Yes, after you open your account, we will mail you a deposit statement.
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.
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.
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 residence, we typically require customers to bring their deposit to the appropriate level.
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.
Business customer deposits may be refunded if the account meets certain criteria such as payment history, risk profile and length of time the business has had an FPL account. 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.
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 are not 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.