Traditionally, the parties to a well share agreement have a joint checking account used specifically for paying the well electricity and repairs. Usually, each property owner pays a flat amount to cover the cost of the electricity and to set aside money for repairs.
purpose of the well share Bank account
A well share bank account can help the parties save a little each month to cover the cost of expensive repairs.
1. Pay the Electricity Costs for the Well
Electric pumps bring water from the well into a storage tank. Traditionally, there is a single electricity meter attached to