La Plata Electric Association members will see refunds in November because the cooperative is retiring $5.3 million in capital credits.

Businesses and residents who have paid electric bills since at least 2017 could receive checks or have their accounts credited as a result of the retirement, according to a news release.

Only those owed more than $100 from capital credits will receive checks in the mail.

The cooperative is required to return money it did not use to its members annually because of its tax designation.

Payments made by members in excess of the cost of their electricity is placed into an account in each member’s name. This capital, along with borrowed funds, is used to finance needed improvements to LPEA’s system infrastructure, according to a news release.

This year, $2 million of the $5.3 million will come from Tri-State Generation and Transmission, which supplies LPEA with electricity. LPEA is one of Tri-State’s 43 members.

Since incorporation in 1939, LPEA has retired nearly $70 million to its members.

Members are asked to change or report new addresses to ensure receipt of capital credits.

For more information, contact LPEA at 247-5786 or visit lpea.coop.

mshinn@durangoherald.com