Novec
Northern Virginia Electric Cooperative (NOVEC) is a member-owned utility cooperative that distributes electricity to roughly 182,074 meters across a 651-square-mile franchise in six Northern Virginia counties and the City of Manassas Park, with regulated rates set by the Virginia State Corporation Commission.
- Company typePrivate
- Founded1983
- HeadquartersManassas, United States
- Headcount251–500
- GTM typeB2C
- OfferingServices
What Novec does
NOVEC (Northern Virginia Electric Cooperative, legal name Northern Virginia Electric Cooperative, formed January 1, 1983 through the consolidation of Tri-County Electric Cooperative (1939) and Prince William Electric Cooperative (1941)) is a member-owned electric distribution cooperative headquartered in Manassas, Virginia. The cooperative distributes electricity to 182,074 meters across a 651-square-mile franchise territory covering Fairfax, Fauquier, Loudoun, Prince William, Stafford, and Clarke counties plus the City of Manassas Park, operating as one of the largest distribution co-ops in the United States. NOVEC sources wholesale power through PJM Interconnection, operates its own Halifax County Biomass Electric Generating Facility for renewable generation, and is regulated by the Virginia State Corporation Commission on a cost-of-service basis with a quarterly Power Cost Adjustment.
The cooperative's core operational footprint is its distribution infrastructure — power lines, substations, advanced metering, and an emerging fiber optic overlay — supported by the SmartHub customer portal (web + mobile) for billing, outage reporting, and account management. Beyond regulated kWh delivery, NOVEC has extended its product surface via two wholly-owned operating subsidiaries: NOVEC Solutions, which aggregates residential solar installations (in partnership with Prospect Solar and ElecTel Federal Credit Union), HVAC contractor referrals, emergency generators, water heaters, and fiber services; and NOVEC Energy Solutions, which provides natural gas purchasing and routing. Member-facing programs include the EV-1 time-of-use electric vehicle rate (~50% savings for 11 p.m.–6 a.m. charging), Budget Billing, Load Management, LED lighting, CashBack rebates, and renewable energy certificate purchases. Customer segments are Residential Members (primary) and Commercial/Business Members (secondary), with a Spanish-language outreach channel for Hispanic members.
As a cooperative, NOVEC operates on a not-for-profit, at-cost basis with no external PE/VC or public-equity holders; it is governed by a member-elected Board of Directors. Revenue is generated almost entirely through regulated electricity distribution and ancillary product/service fees recovered through rates set by the Virginia State Corporation Commission, supplemented by margins from NOVEC Solutions and NOVEC Energy Solutions and community programs such as Operation Round Up and the NOVEC HELPS charitable entity. Marketing and member engagement run through the corporate website, an active social media presence (Facebook, Twitter/X, YouTube, Instagram, LinkedIn), the Cooperative Living newsletter, community/scholarship programs, and targeted Spanish-language communications.
Novec firmographics
Firmographics- Name
- Novec
- Legal name
- Northern Virginia Electric Cooperative
- Website
- https://novec.com
- Company type
- Private
- Founded year
- 1983
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Northern Virginia Electric Cooperative (NOVEC) is a member-owned utility cooperative that distributes electricity to roughly 182,074 meters across a 651-square-mile franchise in six Northern Virginia counties and the City of Manassas Park, with regulated rates set by the Virginia State Corporation Commission.
- Ownership category
- akta.pro rank
Novec industry classification
Industry- Product category
- Electric Utility Distribution
- NAICS
- Electric Power Generation, Transmission and Distribution (2211), Electric Power Distribution (221122), Solar Electric Power Generation (221114), Natural Gas Distribution (221210)
- SIC
- Electric Services (4911), Cogeneration Services & Small Power Producers (4991), Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Electric Cooperatives (Rural/Member-Owned Utilities) (EUADABAC)
- akta.pro secondary industries
- Distributed Generation (DG) Solar & Small Wind (EUAMAJAD), Demand Response & Load Flexibility Services (EUAMAJAF)
Keywords
Where Novec is headquartered
LocationHeadquarters
- HQ city
- Manassas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Novec business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D
Revenue model
- Electricity Distribution Services: NOVEC generates revenue through the distribution and sale of electricity to residential and commercial members in its service territory. As a cooperative, it operates on a cost-of-service basis with rates regulated to recover operational costs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Monthly | EV-1 Electric Vehicle Rate - special time-of-use pricing for EV charging |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Novec product offering
Product offeringCore offering
Northern Virginia Electric Cooperative (NOVEC) distributes and sells electricity to residential and commercial members across a 651-square-mile service territory in Northern Virginia, serving 182,074 meters. It is a member-owned electric cooperative offering power distribution, energy efficiency programs, renewable energy options, natural gas services, and home solutions (solar, generators, water heaters, HVAC referrals) through its SmartHub portal and NOVEC Solutions subsidiary.
Product overview
Novec (Northern Virginia Electric Cooperative) offers a portfolio of utility services and customer programs through its SmartHub platform. The core SmartHub portal provides bill payment, outage reporting, and account management. The product suite includes energy efficiency programs (LED Lights, Load Management, Budget Billing), home services (Solar Installation, Generators, Water Heaters, HVAC Referrals, Home Repair via HomeServe), specialty rates (EV-1 Electric Vehicle Rate), and natural gas services through NOVEC Energy Solutions. Additional offerings include fiber optic services, advanced metering, security/streetlight services, and renewable energy programs.
Differentiator
Problem solved
Functional benefit
Brands
- SmartHub: Customer portal and mobile app for bill payment, outage reporting, and account management
- NOVEC Cares
- Operation Round Up
- EV-1
Products and services
- SmartHub Customer Portal
Companies that use Novec
Customer profileSegments2 records
Ideal customer profiles2 records
Novec technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Novec partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Prospect SolarcoreNOVEC Solutions partnered with Prospect Solar to offer residential customers an easy and affordable way to install solar panels. Prospect Solar provides turnkey service for home solar installations.
- ElecTel Federal Credit UnioncorePartnered with NOVEC to offer low-interest, energy-efficient loans for qualifying NOVEC customers to finance solar installations and other energy improvements.
- HomeServeminorHome emergency repair plan offering 24/7 hotline for scheduling repairs on home systems including HVAC, plumbing, and electrical through a third-party provider.
- Second NatureminorHVAC filter replacement program with automatic delivery to simplify filter changes and improve HVAC efficiency for NOVEC customers.
- PJM InterconnectioncoreRegional transmission organization that manages the electric grid across multiple states, coordinating wholesale electricity markets and transmission planning. NOVEC purchases power through PJM.
- Halifax County Biomass Electric Generating FacilitycoreNOVEC's biomass power generation facility that uses wood waste to produce renewable electricity, contributing to the cooperative's renewable energy portfolio.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Novec competitors and assessment
Company assessmentDirect peers
- Rappahannock Electric Cooperative: Virginia-based member-owned electric distribution cooperative serving central and northern Virginia; directly comparable cooperative structure, Virginia SCC regulation, and residential/commercial member base to NOVEC.
- BARC Electric Cooperative: Member-owned electric distribution cooperative also serving portions of Virginia; closely comparable in cooperative governance, regulatory framework, and rural-to-suburban service territory profile.
- Oglethorpe Power Corporation: One of the largest generation-and-transmission cooperatives in the U.S., supplying power to member EMCs in Georgia; comparable wholesale power procurement, cooperative governance, and renewable/biomass generation exposure to NOVEC.
- Great River Energy: Generation-and-transmission cooperative serving 28 member distribution co-ops across Minnesota and Wisconsin; directly comparable as a multi-county electric cooperative with shared services model and renewable generation assets.
- Basin Electric Power Cooperative: Large wholesale electric generation-and-transmission cooperative serving member systems across multiple states; comparable in scale of cooperative generation assets, biomass/renewable exposure, and member-ownership model.
- Pedernales Electric Cooperative: One of the largest electric distribution cooperatives in the U.S. serving central Texas; directly comparable scale, member-owned structure, and diversified service offerings (broadband, solar, EV programs).
Broad incumbents
- Dominion Energy Virginia: Investor-owned utility serving the broader Virginia territory surrounding NOVEC's footprint; comparable in distribution activities and regulatory oversight but operates as a for-profit IOU with merchant generation rather than a cooperative.
Emerging players
- Touchstone Energy Cooperatives: Nationwide network and brand alliance of ~750 electric cooperatives including NOVEC; comparable as a cooperative-utility peer cohort with shared marketing, energy-efficiency programs, and member-service standards.
Others
- PJM Interconnection: Regional transmission organization through which NOVEC procures wholesale power; relevant as a counterparty/partner and as a benchmark for how the cooperative monetizes PJM markets versus other member systems.
- CoBank: Cooperative-system lender that provides debt capital to electric distribution and G&T cooperatives including NOVEC; relevant as the primary institutional capital source for cooperative grid investment and modernization.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Novec social profiles
Digital presenceNovec financial estimates
Financial estimateRevenue estimate
Valuation estimate
Novec leadership team
Management profileNumber of profiles
Novec subsidiaries and ownership
Company hierarchySubsidiaries4 records
Novec funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Novec M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Novec
What does Novec do?
Northern Virginia Electric Cooperative (NOVEC) distributes and sells electricity to residential and commercial members across a 651-square-mile service territory in Northern Virginia, serving 182,074 meters. It is a member-owned electric cooperative offering power distribution, energy efficiency programs, renewable energy options, natural gas services, and home solutions (solar, generators, water heaters, HVAC referrals) through its SmartHub portal and NOVEC Solutions subsidiary.
Is Novec a public or private company?
Novec is a private company. It is classified as management employee owned and is currently operating.
When was Novec founded?
Novec was founded in 1983. It employs 251 to 500 people.
Where is Novec based?
Novec is headquartered in Manassas, United States, in the North America region.
How does Novec make money?
One revenue line is on record: electricity Distribution Services.
Who are Novec's main competitors?
Direct peers on record are Rappahannock Electric Cooperative, BARC Electric Cooperative, Oglethorpe Power Corporation, Great River Energy, Basin Electric Power Cooperative and Pedernales Electric Cooperative. Dominion Energy Virginia is listed as a broad incumbent. Touchstone Energy Cooperatives is listed as an emerging player. Others are PJM Interconnection and CoBank.
Does Novec have an API?
No public API is recorded for Novec.
What industry is Novec in?
Novec's product category is Electric Utility Distribution. Its primary akta.pro industry code is EUADABAC, Electric Cooperatives (Rural/Member-Owned Utilities), with a secondary code of EUAMAJAD, Distributed Generation (DG) Solar & Small Wind. Its NAICS code is 2211 and its SIC code is 4911.