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Deposits

When you apply for service, you must pay a deposit according to your account type:

Residential

The deposit will never exceed one-sixth of your annual electric bill. We hold the deposit until:

  • Your account is closed, or
  • We receive payment for 12 consecutive bills with no more than one late payments and zero disconnections for nonpayment.

We will waive the deposit for service if you provide CoServ with:

  • A Credit Reference Letter—Documentation from your previous provider showing 12 consecutive months of payment history within the previous 24-month period in the CoServ account holder's name with no more than one late payment. Credit Reference Letters should be submitted within 10 days of account activation.

You can fax the above to 940-270-6640 or 877-594-6452, or email the information to contact@coserv.com.

Commercial/Industrial

We do require a deposit on all commercial and industrial accounts and the deposit will never exceed one-sixth of your annual electric bill. We hold the deposit until:

  • Your account is closed, or
  • We receive payment for 24 consecutive bills with no more than two late payments and zero disconnections for nonpayment

At the point the deposit qualifies for refund, we will automatically credit your deposit plus accrued interest to your account. (You earn interest from the date the deposit is paid in full through the date when it’s refunded. No interest applies if we refund the deposit within 30 days.)

If you transfer service to another location within our service area, we will apply your deposit to the new location. Or, if you close your account, we will apply your deposit and accrued interest toward your final statement.

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