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Financials, Rates & Billing

 

  • HEMC's fiscal year is January-December (calendar year). HEMC is audited every year on a May-April basis. Click here to view Financial Statements.

     
  • HEMC did not lose one single penny when South State Bank took over Community Bank and Trust, all funds were transferred to the new ownership group. In addition, at the time of the takeover, HEMC had bank accounts with six other banks in our service area.

     
  • HEMC's electrical rates are calculated to cover the following costs:



     
  • According to the Habersham EMC Bylaws, all Cooperative revenues in excess of expenses each year are recorded in the Cooperative's member capital accounts as capital furnished by the members and otherwise called capital credits
     
    • Capital credits are allocated annually to each member who paid for electric services in that year (energy, fuel charges and light charges only). Capital credits are utilized by HEMC for a period of time to fund needs such as electric line construction, transformers, trucks, inventory, other operational needs and to maintain the financial strength as required by HEMC's lenders.
       
    • Capital credits are returned to the Members at a later date in the form of a capital credit retirement check.
       
    • Capital credits are only returned to members. If you have an electrical service account in your name, you are a member of HEMC. Trailwave subscribers and PowerGuard Security customers do not receive capital credits.

       
  • HEMC bills our customers on a monthly basis after services and power are rendered. In most months, HEMC bills four days each week.

     
  • The prepaid metering system calculates daily. During an outage, it estimates usage. It will adjust itself the next time it calculates after power restoration and gets an actual reading. Participating members are not charged for electricity they did not use. During an outage, we disable the cut-off switches of the prepaid metering customers, but cannot override the daily calculation function.

     
  • During an outage, meters estimate daily usage based on usage from previous days. The usage will adjust the next time it calculates after power restoration and gets an actual reading. Members are not charged for electricty they did not use.

     
  • HEMC's Residential vs. Commercial Mix by percentage (%):
     
  Residential Commercial
Meters Served 93% 7%
Revenue 80% 20%

 

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