What is a no deposit electricity plan?

Yes, there are no-deposit electricity plans. Many of our standard plans wind up being no-deposit. Fewer than 10 percent of our customers wind up paying deposits before beginning service. That’s because we have lots of options, and we check them out on our customers’ behalf.

Most providers require a credit check when enrolling customers in a plan. That’s why we run your credit in the first place – don’t worry, we run a soft check that won’t hurt your score. The results of those checks determine whether the provider will require a deposit.

But even if you don’t have perfect credit, Choose Energy’s marketplace includes cheap no-deposit plans for those whose credit score has room for improvement.

Choose Energy is here to help if you’re looking for a great light company, no deposit plan, 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.

Be careful when you search other sites for a cheap light company. Some energy deals on them don’t deliver what they promise. Providers may offer promotional rates when you sign up, but the plan itself may not be the best long-term option for you. If you’re searching for a truly cheaper option, we suggest considering a no-deposit plan.

It can all get confusing when you’re looking to select a provider or switch plans. Options include green energy and numerous plan choices.

The bottom line: We always have no-deposit electricity plans available. Interested in learning more about purchasing electricity? Enter your ZIP code above to find cheap no-deposit energy plans available in your area.

Again, we run credit checks because our providers require them. And it’s a fact: Energy customers with good credit get access to more favorable terms. Each energy provider we work with has its own standards for deposits.

Keep this in mind, too. Deposits are just that. Your deposit is refundable and should be returned with interest – if your account is in good standing – when you end your contract. In some instances, the deposit may be refunded once you’ve established an on-time payment record.

No question, credit checks can be troublesome. But there are three reasons you shouldn’t worry when Choose Energy asks to run a soft credit check before signing you up for service:

1. It’s a soft check so it won’t hurt your credit score.
2. We call our check a Universal Credit Check, which means we check for all partners at once. We identify at once the retail electricity providers that will require a deposit – and those that won’t.
3. No deposit electricity plans: Providers we work with have no-deposit options. We’ll identify them and help you get a plan that fits your energy needs.

One way to avoid paying a deposit is to sign up for prepaid plans. With these plans, customers pay a monthly fee upfront for service – but not a deposit. That payment goes toward the customer’s bill for that month. The customer then receives regular updates about his or her electricity usage. If the usage approaches the prepaid amount, the customer must pay in advance for more electricity.

All that said, you should know this. Rates for prepaid plans can be a bit higher than those for standard plans.