A deposit adjustment is a correction in the amount of deposit FPL has received from you compared to the two month's average billing at your residence. Because you're billed for electricity used during the prior month, FPL asks for a deposit equal to two months' average electric usage for your specific location.
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.
You are also eligible for a refund of your deposit after you have been a customer for 23 months and have paid your bills on time for the previous 12 months. In addition, you will have earned two percent interest on your deposit which is credited to your account annually in June.
If you've paid your bill late two or more times within a six-month period and there is a difference of $50 or more between the deposit FPL received for your account and the two months' average bill at your residence, a deposit adjustment may be required. A review process is triggered automatically to determine whether an additional deposit is required. Several factors are taken in consideration including, the length of time you have been an FPL customer, your payment history, and the amount of your current deposit.
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. FPL uses a credit scoring system to determine whether a deposit is required 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 asked to pay a deposit are required to provide a deposit equal to two month's expected electric use when the home is occupied. 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. Your new residence's anticipated electric use is determined by the property's prior energy usage history, which is standard utility practice.
The initial deposit is due once the account has been 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.
Yes, your deposit begins to earn two percent interest once you have paid your electric bill in full for six months. The interest is credited to your account annually in June.
Your deposit is refunded with any earned interest when the account is closed or after 23 months of consecutive service if you have not:
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 About The Guarantee/Guarantor Contract
Yes, once your account is opened, a deposit statement will be mailed.