Utility bond cost
The Public Service Company of New Mexico (also known as PNM) requires customers to pay a deposit prior to the start of new utility services. Typically, deposit amounts are 1/6 of the total amount of electricity used in the last 12 months at the location the customer is moving to. PNM accepts surety bonds in lieu of security deposits on a case-by-case basis. Customers should verify their required bond amount with the utility company prior to bonding.
Why this bond
Utility bonds are put in place to ensure that principals (utility customers) pay all utility bills on time and in full. If the customer fails to do this, a claim can be filed against the bond. If the claim is proven, the surety will reimburse the utility for all sums due up to the full bond amount. The principal will then reimburse the surety for damages paid out.
Utility bond details
Utility deposit bond for PNM remain in full force until otherwise canceled. The surety can cancel the bond at any time by giving written notice to PNM 30 days prior to canceling the bond.
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