Are there any cons to no-deposit plans?
The main downside to no-deposit plans is that they typically charge a higher rate for electricity than fixed-rate options. If you value finding the cheapest plan for your home or business, it may be worth paying the deposit for a fixed-rate plan to secure a lower rate. Enter your ZIP code on our free marketplace to explore today’s cheapest options.
Are there no-deposit plans for low-income households?
Some light companies offer no-deposit plans to households within a certain income threshold. You may need to provide documentation proving you meet this requirement before enrolling. Other common deposit exemptions include customers over the age of 65, members of the military, and customers with extenuating medical conditions.
What is the difference between a no-deposit plan and a prepaid electricity plan?
No-deposit electricity is a category of energy plans similar to fixed-rate and variable-rate plans. There are a few ways an energy plan can be considered “no-deposit,” including if your credit score exempts you from paying a deposit. Prepaid electricity plans are a common type of no-deposit option where you pay for a portion of your energy upfront instead of paying a deposit.
Will I need to sign a contract for a no-deposit plan?
You must sign a contract to lock in your electricity rate for Payless Power’s plans on Choose Energy. Our marketplace offers two options: a six- or 12-month plan. You should always review a plan’s Electricity Facts Label (EFL) to understand the details before signing up.