "Creating an Appetite for Reading" will help introduce students to many genres of reading while challenging them to read out of their comfort zone.
Stay tuned for the 2020 Bright Ideas application information.
- All applications will be reviewed by a panel, omitting school, district and teacher names.
- One teacher in York, Clover, Rock Hill, and Fort Mill School Districts will receive a grant up to $1,000 to fund a classroom project.
- 2020 winners will be announced this fall for the 2020-2021 school year.
- Questions? Email Porter Gable at .
It's twice as nice at YEC!
For the first time, York Electric is giving money back to members TWICE this year. As a not-forprofit utility, York Electric returns revenues that exceed operating costs to members as Capital Credits. In May, your cooperative retired $1.5 million to people who were members during 1996, 1997 and 2017. This December, YEC will be giving another $1.5 million back to members who had service during 1997 and 2017, for a total of $3 million dollars back to YOU in 2019! Best of all, YEC planned it just in time for Christmas.
This December, we will return $1.5 million to members who received service in 1997 and 2017. Members will receive Capital Credit checks in the mail. If the member's refund is less than $15, the amount will be printed as a line item credit on the utility bill. The amount of Capital Credits returned is determined by margins and a percentage of your total energy billings for the years listed above.
If you move, please be sure to leave your forwarding address with us so we may send your Capital Credit check to you. Normally, you do not have to report your Capital Credit payment on your income tax return. However, if you have any questions concerning tax liability, please consult your tax preparer.
For more information concerning Capital Credits, call our Member Services Department at 803-684-4248.
https://www.yorkelectric.net/wp-content/uploads/Capital-Credits-136967177.mp4
Capital Credits FAQ
As members of YEC, do we build equity in the co-op, and if we leave the area do we get a payout?
Capital Credits are a benefit of membership in a member-owned utility. Each year, YEC uses the revenues that exceed operating costs as equity. These funds and borrowed capital allow YEC to serve a growing number of members while implementing the latest technology to provide the best possible service. As a not-for-profit utility, YEC later returns these revenues to the members who originally paid them in his/her electric bills.
Each year, our members receive Capital Credit checks. Members will receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit. The amount of Capital Credits returned is determined by total revenues received over expenses for the cooperative and your total energy billings for the year. They are paid periodically with board approval after review of YEC’s financial status.
If you leave YEC’s service area, your Capital Credits remain in your name and member number until they are retired. Therefore, you need to make sure YEC has your current mailing address.
What are Capital Credits?
York Electric is a cooperative. A cooperative is owned by its members and does not technically earn profits. Instead, any revenues over the cost of doing business are considered “margins”. These margins represent an interest free loan of operating capital by the membership of the cooperative. This capital allows York Electric to finance operations and, to a certain extent, construction. The utility then returns this capital to the members in later years.
How often will I receive an allocation notice?
You should receive an allocation notice each year after a financial audit of York Electric has been completed. During the month of May, members receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit.
What do I have to do to start accumulating Capital Credits?
Capital Credits are calculated by York Electric for every member who purchased electricity during a year in which the utility earned margins. No special action is required to start a Capital Credit account. Your membership with York Electric activates your Capital Credit account.
How are Capital Credits calculated?
The amount of Capital Credits you earn in a given year is based upon the amount of electricity purchased. Each member receives a credit based on a percentage for each dollar of electricity purchased.
Will I receive a Capital Credits check every year?
Not necessarily. The board of trustees must authorize a refund before you receive a check. When considering a refund, the board analyzes the financial status of the cooperative and will not authorize a refund if it is not in the best interest of the membership.
Can I use the Capital Credits I have allocated to pay my electric bill?
No. Allocated Capital Credits may not be used to pay current bills. While your electric bill is due monthly, you will not be entitled to your Capital Credits until the board of trustees authorizes a refund. This will take place over many years, since York Electric needs the funds to grow.
What happens to the Capital Credits of members who die?
The representative of the estate can have the balance of Capital Credits transferred into the heir’s name and the balance will be paid out as the board of trustees approves refunds.
What happens to my Capital Credits when I leave York Electric’s service area?
Your Capital Credits remain in your name and member number until they are retired. You just need to ensure that York Electric has your current mailing address.
Community-minded, member-dedicated.
Celebrate our great community with York Electric at our 79th Annual Business Meeting for members on Saturday, May 9, 2020. We have been hard at work planning a fun-filled day, including a children's zone, live music, food vendors and more. In a few months, we will be publishing proposed amendments to our current bylaws that will need to be approved by the membership, as well as more details about the meeting. Members who register will receive a $20 bill credit and will be entered to win door and grand prizes. Please review the Annual Meeting bylaw excerpts pertaining to nominations of trustees included in this issue. As a member, you are the most important part of YEC, and your input is essential. Thank you for being members of YEC. We look forward to spending the day with you and celebrating our 79th year of serving you and our community!
2018 Financial Statement
Financial Health is important at YEC. To review a copy of our 2018 audited financial statement, download a copy or contact our member services department at (803) 684-4248.
[PDF] 2018 Financial Report
Download PDF 170 KB 6 downloads
Bylaw excerpt–Article IV Trustees, Section 4.06 Nominations:
Not less than ninety (90) days prior to the meeting, nominations may be made by twenty-five (25) or more members of the Cooperative in writing over their signatures on an explicit petition document listing their nominee(s) in like manner. This document must be obtained from the Cooperative no more than one hundred twenty (120) days prior to the Annual Meeting and must be specific to each district. In addition to the required petition, candidates must attend a Board-developed educational program on Cooperative history, operations and governance not less than sixty (60) days prior to the next Annual Meeting, or have a minimum of three (3) years of service as an electric cooperative Trustee. The educational requirement will be offered at the Cooperative on two (2) specified dates prior to the Annual Meeting. The Secretary shall mail to the members with the notice of the meeting, or separately, but at least ten (10) days prior to the date of the meeting, a complete statement of the names and addresses of all nominees for each Trustee District from or with respect to which one or more Trustees must be elected, showing clearly those who have completed the educational requirement and those who have completed a minimum of three years of service as an electric cooperative Trustee. The Secretary shall post in like manner such nominations at the Cooperative offices sixty (60) days prior to the next Annual Meeting.
[PDF] YEC Bylaws
Download PDF 427 KB 614 downloads
As your Touchstone Energy Cooperative, York Electric has made community commitment one of our top priorities by sponsoring high school students through scholarships.
Scholarships for 12 High School Seniors:
- One student attending York Technical College studying a trade will receive the $1,000 Technical Advantage Scholarship. Applications are due by April 17, 2020.
- Eleven $1,000 Touchstone Energy Scholarships will be awarded to York Electric members. Applications are due by April 17, 2020.
Find more information and application links here
A trip of a lifetime for 3 High School Juniors:
- Join us in DC from June 20-25 for the 2020 Washington Youth Tour! Applications are due by February 7, 2020.
Fun-filled adventure to SC's capital for 4 High School Sophomores and Juniors:
- Travel to Columbia, SC July 7-10 to learn more about your state, meet lawmakers, and learn more about electric cooperatives for the 2020 Cooperative Youth Summit! Applications are due by February 7, 2020.
Apply Online for the Youth Tour and Youth Summit Here
[PDF] 2020 Youth Tour & Youth Summit Trip Ad
Download PDF 7 MB 10 downloads [PDF] 2020 Youth Tour & Youth Summit Trip - Español anuncio
Download PDF 7 MB 26 downloads
As part our 2019 Member Comfort Initiative, we have made communication, technology, access to your co-op and information a priority at YEC. Let's look back to review the new features that have been accomplished this year:
- Text notifications and communication through the number 352667 for members who have a populated mobile phone on their account, including outage reporting, delinquent notices, payments and more
- Mobile device payments for walk-in members at our York and Fort Mill office locations
- Improved features on our YEC free mobile app. To download the app, please scan the code!
- Increased online communication and outreach for electrical safety and education
- Installations of equipment across our service territory to decrease outages caused by animals, as well as specific attention to right-of-way maintenance to keep trees away from the lines
- Research of blinks and power outages to pinpoint and address problem areas through use of data analytics to decrease outage numbers
- Direct surveys to members to learn about ways we can improve and to increase lines of communication with our members
- Updates and improvements to substations to increase reliability
Thank you for allowing us to serve you in new and innovative ways!
Ecobee smart thermostats offer new technology to increase member comfort, improve the efficiency of your home and lower electric bills. Depending on the model that is right for you, you can stay in control of your energy use even when you are away from home through your phone, a website or even through Alexa.
Managing the temperature in your home is the largest portion of your monthly electric bill, and York Electric is here to help keep your costs low. That's why we have implemented the new Smart Thermostat Program, bringing a quality product to you at a discounted rate while allowing you to control energy savings when you are away.
Speaking of savings, signing up and purchasing an ecobee will also help your co-op keep power costs low for all members. When we predict peak events or when most people are consuming a lot of energy at the same time, YEC can work to precool or prewarm your house to offset the demand for electricity. You will receive a notification on the device of your choice and have the option to opt-out if it isn't the best time for you. To say thank you for doing your part, participating members can receive a $100 bill credit after their first year.
We are excited about offering this new technology at a discounted rate to our members and look forward to seeing what we can do together to help hold down the cost of electricity. We're locals looking out for you, and with the help of technology, we're always tracking the latest buzz on energy trends.
Brent Clinton
Energy Services Representative
Smart Thermostat FAQ
What is the Smart Thermostat program?
York Electric’s smart thermostat program gives members the opportunity to purchase an ecobee smart thermostat at a discounted rate. By participating in the program, members will agree to allow the cooperative to control the thermostat during peak periods.
Who can participate?
Any YEC residential members who have a reliable WiFi internet connection in their home.
What is required to participate?
- You must be a member of York Electric;
- You must sign the participation agreement;
- You must have an internet-connected, Wi-Fi enabled home.
How do I sign up?
It’s easy to get started.
- Complete and sign the participation agreement (PDF download below) and bring it into our York headquarters or Fort Mill office to purchase the thermostat of your choice; see options below.
- Or apply online here
[PDF] 2019 YEC ecobee Smart Thermostat Agreement
Download PDF 110 kb 228 downloads [PDF] 2020 YEC ecobee Smart Thermostat Agreement
Download will be available from January 1, 2020 12:00 AM
110 kb 0 downloads How do I qualify for cash back?
Members who purchase a smart thermostat will need to participate in at least 70 percent of peak events throughout the year to receive $100 after one year. If you continue to participate in 70 percent of peak events, you will also receive $50 yearly.
How will the cooperative control my thermostat?
About 5-6 times per month, the thermostat will be adjusted remotely based on system-wide peak periods.
The events will be 4 hours total, which includes a one-hour pre-cool/pre-heat period and three hours of peak-saving adjustment. The control will follow this pattern:
Pre-cooling/pre-heating: +/- 2 degrees
First hour: +/- 2 degrees
Second hour: +/- 3 degrees
Third hour: +/- 4 degrees
SUMMER EXAMPLE
If you normally have your thermostat set to 75, a typical control event beginning at 3 p.m. would look like this:
3:00-4:00 p.m.: Thermostat adjusted to 73
4:00-5:00 p.m.: Thermostat adjusted to 77
5:00-6:00 p.m.: Thermostat adjusted to 78
6:00-7:00 p.m.: Thermostat adjusted to 79
After 7 p.m.: Thermostat returns to 75, control relinquished
WINTER EXAMPLE
If you normally have your thermostat set to 67, a typical control event beginning at 6 a.m. would look like this:
6:00-7:00 a.m.: Thermostat adjusted to 69
7:00-8:00 a.m.: Thermostat adjusted to 65
8:00-9:00 a.m.: Thermostat adjusted to 64
9:00-10:00 a.m.: Thermostat adjusted to 63
After 10 a.m.: Thermostat returns to 67, control relinquished
Why does York Electric want to control my thermostat?
When the cooperative purchases power, energy at those peak hours is more expensive. The more we can cut down on how much energy is used during those periods, the lower our power bill will be. We will use that savings to hold down costs for our members.
What if I don’t want the cooperative to control my thermostat?
You’ll be notified of control during peak times on the device’s display with an option to override. You can override control up to 30-percent of the time. If you were to exceed 30-percent, a member is not eligible for participation credit per year.
What is a smart thermostat?
A smart thermostat is a programmable thermostat that connects to your home’s WIFI and gives you the ability to adjust your thermostat setting to fit your schedule and save energy.
What types of thermostats?
York Electric members can purchase the ecobee3 Lite and/or the ecobee4 smart thermostats. Both have digital touchscreen displays and both can be controlled and scheduled using a computer or device (phone or tablet).
What is the cost of an ecobee thermostat?
An ecobee3 lite will be discounted to $85 for YEC members, and an ecobee4 Smart Thermostat with Voice Control will be discounted to $145 for YEC members.
What is the difference between the ecobee3 lite and the ecobee4?
The ecobee4 has Amazon Alexa built-in. It is voice-activated and has many of the features that come with Amazon Echo devices. The ecobee4 also comes with an added room sensor to provide more effective cooling and heating.
Who will install my thermostat?
Whomever you choose. After the thermostat is installed and we verify the signal, YEC will reimburse you $75 towards your installation cost. You will also be required to provide your receipt.
Power Saver Rewards
Load Management Program: YEC members are now able to sign-up for the Power Saver Rewards program.
Community Solar
YEC is one of the first utilities to offer its members the opportunity to subscribe to a community solar farm.
Beat the Peak
The Beat the Peak program is a free and voluntary effort to help control energy costs for all cooperative members.
