Residential Deposit Options

An initial security deposit may be required when you start electric service. Deposit requirements are based on factors such as your credit history and account information. As outlined in Tampa Electric's Florida Public Service Commission-approved tariff, deposit amounts are generally based on twice the average monthly bill for the service location and applicable rates. If a deposit is required, we'll let you know during the service application process.

Residential Deposit Information

Yes. You may be able to have your security deposit requirement waived if you meet certain Florida Public Service Commission-approved requirements.

A deposit may not be required if:

  • A credit review shows that a deposit is not needed.
  • You previously had Tampa Electric service in good standing and:
    • Maintained service for at least 24 consecutive months.
    • Closed the account within the past two years.
    • Maintained a satisfactory payment history.
    • Continue to meet Tampa Electric's credit requirements.
    • Did not have service disconnected for nonpayment.
  • You provide a qualified residential guarantor and submit the required guarantor form. Restrictions apply.

You can pay your security deposit along with your first bill using any of Tampa Electric's available payment options. 

Accepted payment methods include:

If you make a payment at participating Western Union payment locations, same-business-day payment transmission is available for payments made by 4 p.m. (local time). Convenience fees may apply. Otherwise, please allow up to three business days for the payment to post to your account.

Upon request, we can perform a soft credit check through Experian and/or TransUnion using your Social Security number to determine whether your security deposit can be waived.
 
If you have placed a security freeze on your credit report, you'll need to temporarily remove the freeze before requesting new service or a credit check.

If a security deposit is required, the amount is generally based on approximately two months of expected electric service at the service address.

Expected usage is estimated using the property's historical energy consumption and other available account information. As outlined in Tampa Electric's Florida Public Service Commission-approved tariff, deposit amounts are calculated based on expected usage and applicable rates.

Example: If the average monthly electric bill at the service address is $100, the required deposit would be approximately $200.

The required deposit amount will be provided when you start service and is due with your first billing statement. Deposit amounts may be adjusted based on actual usage and payment history.

The initial deposit is due with the first billing statement. Please visit our payment options page to explore convenient ways to pay your bill.

Yes. Security deposits paid with cash, check or credit card earn interest while held by Tampa Electric.

  • Residential deposits earn simple interest at an annual rate of 2%.
  • Interest is credited to the account annually after six months of continuous service.
  • Interest rates are subject to change.
  • A security deposit may be refunded after a satisfactory payment history has been established or when the account is closed.
  • If service is disconnected and the account is closed, the security deposit balance and any accrued interest not already refunded are applied to the final bill; any remaining balance will be refunded to the customer.

Security deposits are reviewed annually on the account start date to determine whether a deposit is still required and whether the current deposit amount remains sufficient.

Accounts may also be reviewed when there is a pattern of past-due payments or other payment history that may increase the risk of nonpayment. If a review determines that the current security deposit amount is no longer sufficient to secure the account, an additional security deposit may be required.

If a deposit adjustment is required, advance notice will be provided before any changes are billed to the account.

 

Residential security deposits and any accrued interest may be refunded after a satisfactory payment history has been established, generally after 23 consecutive months of service with no more than one late payment. If the account closes before a refund is issued, the deposit and accrued interest will be applied to the final bill, and any remaining credit balance will be refunded.

If your account is disconnected for non-payment, your security deposit stays on your account for 15 calendar days after the disconnection date.

If you pay the outstanding balance and your service is restored within those 15 days, your deposit will remain on your account.

If the account remains unpaid after 15 calendar days, it automatically closes and the deposit is applied to the final bill. Once the deposit has been applied, a new deposit may be required to reconnect service or open a new account.

Additional Deposit Requirements

You may be asked to pay an additional security deposit if your account has been scheduled for disconnection due to nonpayment twice within 12 months or if your usage is more than originally estimated. The required deposit is generally based on twice your average monthly bill, minus any deposit already on file. If an additional deposit is needed, we'll notify you before it is added to your account.

Additional Residential Deposit Information

An additional security deposit is an extra deposit that may be required to help secure your account in accordance with our Florida Public Service Commission-approved tariff. The amount is based on a review of your account and may be required if certain account activity indicates a higher deposit is needed.
An additional security deposit may be required after a review of the account. Factors considered may include payment history, past-due payments, length of service and the amount of deposit currently on file. If a review determines that the current deposit amount is no longer sufficient to secure the account, an additional deposit may be required. Advance notice will be provided before any additional deposit is billed to the account.

Security deposits are reviewed annually on the account start date to determine whether a deposit is still required and whether the current deposit amount remains sufficient.

Accounts may also be reviewed if payment history, including past-due payments, indicates that a higher deposit may be needed to secure the account. If an additional deposit is required, advance notice will be provided before any changes are billed to the account.

An additional security deposit may be required if an account review indicates that the current deposit amount is no longer sufficient based on the account's usage and payment history. Reviews may consider factors such as past-due payment history, payment patterns, current deposit balance and other account activity.

 

An additional security deposit may also be required if an account has been scheduled for disconnection for nonpayment two times within 12 months.

If an additional security deposit is required, advance notice will be provided before it is added to the account.

The required deposit is generally equal to twice your average monthly bill. If you already have a security deposit on file, that amount is applied toward the required deposit. You'll only be responsible for paying the difference.

Example:

  • Average monthly bill: $110
  • Required deposit (2 × average monthly bill): $220
  • Current deposit on file: $143
  • Additional deposit required: $77

Actual deposit amounts may vary based on your account's billing history and current deposit balance.

To avoid additional security deposits and service disconnections, it’s important to pay your bill in full by the due date. Maintaining a positive payment history and keeping your account in good standing may help prevent additional security deposit requirements. Please visit our payment options page to explore convenient ways to pay your bill.

Yes. Your additional deposit earns interest while held with Tampa Electric. 

  • Interest is credited to deposits made by cash, check or credit card annually after 6 months of continuous service.
  • Interest rates are subject to change without notice. 
  • Deposits may be refunded after a history of on-time payments is established or when the account is closed.
  • If service is disconnected and the account is closed, the security deposit balance and any accrued interest not already refunded are applied to the final bill; any remaining balance will be refunded to the customer.
Additional security deposits are treated the same as initial security deposits. Deposits and accrued interest may be refunded after a satisfactory payment history has been established, generally after 23 consecutive months of service with no more than one late payment. If the account closes before a refund is issued, the deposit and accrued interest will be applied to the final bill, and any remaining credit balance will be refunded to the customer.