You know that security deposit some electric companies make you pay when you first turn your lights on?

Yeah… let’s talk about THAT money. 👀💡💰

Because depending on your utility company and your payment history, that money may not have to sit there forever. And in some cases, your deposit PLUS interest can eventually be credited back toward your electric bill.

How It Works With Georgia Power

I double-checked this one because I don’t want y’all calling these companies saying, “Shon told me…” and they looking at you crazy. 😂

According to Georgia Power’s rules, residential customers who qualify for a security-deposit refund can have the deposit plus accrued interest credited directly to their electric service bill. (Georgia Power⁠)

Georgia Power’s consumer information also says that after 12 consecutive months of on-time payments, eligible customers receive their deposit back plus interest. (Georgia Power⁠)

And here’s the part I REALLY want you to know:

Your security deposit can earn interest.

Georgia Power currently states that a deposit can earn 3% simple interest while it is being held on the account. (Georgia Power⁠)

So if you paid a deposit when you started service, don’t just forget that money exists!

So Can You Just Call and Tell Them to Put It on Your Bill?

Here’s where I want to clear something up.

You can’t necessarily call at any random time and demand that Georgia Power release your security deposit. You first have to meet the requirements for the deposit to be returned.

But if you’ve had your account for a while and you’ve established a good payment history, it is absolutely worth calling and asking:

“Do I currently have a security deposit being held on my account? How much is it, how much interest has it earned, and am I eligible to have my deposit refunded and credited toward my electric service bill?”

That one phone call could uncover money you completely forgot about.

Georgia Customers: Know This Too

The Georgia Public Service Commission also advises electric customers to check whether they’re eligible to get their deposits back. Its consumer guidance says deposits can be returned with interest after the applicable good-payment-history requirements are met. (Georgia Public Service Commission⁠)

So this isn’t some internet “hack.”

Security-deposit refunds are a real consumer issue regulated by utility rules.

What If You Don’t Have Georgia Power?

Still make the call.

Utility-deposit rules are not the same everywhere. The requirements can depend on your state, the utility company, whether you’re dealing with an investor-owned utility, cooperative or municipal provider, and your payment history.

For example, some utilities automatically refund qualifying deposits, some issue a check, and others may apply the money as a credit. Different states can also have their own rules concerning how long deposits are held and whether they earn interest. (Consumer Advice⁠)

So don’t assume your company works exactly like Georgia Power.

Instead, call your electric company and ask:

“Do you still have a security deposit on my account?”

“What is my current deposit balance?”

“Does my deposit earn interest?”

“What payment history do I need before I’m eligible to receive it back?”

“When I’m eligible, will it be refunded to me or credited toward my electric bill?”

And please ask about the interest too. Don’t leave your little coins behind. 😂

And If You Move?

With Georgia Power, your deposit plus applicable interest can be applied toward your final bill when service ends. If there’s money left after the final balance is paid, Georgia Power says the remaining amount is refunded. If you’re simply transferring Georgia Power service to another address, the deposit generally transfers with the account instead. (Georgia Power⁠)

The Fun Fact Nobody Thinks About

We spend so much time looking for ways to lower our monthly bills that sometimes we forget to look for money we’ve already paid.

That $100, $200, $300 or whatever you originally paid as a security deposit was YOUR money.

So if you’ve had the same electric company for a while and you’ve been paying your bills, call them and ask about your deposit.

You might find out there’s a credit waiting to knock something off that next light bill.

And listen… I don’t care if it’s $50.

Run me my money. 😂💰

Want to Dig Even Deeper Into Your Utility Bill?

And since we’re already talking about money your electric company could be holding, let me put you onto something else. 👀

I created Stop Overpaying Your Bills: The Utility Audit Guide to show you how to go through your utility account, check your billing and usage history, spot possible errors or estimated billing, request a full billing audit, and find out whether you may have been overcharged.

I actually followed these steps on my own electric account—and discovered I had been overcharged $207.56.

So before you automatically assume that high light bill is correct just because the company says it is, check it. You might be surprised by what you find.

Ready to audit your own utility bill? Grab the guide and follow the steps for yourself.