Utility deposit bond cost
Some utility service providers in South Carolina require customers to post surety bonds in lieu of cash deposits prior to receiving utility services. These bonds are required on a case-by-case basis, and the utility company determines the required bond amount. Applicants should verify their required amount of bond coverage with their utility provider prior to bonding.
These bonds are subject to underwriting consideration, so the price you’ll pay for your bond depends on your required bond amount as well as on a review of your personal credit report.
Why this bond
Utility deposit bonds in South Carolina are put in place to ensure that principals (utility customers) pay all utility bills on time and in full. If a principal accrues a balance of unpaid utility bills, the bond protects the utility company from financial loss up to the full bond amount. The principal must reimburse the surety for all damages paid out.
Utility deposit bond details
Duke Energy Progress utility bonds can be canceled if the surety gives written notice of cancellation to the utility company at least 90 days prior to the effective cancellation date.
SCE&G utility bonds run continuously until canceled. The surety can terminate the bond by mailing written notice to the utility company. Termination becomes effective 60 days after the utility company receives the notice.
All utility companies have their own bonding requirements, so applicants should be sure they understand the terms of their bond agreements during the bonding process.
Apply for your surety bond
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