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Security Deposit Options

Securing your account

All business customers are required to establish credit prior to the connection of electrical service. These options may be used for the satisfaction of Duke Energy Progress business security deposits:
  • A cash deposit.
  • An Irrevocable Letter of Credit obtained by customer from a bank or financial institution at customer's expense.
  • A Surety Bond from a bonding company or insurance company obtained by customer and provided to Duke Energy Progress.
A deposit may be paid in person at our Duke Energy Payment locations, by telephone or by mail.

Security deposits may be paid by cash, check or money order and are accepted at more than 70 convenient payment locations across the Duke Energy service territory. (Note: Not all payment locations are equipped to process security deposits. View the payment locations map for details on accepted transaction types.)

Checks, debit cards or credit cards are accepted for deposits paid through Duke Energy Progress EZ-Pay. There is a convenience fee associated with this service.

Deposits may be mailed to the following address:
Duke Energy
Cash Remittance
P.O. Box 1003
Charlotte, NC 28262

Security deposit returns

Security deposits are returned to customers with interest after a customer has maintained a satisfactory payment history.

North Carolina

Unless conditions of service or the basis on which credit was originally established have materially changed, we annually refund deposits to customers who have paid their bills for the previous 12 consecutive months without having had service discontinued for nonpayment, or had more than two occasions in which a bill was not paid when it became past due, and are not delinquent in the payment of the current bill.

Interest rates for North Carolina accounts:
  • Deposit interest begins on the 91st day after the deposit is paid.
  • The deposit interest rate is 8%. 

South Carolina

Deposits are refunded with interest after two years unless customer has had two consecutive 30-day arrears or more than two non-consecutive 30-day arrears in the past 24 months.

Interest rates for South Carolina accounts:
  • Deposit interest accrues upon receipt of payment but is only awarded if the deposit is held for six months or more.
  • The deposit interest rate is 3.5%.

Service Charge

When Duke Energy Progress first supplies electricity under any applicable metered schedule, the customer shall pay a service charge of $17 plus taxes (North Carolina) and $15 plus taxes (South Carolina) which shall be in addition to all other charges associated with the account. This service charge shall become a part of the first bill rendered thereafter to the customer for electricity supplied at such premises unless it is paid in advance of the rendition of such bill.
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Frequently Asked Questions

  • All business accounts are required to have a security deposit equal to two-twelfths the annual billing if satisfactory credit has not been previously established with Duke Energy Progress.
  • The deposit guarantees final payment of accounts when the customer is unable to establish a satisfactory credit rating with Duke Energy Progress.
  • The deposit is equal to approximately two-twelfths (2/12) of the estimated charge for service for the ensuing twelve months.
  • Business deposits are due the same day the electrical service is activated.

    Deposits can be:
    • Mailed to Duke Energy Progress, P.O. Box 1003, Charlotte, NC 28262
    • Paid at a Duke Energy Progress authorized payment location
    • Cash, checks and money orders are all acceptable methods of payment.
    • Credit card, debit card and check payments are available online via EZ-Pay. A fee is charged by EZ-Pay.
  • Simple interest is paid on customer deposits at the current rate of 8% per annum beginning with the 91st day after the deposit is collected.
  • Unless conditions of service or the basis on which credit was originally established have materially changed, we annually refunds deposits to customers who have paid their bills for the previous twelve consecutive months without having had service discontinued for non-payment, or had more than two occasions in which a bill was not paid when it became past due, and are not delinquent in the payment of the current bill.
  • In lieu of a cash deposit, we do accept:
    • Irrevocable Letter of Credit secured by your bank, issued in the same name as the Duke Energy Progress account
    • Security Bond secured by your Insurance Company, issued in the same name as the Duke Energy Progress account
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