South Carolina Utility Deposit Bond Overview
- Purpose: To guarantee payment for utility services
- Who Needs It: Certain high volume utilities customers in South Carolina
- Bond Amount: Determined by the utility company based on usage
- Minimum Price: Typically 1% of the bond amount
What Is a South Carolina Utility Deposit Bond?
In South Carolina, some utility companies require customers to file surety bonds before starting utility services. South Carolina utility deposit bonds are an alternative to cash deposits to ensure that customers pay their bills in full and on time.
Who Needs a Utility Deposit Bond?
In South Carolina, these utilities companies may require or allow users to have a surety bond:
- Duke Energy Progress
- Dominion Energy
- Santee Cooper Utilities
- Berkeley Electric Cooperative
- City of Greenwood Utilities
- City of Rock Hill Commercial Utilities
- Palmetto Electric Cooperative Utilities
If you need a utility bond not listed here, please call 1 (800) 308-4358 for assistance.
What Are the Bond Requirements?
South Carolina utility bond amount requirements are determined case by case based on your usage and the provider. Verify your bond coverage with your utility company before applying.
How Much Do Utility Bonds Cost?
South Carolina utility deposit bonds typically cost 1–10% of the total bond amount based on a soft credit preview. For example, a qualified applicant could pay just $500 for a $50,000 utility bond. Get your free quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does the Surety Bond Work?
A utility deposit bond creates a legally-binding contract between a principal (you), obligee and surety provider (us).
| Bond Party | Description |
|---|---|
| 1) Principal | The utilities customer filing the bond |
| 2) Obligee | The utility company requiring the bond |
| 3) Surety | The issuing surety provider |
If you fall behind on payments, the bond protects the utility company from loss up to the full bond amount. In turn, you must reimburse the surety for all claims paid out.
How Do I Get a Bond?
We make the utility bond application process quick and easy. Follow these three steps to get bonded:
- Apply: Fill out a quick application form.
- Quote: Get your free quote within one business day or less.
- Pay: Buy online or over the phone.
We’ll typically email you the bond unless the utility provider requires the original bond form with wet signatures. Remember to file the bond with the company as instructed.
How Do I Renew My Bond?
If you need to renew your utility bond for another year, we’ll send you reminders in advance. Make sure the coverage amount is still correct. If so, simply pay the renewal invoice to extend coverage for another term.
If you need to update your bond amount, contact us at [email protected] with the new information.
Can I Make Changes to My Bond?
If you need to update information on your current bond form, like the amount or a name, email your surety provider. You can reach us at [email protected] with the request. Please confirm if your utilities provider will accept a bond rider document.
