New Mexico Utility Deposit Bond
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How much does a utility bond cost in New Mexico?
The Public Service Company of New Mexico (also known as PNM) requires customers to pay a deposit prior to the start of new utility services. Typically, deposit amounts are 1/6 of the total amount of electricity used in the last 12 months at the location the customer is moving to. PNM accepts surety bonds in lieu of security deposits on a case-by-case basis. Customers should verify their required bond amount with the utility company before bonding.
If you’ve been told you need a New Mexico utility surety bond, whether for PNM or another utility company in the state, SuretyBonds.com can help. These bonds are subject to underwriting, so the best way to find out how much you’ll pay is to request a free surety bond quote!
Why do I need this bond?
Utility bonds are put in place to ensure that principals (utility customers) pay all utility bills on time and in full. If the customer fails to do this, a claim can be filed against the bond. If the claim is proven, the surety will reimburse the utility for all sums due up to the full bond amount. The principal will then reimburse the surety for damages paid out.
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What’s the fine print?
Utility deposit bonds for PNM remain in full force until otherwise canceled. The surety can cancel the bond at any time by giving written notice to PNM 30 days before canceling the bond.
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