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 owe money on a previous balance with us when you request new service, you'll need to pay that balance plus you may be required to pay a deposit before you can get service. If a deposit is requested, it will be based on two months of your average bills.
If I have to pay a deposit, will I receive interest on it?
Yes, your deposit will earn interest. These are the interest rates for each state we serve.
- Minnesota: 4.70% (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: 0.70% (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)