This surety bond is required at times instead of putting down a cash deposit as a cheaper alternative, ensuring that the utility bills of the bondholder will be paid on time. The required bond amount varies based on the estimated energy usage. The premium on this bond is generally 2% of the bond amount. Good credit is generally required to obtain the bond.
To Get a Utility Payment Bond – Xcel Energy:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.