What You Need to Understand About a Deposit for Your Electricity

Moving is never easy and with all the hassle that you go through with finding a place don’t forget that prior to moving in you will need to apply and pay for utility services. Utilities include things like gas, electricity, water, and trash pickup. You will need to make sure that you pay your bills on- time because it will reflect on your credit history and if you request for an extension in the future.

Deposit Requirements

Your Electricity Deposit will be based off of credit history and/or your previous payments from your prior location. You will need to make sure you are able to provide your social security number, date of birth, first and last name to apply for your services prior to moving in. If you are moving into an apartment you will need to contact the property management to know which utilities may be included in your rent or if you will need to apply for them as well.

Utility Company Equals Credit

Utilities companies are creditors, and you will need to keep that in mind when applying for services. Good credit gives you less of a deposit amount, whereas bad credit may require a higher deposit amount. Most deposits fall between $50-$300. If your deposit is too high or your unable to pay it, the company may waive the deposit fee if you have a co-signer that guarantees that they will pay the bill, if you are unable to pay it.

Paying for Your Service

Pay your bill! Even if you need assistance, make sure you seek it before the bill is due. Electrical companies are not required to grant extensions to everyone and can do so at their own discretion. Whether it be middle of winter or the start of summer, if you do not pay for your service it can be disconnected. Make sure you budget and plan accordingly each month.

Assistance

Utility companies may have programs that help those in need. There are cost efficient programs, for example, Prepaid lights require that you pay a certain amount to cover your lights and you can have alerts sent to you when the balance is low. Energy efficient items such as light bulbs, windows, curtains, etc. These items can help lower your bill and save money.
However, if you need an extension, you will need to contact your utility company to request it or it may be requested online. If your request is denied you may request that you be informed of the reason why if it is not already provided.

Something to Keep in Mind

Knowing where you stand each month with your bills and utilities is important to maintaining your finances as well as keep your utilities on and working. Make sure you contact your utility company if you feel you have fallen into a bind and you need assistance. It is also important to know the policy for payments and how they will affect your credit history.

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