New Jersey Electric Generation Service Bond
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How much will my New Jersey electricity provider bond cost?
A NJ electricity provider bond is required by the Board of Public Utilities and must be in the amount of $250,000. Electric service bonds in New Jersey are subject to underwriting, which means the price an applicant will pay for this bond is directly related to his or her credit report. Having your current business financials on hand during the application process will help us get you the bond you need faster.
Our team of bond experts is dedicated to getting customers bonded for the lowest available rates. Apply for a free bond quote today!
Call us at 1 (800) 308-4358 to speak with a surety bond specialist today!
Why do I need this bond?
New Jersey generation service bonds ensure that the principal (gas supply service or electric generation service) will conduct ethical business by fulfilling all of its obligated services and other contractual commitments. The principal must adhere to the Electric Discount and Energy Competition Act (N.J.S.A. 48:3-49 et seq).
This bond protects any entity or person who suffers damages or losses due to the principal failing to pay taxes or breaching his or her contract.
Receive your free quote within 1 business day of applying. Simply fill out our online bond request form.
What’s the fine print?
The Treasurer of the State of New Jersey requires this bond. New Jersey electric generation services bonds have a term of 1 year and must coincide with the term of the license. These bonds can be continued for an additional year if the surety and principal sign a continuation certificate.
How to become a gas supply or generation service in New Jersey
All applications must be submitted to the Board of Public Utilities. Materials that must accompany the application include:
- Certificate of formation or certificate of incorporation
- Certificate of authority (if the applicant is out-of-state)
- $250,000 surety bond
- Application fee of $250
- License fee
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