Common questions about deposits:
Q: How is the amount determined?
A: The deposit is equal to approximately two months' average bills at the service address. For example, if you operate your business year-round and use an average of $100 of electricity per month, the deposit amount would be $200.
Q: Will I get a bill for the deposit
A: Yes, when you open your account, we will mail you a deposit statement.
Q: When is my deposit due?
A: The initial deposit is due when the account is opened. We offer several convenient payment options. Note: In some cases, we require you to pay the deposit before connection of service.
Q: Is the deposit adjustable?
A: FPL will review and adjust the deposit on your account after it has been open for six months to ensure that it holds the correct amount. FPL will also review the deposit on your account if two late payments are made within a six-month period.
Q: Does the deposit earn interest?
A: Yes, your deposit begins to earn 2 percent interest once you've paid your electric bill in full for six months. The interest is credited to your account annually in June. The interest is increased to 3 percent after 23 months service with the last 12 consecutive months of on-time payments.
Q: When is the deposit refunded?
A: Business customer deposits may be refunded if the account meets certain criteria. We look at the payment history, risk profile and length of time the business has had an account with us. At a minimum, a business customer must have held an account with us for more than 36 months and maintained a good payment history. We also consider the business' credit risk profile, which may include ratings from agencies such as Moody's, S&P, Fitch and Dun & Bradstreet, if applicable.
Q: Is there an alternative to a cash deposit?
A: Yes, you can provide a letter of credit from your bank, a surety bond from your insurance company or an alternative source of collateral. However, these alternatives are only recommended for deposits of more than $1,000 because they are not cost effective for smaller amounts.
Letter of Credit Instructions and Application
Surety Bond Instructions and Application
To avoid rejection, be sure that the Surety Bond or Letter of Credit is issued in the exact name of a corporation registered and active with the state of Florida, and that it matches the name on your account(s).
If your company is a partnership instead of a corporation, email us for an application. Please specify your account number and whether you are interested in a Surety Bond or a Letter of Credit. Once the Surety Bond or Letter of Credit is received and approved by FPL, your cash deposit is credited to your account.