Deposit Information

Security Deposit
Since electric service is used prior to meter reading and billing, Midstate Electric may require a deposit prior to connection as a guarantee of payment. The security deposit will be applied to your final billing and any net balance refunded, or if 12 consecutive billings have been paid on time, your deposit will, likewise, be refunded. Interest will be paid on deposits equal to the rate paid on the United States National Bank's Passbook Savings Account at the end of the previous month. If a deposit is held for one year, accrued interest will be paid by a credit to the customer’s account. If held less than one year, interest will be prorated.

A security deposit may be waived if the member has:

1.      A good credit history with Midstate Electric for the preceding 12 months at a different residence.

2.      Provided Midstate Electric with evidence of prompt payment via a letter of credit covering the most recent 12 months from the member’s previous electric utility.

RESIDENTIAL SERVICE CLASS DEPOSIT SCHEDULE
The deposit for this service class will be a two-month average bill based on the system wide average for this class of service. This amount will be recomputed annually and adjusted each January as necessary. In those situations where an up-to-date deposit is required, the deposit will be the greater of this revenue class's system wide two month average, or at least a two month average bill based on the service location's previous historical usage, not to exceed 12 month's prior usage.

SMALL COMMERCIAL SERVICE CLASS DEPOSIT SCHEDULE
The deposit for this service class will be a two-month average bill based on the system wide average for this class of service. This amount will be recomputed annually and adjusted each January as necessary. In those situations where an up-to-date deposit is required, the deposit will be the greater of this revenue class's system wide two month average, or at least a two-month average bill based on the service location's previous historical usage, not to exceed 12 month's prior usage.