Capital credits are each member’s share of Pioneer’s margins (profits) in proportion to the amount paid for electricity. This benefit represents member equity or ownership in the cooperative. As a cooperative, we rely on the funds of member-owners to provide electricity virtually at cost. So, unlike investor-owned utilities, cooperatives don’t have profit-minded shareholders to answer to. As a member-owner of Pioneer Electric Cooperative, any margins (profits) gained are returned to you in the form of capital credits.