Security Deposit FAQs

Do I have to pay a security deposit when I set up new electric service?

If you're a new customer or previous customer with a good credit history with us, you don't have to pay a security deposit. A good credit history includes:

  • Fewer than three disconnection notices.
  • No service disconnections for unpaid bills within the last 12 months.

If you request new service but owe us money on a previous balance, you'll need to pay that balance. And we may require you to pay a deposit before you can get service. If we do require a deposit, we'll base it on two months of your average bills.

If I have to pay a deposit, will I receive interest on it?

Yes, your deposit earns interest. Below are the interest rates for each state we serve.

  • Minnesota: 5.30% (based on the average yield of one-year United States Treasury securities adjusted for constant maturity for the last full week in November)
  • North Dakota: 2.20% (determined by the rate paid by the Bank of North Dakota on a six-month certificate of deposit as of the first business day of each year)
  • South Dakota: 7.00% (per South Dakota rule)