Novec

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.

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

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

• Electric distribution
• Cooperative utility
• Energy efficiency programs
• Renewable energy
• Residential electricity

Headquarters

HQ city

Manassas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core 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

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Prospect SolarcoreStrategic or Co-development PartnerNOVEC 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 UnioncoreStrategic or Co-development PartnerPartnered with NOVEC to offer low-interest, energy-efficient loans for qualifying NOVEC customers to finance solar installations and other energy improvements.
• HomeServeminorGTM or Marketing PartnerHome emergency repair plan offering 24/7 hotline for scheduling repairs on home systems including HVAC, plumbing, and electrical through a third-party provider.
• Second NatureminorGTM or Marketing PartnerHVAC filter replacement program with automatic delivery to simplify filter changes and improve HVAC efficiency for NOVEC customers.
• PJM InterconnectioncoreTechnology or IntegrationRegional 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 FacilitycoreStrategic or Co-development PartnerNOVEC'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

Direct 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

• Xx.com/NOVEC
• YouTubeyoutube.com/user/NOVECPower
• Facebookfacebook.com/novec
• LinkedInlinkedin.com/company/novec
• Instagraminstagram.com/novec_electric

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novec