All business customers are required to secure their accounts with a deposit. Our billing and deposit practices are governed by the Florida Public Service Commission (FPSC).
The deposit amount is equal to 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 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
Is the deposit adjustable?
Yes. To ensure we’re holding the correct amount, we review and may adjust the deposit on your account after it’s been open for six months. Also, if two or more late payments are made 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.
When is the deposit refunded?
Although the FPSC does not require business deposits to be refunded, business customers may have their deposits refunded if the account meets certain criteria. Small and Medium Business customers require a prompt payment history, positive risk profile, and an active account for a minimum of 36 months.
Large Commercial customers require a positive risk profile as well as qualifying ratings from credit agencies such as Moody’s, Standard & Poor’s, Fitch, Dunn & Bradstreet or other third party credit rating agencies that may be used at the time.
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. After 23 months of on-time payments, interest increases to 3%.
Is there an alternative to a 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 - this is a template only and must be reproduced on bank letterhead
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).
Return these forms by mail to:
Gulf Power Company
Attn: Customer Service Support
One Energy Place
Pensacola, FL 32520-0031