Will a Deposit Be Required?
New residential customers aren't usually asked to make a deposit. However, current customers may be asked to make a cash deposit if either of the two following situations apply:
You have an unpaid Richmond Power & Light bill from a previous residence.
Your service was disconnected because you didn't pay your electric bills.
- You were notified of disconnection for non-payment.
When a deposit is required, it will be equal to 1/6 of the average annual bill.
If a deposit is required we will put the total deposit on an agreement to be paid in 3 monthly installments due with your electric bill each month.
Will My Deposit Earn Interest?
Yes! If your cash deposit is held for more than 6 months, you will earn interest at a rate of 1% a year.
When Will My Deposit Be Returned?
In order to have your deposit returned, you need to pay your electric bills in full, and on time, for at least 10 of the last 12 consecutive months with no disconnect notices. Once your payment record meets these guidelines, your deposit plus any interest earned, will automatically be refunded to your account.
If you request a disconnection of service at your current residence, your deposit plus any interest earned, will be transferred to your new account, refunded to you, or applied toward your final bill.