To ensure fairness to all customers, some customers are required to secure their accounts with a deposit. Our billing and deposit practices are governed by the Florida Public Service Commission.
We use a credit scoring system to determine whether a deposit is required to open an account. The system considers items on your credit report and/or credit history to produce a score. Don’t worry – there’s no impact to your credit score when we determine whether or not you have to pay a deposit.
The deposit amount is equal to two months’ worth of expected energy usage at the service address. For example, if you occupy your home year-round and use an average of $100 of electricity per month, the deposit amount will be $200.
When you open an account, we’ll tell you what your deposit is and when it’s due. You’ll also receive a deposit statement in the mail. Please note, most deposits are now due within 10 days; in some cases, you may be required to pay the deposit before service is connected.
Frequently Asked Questions
What is a deposit adjustment?
A deposit adjustment is a correction in how much of a deposit Gulf Power has received from you compared to the average billing for two months at your home. If you have two or more late payments within a six-month period and there is a difference of $50 between the deposit on hand and two months’ average billing, we typically bill for an adjustment to bring your deposit to the appropriate level.
Why was I billed a deposit adjustment?
If you have two or more late payments within a six-month period and there is a difference of $50 between the deposit on hand and two months’ average billing, we typically bill for an adjustment to bring your deposit to the appropriate level. A review process is automatically triggered to determine if an additional deposit is required. Several factors are considered, including the length of time you have been a Gulf Power customer, your payment history and the amount of your current deposit.
When is my deposit refunded?
Your deposit is refunded with any earned interest when the account is closed or after the deposit has been held for a period of 12 months, if you have not:
- Paid after the past-due date of your regular bill more than once within the past 12 months
- Paid with a check that has been refused by a bank
- Had service disconnected for non-payment within the past 12 months
- Tampered with the electric meter
- Used electric service in a fraudulent or unauthorized manner
Does the deposit earn interest?
Yes. Your deposit earns 2% interest once you have paid your bill in full for six months. Interest is credited to your account each year in June.
Is there an alternative to a cash deposit?
Yes. You can provide a Guaranty Agreement, which is a legal document between the customer requesting the deposit alternative and the Guarantor who provides payment security if the customer fails to pay their bills in a timely manner. Guarantors must meet certain criteria, including:
- Guarantors must be a Gulf Power customer with an active residential account for 12 continuous months of service with a waived deposit
- All accounts in the guarantor's name must have no more than one late payment; no disconnect for non-payment or returned items in the last 12 months; and no record of meter tampering, unless inherited
- Guarantors can guarantee multiple accounts as long as the cumulative deposit required does not exceed $500