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.
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.
Consistent with the Florida Public Service Commission rules and our tariff, Gulf Power 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.
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%.
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.
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