What is a no deposit electricity plan?

Choose Energy is here to help if you’re looking for no deposit, same-day electricity, and cheap rates. We work with trusted energy providers in deregulated states across the nation. Many residential electricity suppliers offer no-deposit plans. For example, Payless Power provides a zero-deposit electricity plan option for customers who lack great credit scores. Our energy experts can also help you find no-deposit business energy plans for your company or small business.

Some energy deals don’t deliver what they promise when you search other sites for cheap light companies. Providers may offer promotional electricity rates when you sign up, but the plan may not be the best long-term option for you. Because of this, it can get confusing when you’re looking to select a provider or switch plans. 

If you’re searching for a cheaper electricity option, we suggest considering a no-deposit plan. We have no-deposit electricity plans available on the Choose Energy marketplace. Choose from numerous plan options that even include green energy from wind and solar energy sources. Enter your ZIP code above to find cheap no-deposit energy plans available in your area.

In 2021, Texas issued an eviction moratorium in response to COVID-19. The Texas Eviction Diversion Program expired in all counties on January 1, 2022, according to The Texas State Law Library. 

Texas residents in need of a cheap, no deposit light company still have options. No deposit electricity plans in Texas are available and do not require a credit check. If you are interested in a no deposit energy plan in Texas, enter your ZIP code above to explore your options.

Choose Energy provides an independent, unaffiliated marketplace so that you can find a reliable electricity provider and an affordable no deposit energy plan. Every rate you find on the Choose Energy marketplace is all-inclusive, which means the average price shown includes Transmission and Distribution Utility (TDU) charges and base charges. We only work with trusted energy providers in deregulated areas, including Texas, Illinois, Massachusetts, Delaware, Connecticut, and other states.

Be careful when searching for no deposit energy deals on other sites. Other sites may offer promotional rates when you sign up, but the plan may not be the best long-term option for your energy needs. Or the price may not include hidden fees, leading to more expensive bills later. 

If you’re interested in finding a cheap light company and a reliable no deposit electricity plan, enter your ZIP code above to explore the options in your area.

We run soft credit checks because energy providers require them before they begin service. You might be charged a deposit if your credit score falls below a provider’s threshold. Each provider has its own credit standards, which is why Choose Energy runs a soft, universal credit check. Here’s what this means:

• It’s a soft credit check, so it will not affect your credit score.
• Our universal credit check runs your credit for all of our partners at once. This way, we only need to check your credit a single time. From there, we can identify which energy providers will require a deposit and which will not.
• You can filter for “all credit approved” and “prepaid” options on the Choose Energy marketplace. This helps you narrow down all the available plans in your area to know which ones will not require a deposit.

Deposits are refundable and may be returned with interest, depending on your provider’s policies and if your account is in good standing when your contract ends. In some instances, your deposit may be refunded once you’ve established an on-time payment record with your provider.

One of the most common types of no deposit electricity plans are prepaid plans. With this type of energy plan, customers pay upfront for their monthly service and no deposit is required. This ensures that you only pay for the energy that you use. 

Prepaid energy rates can be higher than rates charged for standard plans. Make sure to thoroughly research your options before signing up for a plan. However, you will receive regular updates about your electricity usage throughout the month, which may make it easier to keep tabs on your energy consumption. If the amount of energy you use approaches the amount you have paid, you will receive a notice to add more funds to your account.

Electricity rates can vary based on where you live. This is especially important in areas such as Texas, where TDU charges can differ based on the local utility company.

If you are interested in finding a no deposit electricity plan in your area, enter your ZIP code above. We’ll show you all of the available options and you can filter for what you want. Once you’ve found a plan, you can sign up online. Choose Energy will let you know whether a deposit is required and show you all of your options if you don’t want to pay one.