How much does an energy consultant bond cost in New Jersey?
An energy consultant surety bond in New Jersey costs as little as $100 for qualified applicants. However, because every applicant is quoted differently, the exact cost is ultimately determined by an underwriter following a review of the applicant’s qualifications such as credit, relevant experience, etc.
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Why are New Jersey energy consultants bonded?
New Jersey energy consultants are bonded with the state Treasurer’s office pursuant to NJ Rev Stat § 48:3-78, and energy consultant bonds ensure that energy brokers, consultants, and agents handle all customer information ethically and lawfully. The bond also guarantees consultants will adhere to the following requirements:
- Provide independent advice to customers for the purchase of retail electricity, electric-related services, retail gas supply, or gas-related services
- Maintain customer information in accordance with applicable confidentiality laws, rules, and regulations
- Not file for bankruptcy
How long do I need an energy consultant bond?
Energy consultant bonds are required for as long as the consultant wishes to work in the state. They are issued for 1-year terms and must be renewed annually by providing the Treasurer with proof the bond remains in effect in the form of a continuation certificate.
How to become an energy consultant in New Jersey
The following materials must be submitted with the application:
- Certificate of formation or certificate of incorporation
- Certificate of authority (only for out-of-state corporations)
- A $10,000 surety bond
Energy consultant licenses expire annually. A licensed energy agent must renew his or her license at least 30 days before its expiration date.
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Additional Resources
New Jersey Statutes 48:3-78 (Electric Power Supplier License)
