Deposits

Security Deposits

Information on establishing service and credit requirements.

To ensure the lowest possible rates for all members, the cooperative requires a security deposit for new accounts to guarantee payment for energy used. Below are the ways you can satisfy this requirement.

1. Credit Assessment

A third-party credit check is performed at the time of application. Based on the results:

• Satisfactory Credit: Deposit is waived.
• Moderate Risk: A standard deposit of $200.00 is required.
• Higher Risk: A deposit equal to two months’ average usage may be required.

2. Deposit Alternatives

You may bypass the credit check or cash deposit by providing:

• Letter of Credit: A 12-month “clean” payment history from your previous electric utility.
• Prepaid Service: Enroll in our “Pay-As-You-Go” plan which requires no deposit and no credit check.
• Surety Bond: Applicable for commercial accounts with large loads.

Deposit Refunds

Residential deposits are not kept indefinitely. We review accounts annually to reward good payment history:

Requirement	Action Taken
12 Months On-Time Payments	Deposit + Interest credited to your account.
Termination of Service	Applied to final bill; remaining balance sent via check.

Note: Security deposits earn interest at a rate set annually by the state regulatory commission. Interest is applied as a credit to your January statement each year.