A security deposit is a one-time amount you pay to your energy supplier with your first bill. It serves solely to secure any potential future outstanding amounts arising from your Electricity or Natural Gas Supply Agreement and acts as a standard security measure to ensure compliance with the terms of your contract. The amount typically ranges from €60 to €120, depending on the supplier, the type of plan, and its duration.
A security deposit is required by all energy suppliers for new contracts and applies separately to each supply connection. Therefore, each electricity or natural gas connection is subject to its own security deposit.
You may be able to avoid paying the security deposit by choosing to pay your bills via direct debit. This is a particularly convenient and recommended option, as it helps ensure on-time monthly payments, allowing you to benefit from any prompt-payment discount, which can reach 20% to 40% in some cases!
Whether you pay by bank transfer, card, or cash at a store, the security deposit remains the same. Therefore, activating a bank direct debit is a convenient way to automate your payments and enjoy greater peace of mind.
If you decide to switch suppliers, the security deposit paid to your previous electricity or natural gas supplier is settled through an offset against your final bill, known as the final settlement bill.
You do not forfeit your deposit; you are entitled to have it returned, provided you have no outstanding debts with your previous supplier.
In addition, Globy+ can recommend current promotional energy plans that do not require a security deposit.
This article is general information, not personal advice. Terms and cover depend on the provider and your contract. Your advisor checks what applies to you.
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