The Cape & Vineyard Electric Cooperative, Inc. (“CVEC”) was organized on September 12, 2007. CVEC was formed under Massachusetts General Laws, c. 164, §136. Section 136 provides for the establishment of energy cooperatives. Section 136 cooperatives can, among other things: (1) purchase and own generation, transmission and other projects and property; (2) enter into contracts and incur liabilities; (3) borrow money, issue notes and bonds; (4) enter into private/public collaboration (contractual); (5) purchase, sell and distribute energy; and (6) sell electricity to any consumer within CVEC member communities. CVEC’s purposes include developing and/or owning renewable electric generation facilities and procuring and/or selling long term electric supply or other energy-related goods or services including renewable energy certificate contracts at competitive prices to member communities. CVEC’s functions, policies and goals include acquiring the best market rate for electricity supply, promoting and supporting the development of renewable energy resources, improving the quality of service and reliability, and utilizing and encouraging conservation and other forms of energy efficiency.
CVEC received a Private Letter Ruling from the United States Internal Revenue Service recognizing CVEC’s tax-exempt status. To view ithe Private Letter Ruling, click here.
Currently, there are twenty members of CVEC, the County of Barnstable, Dukes County, Town of Barnstable, Town of Brewster, Town of Harwich, Town of Dennis, Town of Tisbury, Town of Bourne, Town of Eastham, Town of Sandwich, Town of Provincetown, Town of Oak Bluffs, Town of Edgartown, Town of Orleans, Town of Yarmouth, Town of Falmouth, Town of Chatham, Town of West Tisbury, Town of Chilmark and the Cape Light Compact. Cape Light Compact is a sister organization of CVEC. For more information on the Cape Light Compact, please go to the Cape Light Compact’s website at www.capelightcompact.org.
CVEC’s formation stemmed from the members’ desire to develop renewable energy projects and use renewable energy projects to stabilize electric rates for ratepayers within CVEC member communities. Some additional benefits of CVEC membership include eligibility for lower cost financing for renewable energy projects, such as through the United States Department of Agriculture’s Rural Utilities Service. The cooperative structure also generally limits member communities’ financial liability.