What Is a No-Deposit Electricity Plan?

Choose Energy is here to help if you’re looking for no-deposit plans, same-day prepaid electricity, and affordable rates. We work with trusted energy providers in deregulated states across the nation to take the hassle out of finding a competitive energy plan. 

Many affordable electricity companies offer prepaid plans and same-day service. For example, Payless Power provides a no-deposit, no-credit-check electricity option. Our energy experts can also help you find no-deposit commercial energy plans for your business, even if you’re just starting to build your company’s credit profile.

Make sure the provider you choose offers a no-deposit electricity plan that will benefit you in the long run. Providers may offer promotional electricity rates when you sign up, but these rates may increase sharply in the future.

On the Choose Energy marketplace, you can sort through numerous plan options. Enter your ZIP code to find cheap month-to-month electricity with no deposit requirements and other plans available in your area.

Choose Energy provides an independent, unaffiliated marketplace to help you find a reliable, cheap light company and an affordable no-deposit energy plan. We work with trusted light companies with no-deposit plans in deregulated areas, including Texas, Illinois, Massachusetts, Delaware, Connecticut, and other states.

If you’re interested in finding no-credit-check electricity plans and providers near you, enter your ZIP code in the search field.

A prepaid energy plan is one way to avoid credit checks and any deposit fees that come with other plan types. You can also get a no-deposit electricity plan by: 

• Being a former customer with a solid two-year payment history with the provider
• Paying energy bills on time
• Not being delinquent on your electric account
• Providing proof of reliability from another energy provider, utility company, or landlord
• Having a high credit score

The Choose Energy marketplace is a one-stop shop to explore your options and sign up for no-deposit electricity plans. We’ll run a soft credit check, which won’t affect your credit score, and help you find cheap energy companies offering prepaid plans.

Enter your ZIP code to start comparing no-deposit electricity plans near you.

When you apply for a new electricity plan, your energy provider will typically run a credit check to ensure you meet its requirements. You might have to pay a deposit if your credit score falls below the provider’s threshold. To help you check your eligibility before a provider runs a hard credit check, Choose Energy runs a soft, universal credit check. 

Here’s what this means:

• This soft credit check will not affect your credit score.
• Our universal credit check runs your credit for all of our partners at once, so we only need to check your credit a single time. From there, we can identify which energy providers will require a deposit and which ones won’t.
• 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 match only those from electric companies with no deposit requirement

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.