Prepaid plans are one of the most common types of no-deposit electricity plans. With prepaid energy plans, customers pay for their electricity in advance instead of putting down a security deposit. By avoiding the deposit, you ensure that you only pay for the energy you use.
It’s important to note that same-day prepaid electricity rates can be higher than rates for standard plans. Electricity rates can also vary based on where you live. This is especially true in states like Texas, where Transmission and Distribution Utility (TDU) charges can differ depending on the local utility company. The available rates on the Choose Energy marketplace are all-inclusive, which means the average price shown includes TDU and base charges. Make sure to thoroughly research your options before signing up for a plan.
How does a no-deposit prepaid energy plan work?
Paying upfront for energy with a prepaid energy plan works a little differently than other plans. In standard energy plans, your provider bills you for your energy usage each month. With a no-deposit electricity plan, you load your account in advance. You will receive regular updates about your electricity usage throughout the month to help you manage your costs. If your balance runs low, you will receive a notice to add more funds to your account so you can avoid any interruption in service.
Enter your ZIP code to explore no-deposit electricity plans in your area. We’ll show you available options, and you can filter your results to browse light companies with no-deposit plans. Choose Energy provides each plan’s details through the Electricity Facts Label (EFL) to let you know if a plan requires a deposit or has any hidden fees. Once you’ve decided on a plan, you can sign up online or over the phone in minutes.