Residential Deposit Information
A deposit will not be required if the applicant furnishes any of the following as proof of satisfactory credit:
- CVEC can run a credit check processed through Online Utility Exchange. This is a soft credit check and will not affect your credit score. We will ask for your full social security number for this process.
- A letter of credit history from another electric provider that has served the new member with the same type of service within the past twelve (12) months stating that during the last twelve (12) months they have not had more than two (2) delinquent payments, were never disconnected for nonpayment, and has paid the utility in full.
- A guarantee of payment by someone who has an active with Concho Valley Electric Cooperative, Inc. (CVEC) and has a satisfactory pay record for the past twelve (12) months. (The guarantor must contact CVEC for eligibility and obtain form.)
If the new applicant can not provide one of the above, a deposit equaling one-sixth of the estimated annual bill (minimum of $250.00 or greater based on usage) will be required, and must be paid before electric service is connected. This amount can be paid by cash, money order, cashiers check, check, or credit card. (American Express, Discover, Mastercard, or Visa accepted.)
Deposits shall be refunded, together with the interest rate specified by the Texas Public Utility Commission (PUC) after twelve (12) consecutive months service during which the member has fulfilled all of his membership obligations, or has provided for in a written contract service; or upon such other conditions as may be established by the Cooperative with respect to service risks of similar or the same character. The interest rate will be changed each calendar year per PUC order.
In any event, the deposit shall be refunded, plus interest, upon termination of service less any amounts that the member may then owe the Cooperative.
Commercial Deposit Information
A deposit can be waived ONLY if the applicant furnishes one of the following:
- An irrevocable letter of credit issued by a financial institution acceptable to the Cooperative
- Per CVEC tariff, section 513 - The irrevocable letter of credit must be issued by a financial institution in a form acceptable to the Cooperative in whose favor the irrevocable letter of credit is issued. If such financial institution fails to maintain its credit rating, fails to comply with or perform its obligations under such irrevocable letter of credit, repudiates or otherwise disaffirms, disclaims, rejects, or challenges the validity of such irrevocable letter of credit or any part thereof, or becomes subject to insolvency, bankruptcy, or failure, then the member agrees to cause another such financial institution acceptable to the Cooperative to deliver to the Cooperative a substitute irrevocable letter of credit in a form acceptable to the Cooperative on or before the second business day after such occurrence.
- Surety bond
If the new Applicant cannot provide the above, a cash deposit (equaling one-sixth of the annual bill or an estimate if there is no billing history available) will be required, and must be paid before electric service is connected. Please contact our office for the deposit amount.
Deposits shall be refunded, together with the interest rate specified by the Texas Public Utility Commission (PUC) after twenty-four (24) consecutive months service during which the member has fulfilled all of his membership obligations, or has provided for in a written contract for service; or upon such other conditions as may be established by the Cooperative with respect to service risks of similar or the same character. The interest rate will be changed each calendar year per PUC order.
In any event, the deposit shall be refunded, plus interest, upon termination of service less any amounts that the member may then owe the Cooperative.