By Mike Barrow
Many people excitedly applaud the public ribbon cuttings opening new businesses in town, yet most local economic growth happens without many noticing. Electric co-ops shine the light for businesses to find success.
Electric distribution co-ops are owned by the very families and businesses that they serve. Co-ops embrace that history and take their responsibility to serve those on their lines very seriously. Electric co-ops work with all businesses on their lines, and that frequently goes beyond electrical infrastructure. The co-op can help them find support to bolster their local investment.
Co-ops partner with economic developers to recruit and retain businesses in their communities. Energy advisors at electric co-ops have forged relationships with the economic development teams at Hoosier Energy and Wabash Valley Power Alliance, the two wholesale power providers serving electric co-ops in Indiana. They also have relationships with local leaders and economic development offices, which learn about new leads from businesses expanding in Indiana. They even work with the Indiana Economic Development Corp., which provides additional support for organizations and companies in the Hoosier state.
Together, the electric co-op teams and economic developers offer businesses insights into available incentives, such as property tax abatements, workforce development grants, and other support to finance projects to grow or retain jobs. Electric distribution co-ops also offer energy efficiency incentives for qualifying upgrades that lower long-term energy costs, allowing companies to reinvest those savings into their businesses.
In the last few years, many Indiana electric co-ops have started to serve their communities in a unique way: expanding broadband access to underserved rural areas. Some co-ops partnered with local internet providers to expand their territories, while others are installing high-speed internet lines to offer service. Some co-ops are working to expand broadband access over the next few years, which will have a transformative impact on families, homeowners, and businesses.
Many co-op employees live where they serve so they directly see the impact their work has on their communities. Co-ops understand firsthand many of the challenges that families and businesses on their lines face, and they will not find a bigger supporter to help them reach their goals than those connected to them at their local electric cooperative.
Mike Barrow is director of member services at Miami-Cass REMC in Peru, Indiana