FPL’s billing and deposit practices are governed by the Florida Public Service Commission. To ensure fairness to all customers, some customers are required to secure their accounts with a deposit. There are a number of factors considered in deciding whether a deposit is necessary.
How is the deposit determined?
FPL uses a credit scoring system to determine if we require a deposit in order to open an account. This credit scoring system considers items on your credit report and/or prior credit history and produces a score. Customers who are required to pay a deposit are required to provide a deposit equal to two month’s expected electricity use when the home is occupied, which is standard utility practice. For example, if you occupy your home year-round and use an average of $100 of electricity per month, the deposit amount would be $200.
Will I get a bill for the deposit?
Yes, when you open your account we 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. Learn more.
Note: In some cases, we require you to pay the deposit before connection of service.
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 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.
When is the deposit refunded?
Residential customer deposits can be refunded in full after 23 months of service and good payment history for the last 12 months. Alternatively, residential deposits are refunded when the account is closed.
Is there an alternative to a cash deposit?
Yes, there is an Unconditional Guarantee / Guarantor Contract, which is a legal document involving the party requesting the deposit alternative (Guarantee) and the party providing a payment security if the Guarantee defaults in payment (Guarantor). In order to be eligible for this non-cash deposit option, the Guarantor must meet certain criteria. Learn more.