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Non-Residential Deposit Options
We Offer Multiple Deposit Options for Non-Residential Customers
Irrevocable Letter of Credit
Dominion Energy holds this document in lieu of a cash security deposit to protect the company against loss resulting from unpaid service bills by non-residential customers.
An Irrevocable Letter of Credit is one that can only be modified by the beneficiary (in this case, Dominion Energy Virginia). The minimum dollar amount for this application is $500.
It's very important that the information on the Irrevocable Letter of Credit is correct and complete. Otherwise, we cannot honor it in lieu of a cash security deposit.
The Irrevocable Letter of Credit remains in effect for two years.
Before submitting the form, please make sure of the following:
- The form must be printed on the issuing financial institution's letterhead bearing its name and address.
- The form must contain an issuing number for the Letter of Credit.
- The Irrevocable Letter of Credit must be signed by an officer of the financial institution.
- The Dominion Energy company that provides your utility service should be listed as the beneficiary.
- The dollar amount of the Irrevocable Letter of Credit is equal to the amount of security deposit requested.
- The name on the Irrevocable Letter of Credit must be the same name as it appears on your account.
- Your business must be registered to do business in the state in which you receive service from Dominion Energy. Accordingly, this business, which we recognizes as its customer, must be the owner or the bona fide lessee of the property that receives the service and must register to do business in the state if it is not.
View a Sample Irrevocable Letter of Credit
Surety Bond
Dominion Energy Virginia holds this document in lieu of a cash security deposit to protect the company against loss resulting from unpaid service bills by non-residential customers.
The minimum dollar amount for this application is $500. It's very important that the information on the Surety Bond is correct and complete. Otherwise, we cannot honor it in lieu of a cash security deposit.
The Surety Bond remains in effect for two years.
The sample form is the only document that Dominion will accept for Surety.
When submitting the Surety Bond Form, please make sure of the following:
- Send the original document (required) with the signature of the principal and the Surety Bond company seal.
- Include the Surety Bond number.
- Provide the mailing address and phone number of the Surety company.
- Ensure that the Surety Bond has the signature and title of the Dominion Energy account holder (principal) and the signature (with seal) of the Surety Bonding company.
- Ensure that the dollar amount of the Surety Bond is equal to the amount of security deposit requested.
- Use the same name on the Surety Bond that appears on your Dominion Energy account.
- Name the correct Dominion Energy company as the beneficiary.
- Attach a Power of Attorney from the Surety Bond company.
- Your business must be registered to do business in the state in which you receive service from us. Your business must also be the owner or the bona fide lessee of the property that receives the service and must register to do business in the state if it is not.
View a Sample of the Surety Bond