Frequently Asked Questions

How is the deposit amount determined?

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.

When is the deposit due?

The initial deposit is due when the account is opened and we have several convenient payment options available to make that payment.

Note: In some cases, you may be required to pay the deposit before connection of service.

Is the deposit adjustable?

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.  We will also review the deposit on your account if two or more late payments are made within a six-month period. The correct amount is the difference between your current deposit, and the deposit needed based on your actual usage.

If two or more late payments are made within a six-month period and there is a difference of $50 or more between the deposit on hand and two months' average billing at the premise, we typically require customers to bring their deposit to the appropriate level.

Does the deposit earn interest?

Yes, your deposit begins to earn two percent interest once you’ve paid your electric bill in full for six months. The interest is credited to your account annually in June and is increased to three percent after 23 months of on-time payments.

When is the deposit refunded for business customers?

Consistent with the Florida Public Service Commission rules and our tariff, FPL is currently not refunding or waiving business deposits. Rest assured, if you paid your deposit in cash, it will earn interest which is applied annually in June. Additionally, when the account closes, the full deposit plus any unpaid interest will and be applied to your final bill, and any remaining amount will promptly be refunded to you.

Is there an alternative to cash deposit?

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.