To become a member of South River EMC, all information must be completed. Based on the results of a credit report, a security deposit might be required to activate electric service. Any deposit must be paid prior to connection.
Any information obtained in connection with this application and service agreement will be used by South River EMC for credit purposes only and will not be distributed to any third party except in an effort to collect any charges or fees owed by the member to South River EMC.
* Date I request to have service connected: (Same-day service requires a $75 charge)
Other Adults Living In Home:
* Have you ever had service with South River EMC in the above name or any other name?
If yes, under what name(s):
I affirm that the previous tenant/resident no longer lives at this address. I understand that making false statements when applying for utility service is a violation of state law and that it may be punishable by fine and /or jail. I further confirm
that I have reviewed all the information above and verify that it is correct and I agree with all terms and conditions.
Terms and Conditions
The Cooperative will supply electric service to the member once the member is in compliance with all aspects of the service agreement, is of legal age, has paid all applicable fees to establish service, and agrees to be bound by the Cooperative’s established bylaws, service rules and regulations, line extension policy, rate schedules and riders, load management and demand response agreements, necessary right-of-way easements and any other cooperative agreements that might apply. The contractual service agreement may be completed in written, verbal or electronic forms.
Service will be provided after an application has been completed if:
- The supply of electric service is for residential use.
- All necessary forms of identification and proof of ownership/lease agreement provided and all monies due to the Cooperative (i.e. bad debts, deposits) have been paid.
- None of the utility services require extra facilities.
- If the supply is for non-residential use,but is less than 50 kilowatts(kW) of electricity per month/billing period and single-phase.
- If the service is 50kW or larger or three-phase, a contract must be signed and any contribution-in-aid-of-construction paid
per the Cooperative’s line extension policy.
The Cooperative requires a non-interest bearing security deposit for: existing homes of $300 or two times the average monthly electric bill at the location (whichever is greater). For new homes or those with less than one full year’s energy-use history: a deposit of $375 is required. All deposits are due in advance of service connection or at any subsequent time when the Cooperative determines that a deposit is needed to ensure payment of bills.
As an alternative to residential/incidental cash deposits, the Cooperative will accept:
Capital Credits Retirement Options
- Current or previous good credit with the Cooperative.
- A Guarantor. A member can have an existing member sign a guarantee. The Guarantor must be an immediate family member
in good credit standing and have had service with the Cooperative for a minimum of 24 months. The Guarantor must meet all
guarantor guidelines. (See SRR Appendix 1)
- The Cooperative can conduct an online utilities credit check.
- Participation in SmartPay (the Cooperative’s prepaid solution) see section 310
- Active duty military personnel can participate in the Fort Bragg FCU deposit waiver program through One Stop.
As a not-for-profit cooperative, South River EMC doesn't technically earn profits. Instead, any revenues over and above the cost of doing business, called margins, are returned to the members who paid electric bills in that year. Capital credit allocations are made each year based on the previous year's margins. The Cooperative returns 20-25 percent of the amount allocated to members the following year. For example: in 2016, members who received electric service in 2015 receive a refund of 20-25 percent of the allocated amount. The remaining 75-80 percent will be returned in about 19 years unless the member leaves the system and chooses the early-retirement option.
The payment method selection made below is a request by a member to receive any outstanding capital credits after discontinuing electric service with South River EMC by either a discounted lump-sum distribution or an installment method over the remaining 19-year life cycle of any allocated capital credits due the former member.
*METHOD OF PAYMENT – PLEASE CHECK ONLY ONE PAYMENT OPTION BOX BELOW
If a member leaves the system and closes all accounts, they are given the option to receive all allocated capital credits at a discounted (reduced) rate to reflect the time value of money. If they don't choose this option, the capital credit allocations will remain on the books in the member's name and member number until they are retired 19 years after they're earned. Members choosing the 19-year option should ensure that South River EMC has their current mailing address.
I agree to accept the early-retirement option of the total capital credits that I have been assigned and hereby request that South River Electric Membership Corporation refund all of the capital credits on a net present value discounted basis, which have been assigned to each of my accounts. I understand that this payment method represents a request for a special early retirement of the stated capital credits and that a discount factor (approved by the Cooperative's Board of Directors) will apply to this retirement and refund. By selecting this option, all assigned capital credits will be paid out on a discounted basis approximately 60 days after the membership is terminated.
I agree to accept the full 100% face value of the total capital credits that I have been assigned while I was a member of South River Electric Membership Corporation. This payment method is obtained with the understanding that such payment will be made in periodic installments on the same schedule as the general retirements of capital credits as declared payable by the Cooperative's Board of Directors. By selecting this option, all assigned capital credits will be paid incrementally until the cumulative total is paid in full and under current policy, will take approximately 19 years.
** Upon any termination of membership on or after September 1, 2016, and pursuant to a voluntary written request, including advanced written request from a member or applicant, and with pre-approval by the board of directors, the Cooperative may process the former member'
s request for special retirement.
The Cooperative's program for discounted special capital credit retirements is entirely voluntary and dependent upon a written request on behalf of the former member. No member, former member, representative of a deceased member, or legal representative of a business entity is required to participate in the discounted special retirement of capital credits.
By signing below, I hereby apply for electric service to be provided by South River EMC and authorize the Cooperative to perform a credit check to determine credit worthiness. Furthermore, I agree to pay all applicable fees and security deposit. Additionally, I give consent for the Cooperative to contact me via phone (using an automated dialer), text or e-mail to disseminate important information. I understand that I am bound by all provisions in the Cooperative's bylaws and service rules and regulations, along with all applicable laws, rules, regulations, statutes and ordinances.