The deposit is equal to approximately two months’ average billing 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.
If you are connecting service on a temporary basis, you may be eligible for other deposit options.
Yes, we will review and adjust the deposit on your account after it has been open for six months to ensure we are holding the correct amount. The correct deposit amount is two months’ average billings at the premise.
We also review the deposit on your account if you make two or more late payments, or if you are part of a subset of business accounts that are reviewed based on external data such as credit or vendor ratings.
If there is a difference of $50 or more between the correct deposit amount and the deposit on hand, we typically require customers to bring their deposit to the appropriate level.
In accordance with the Florida Public Service Commission rules and our tariff, we may refund your business deposit if eligible. Eligibility is manually reviewed based on factors such as length of service, good payment history, and, in some cases, external credit scores. Your deposit will earn two percent interest annually in June, six months after the deposit is paid and the account remains active.
Additionally, customers with 23 months of continuous service and 12 months of good payment history earn three percent interest on cash deposits. When the account closes, the full deposit plus any unpaid interest will be applied to your final bill, and any remaining amount will be promptly refunded to you.
Yes. Business customers can provide a Letter of Credit from their bank, a Surety Bond from their insurance company or an alternative source of collateral. These alternatives are only recommended for deposits of more than $1,000, as they may not be cost-effective for smaller amounts.
Letter of Credit Instructions and Application
Surety Bond Instructions and Application
In order to avoid rejection, please ensure 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 business is a partnership instead of a corporation, email us for an application. Please remember to 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 will be credited to your account.
A group deposit arrangement allows a customer with multiple accounts within FPL's service territory to consolidate all individual deposits into one account, which Consists of One Master Account with One or More Blanket Account(s), and has two arrangement types: