Security Deposit Policy

In order to minimise the risk of bad debts and to protect our residential customer base who pay their bills to terms, Waterpower requires residential customers moving suppliers or taking over a new account (move-in) to comply with one of the following options,

We ask all non-direct debit customers and all tenants to pay a security deposit. Please note that Waterpower considers the provision of a security deposit on an account by account basis and the value and duration of the security deposit/requirement is based
on available information to Waterpower at the time of the decision.

New Customers

Waterpower requires customers moving suppliers or taking on a new account (as a tenant) to comply with one of the following options:

1. Pay their bill by Direct Debit
2. Security Deposit payable via debit card

In the situation of a customer returning to Waterpower, in order for us to waive the
deposit the customer must have a minimum of one year previous history with all bills
paid according to the agreed payment terms.

Key Reasons for requesting security Deposits

  • Adverse credit report or customer history
  • Tenants of rental properties

The general value of security requested is based on two months estimated
consumption. Every potential registration is reviewed on a case by case basis. The
reason for a security deposit request and value may vary from the information noted
above and is based on the least perceived risk

Existing Customers
During the term of supply, We may increase an existing security deposit or request a new security deposit from You for the following reasons:

  • Failure to pay amounts due over concurrent billing periods or consistent delays in paying any amount due over a period of three months
  • Prior to reconnection following disconnection for non-payment
  • Following an insolvency event
  • Change in credit worthiness

Security Deposit Value

The general value of security requested is based on between two and four months
estimated consumption. This is subject to change depending on the exact
circumstance. In general, the standard deposit amounts to 300 euro

Security Deposit Duration

The requirement for security can be reviewed upon request from the customers
following twelve months provision of security in accordance with Waterpower
requirements. In cases where customers have been found to meet their credit terms
after a twelve month period, the deposit will be credited to the next energy bill

In the event Our credit terms are not met after one year We will continue to hold the
deposit in respect of Your account. In this instance, We will inform You of the steps
which must be taken to satisfy Our credit terms so that the security deposit will no
longer be required. The security deposit will thereafter be kept until
such time as Our credit terms have been met for a continuous 12-month period, and
the security deposit will be returned to You in the month following a determination by
Us that the credit terms have been met

In the event Our security requirements are not met, Your electricity supply may be
Withdrawn as a act of last resort once all other efforts, as outlined in our Code of
Practice on Disconnections. Any costs reasonably incurred by Us may be recovered
from You and You shall pay the cost of disconnection and subsequent re-connection
(if any)

Security Deposit Refund

We shall return the balance of any security deposit to You; i) upon closure of Your
account; or ii) after one year if You have met Our credit terms for this period. In any
case by cheque if You have provided Us with a forwarding address or by bank
transfer if We hold Your bank details

If You close Your account with Us while We hold a security deposit relating to Your
account, Waterpower, in accordance with the Terms & Conditions provided as part of
the Agreement, the amount of the security deposit will be used to offset Your final
invoice

Customers will be advised that failure to comply with the above conditions will result in supply being withdrawn.