Deposits are calculated at twice the highest billing at a given location or by consultation with our Engineering Department for the projected usage or electric load for the service address. Deposits are due at the time of application.
Deposit payment options are check, cash, or money order. Deposits not exceeding $1,000 may also be paid via the following credit cards: VISA, MasterCard, and Discover. Deposits exceeding $25,000 may be eligible for coverage under the TVPPA Credit Insurance Program. Please contact our office for program details at 423-952-5272, option 4. Irrevocable Letters of Credit and Surety Bonds are acceptable upon meeting BrightRidge criteria. Either deposit substitute chosen would need to match the deposit quote, name BrightRidge as the beneficiary, and be renewed annually. Advance notice of cancellation in writing is required. Interest for deposits is applied annually at the current passbook savings rates.
Upon termination of service, any deposit and interest will be applied against any unpaid balance of the customer. If any balance remains, that amount will be refunded to the customer upon request.
Surety Bond / Bill Guarantee
What are the requirements in the acceptance of a Surety Bond?
A Surety Bond can be obtained from your insurance company or insurance broker.
- The issuing insurer understands that the surety bond is intended to stand as security for a customer’s electric utility bills. The amount of the surety bond will be determined by a BrightRidge employee and is typically based on two times the highest estimated usage.
- The name of the applicant must be in the same name as the electric service established with BrightRidge.
- The Obligee must be BrightRidge.
- The completed Surety Bond with embossed seal, Power of Attorney Page and Notary’s Acknowledgement Page copy is required for acceptance.
- The Surety Bond must renew annually. If the bond is to expire or be cancelled the Surety must provide 60 days written notice prior to the expiration.
- In lieu of a Surety Bond, the customer must provide another form of surety. Please consult BrightRidge for options.
Irrevocable Standby Letter of Credit Criteria
BrightRidge Irrevocable Standby Letter of Credit Criteria and Requirements
August 22, 2013
- The irrevocable standby letter of credit must be from a financial institution that is regulated by the U.S. Department of the Treasury’s Office of the Comptroller of the Currency (OCC) or the National Credit Union Administration.
- The issuing bank understands that the irrevocable standby letter of credit is intended to stand as security for a customer’s electric utility bills. The amount of the letter of credit will be determined by a BrightRidge employee and is typically based on two times the highest estimated usage.
- The beneficiary must be BrightRidge.
- The name of the applicant must be in the same name as the electric service established with BrightRidge. For example, if the electric service is being established under the name John Doe Enterprises, LLC, then the irrevocable standby letter of credit must be in that name.
- BrightRidge prefers that the presentation address for the Issuing Bank’s location is a branch that is physically close to Johnson City, TN.
- The Irrevocable Standby Letter of Credit must renew annually. If it is to expire or be cancelled, the financial institution must provide 90 days written notice prior to the expiration.
- There are two options for submitting an acceptable Irrevocable Standby Letter of Credit: the issuing bank representative must complete the cover sheet, which must printed on company letterhead, and the accompanying Irrevocable Letter of Credit form or the issuing bank representative utilizes the sample form to create their own Irrevocable Standby Letter of Credit. Please note drafted Irrevocable Letters of Credit are only acceptable upon meeting BrightRidge criteria.
* Verify Rates
Our staff is committed to providing current and accurate rate information. It is our goal to update this site as changes occur. However, rates are subject to change without notice. Customers are encouraged to verify pricing with a BrightRidge representative.