Deposits

Question

Answer

Is a business required to have a deposit?

Yes, we do ask business customers to secure their accounts to make sure that we will have the resources available to continue to provide reliable electric service. Unlike most other businesses, we bill 30 days after customers have used our product, and then we give customers another three weeks to pay. Our billing and deposit practices promote fairness by ensuring that all customers pay for the electricity they use.

How is the amount determined?

The deposit is equal to approximately two months' average bills at the service address.

Will I get a bill for the deposit?

Yes, when you open your account, FPL will mail you a deposit statement.

When is the deposit due?

The initial deposit is due when the account is opened. We offer several convenient payment options. Click here for more information.

Note: In some cases, we require you to pay the deposit before connection of service.

Is there an alternative to a cash deposit?

Alternatives to a cash deposit include either:

• A bank Letter of Credit
• Surety Bond (issued by an insurance company)

These alternatives are recommended for deposits over $1,000.

Once the Surety Bond or Letter of Credit is received and approved by FPL, your cash deposit is credited to your account.

Is the deposit adjustable?

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.

Does the deposit earn interest?

Yes, your deposit begins to earn 6-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 7 percent after 23 months of on-time payments.

When is the deposit refunded?

The deposit is held until the account is closed.

Question

Answer

Is there an alternative to a cash deposit?

Alternatives to a cash deposit include either:

• A bank Letter of Credit
• Surety Bond (issued by an insurance company)

FPL recommends these alternatives for deposits of over $1,000.

Once the Surety Bond or Letter of Credit is received and approved by FPL, your cash deposit is credited to your account.

What do I have to do if I want to use a Surety Bond or Letter of Credit instead of a cash deposit?

Download the applicable form below and forward the completed document to the bank or the insurance company.

The Surety Bond or Letter of Credit must be issued in the exact name of a corporation registered and active with the state of Florida. This name must also match the name on your account(s). You may use www.sunbiz.org to verify the exact name under which your company is registered. It is very important to comply with these stipulations. Please be aware that if these requirements are not met, your Letter of Credit or Surety Bond may be rejected.

If your company is a partnership instead of a corporation, e-mail us for an application. Please specify your account number and whether you are interested in a Surety Bond or a Letter of Credit.

Note: These files require Adobe Acrobat Reader. If you don't already have it, download it now.

• Letter of Credit Application  (72kb.pdf file)
• Surety Bond Application  (104kb.pdf file).

If you would like to see a sample Surety Bond or a Letter of Credit, please click on one of the following links:

• Surety Bond Sample
• Letter of Credit Sample 1
• Letter of Credit Sample 2

Once the bank or the insurance company completes the form, return the original with either:

• An Evidence of Authority (for a Letter of Credit)
• Power of Attorney (for a Surety Bond)

Send to:

FPL
Deposit Administration
9250 W. Flagler Street
Miami, FL 33174

or

FPL
P. O. Box 025209
Miami, FL 33102

Your cash deposit will be applied to your electric bill as soon as the Surety Bond or Letter of Credit is received and approved.

If you should have any questions or need additional information, please e-mail us.