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What is a no deposit electricity plan?

At Choose Energy, our reporters seek out information that puts you in control of your energy. Our partners do not direct our editorial content, though we may reference their products in our posts. Read about how we make money to learn more.

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What is a no deposit electricity plan?

Many energy providers set a credit threshold for their plans. If a customer’s credit score does not meet this threshold, they may be charged a deposit before the provider will begin service. But there are also no deposit electricity plans, which let you skip paying a deposit.

Many of the standard plans on Choose Energy’s marketplace are no deposit options. Fewer than 10 percent of our customers wind up paying a deposit before beginning service.

Choose Energy will run a soft credit check – the kind that doesn’t affect your credit score – to determine whether you meet the providers’ credit thresholds. From there, you can filter for affordable no deposit energy plans.

Balancing no deposit plans with great rates and reliable service

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.

Texas eviction moratorium

The Texas Supreme Court extended the moratorium on evictions until October 1. Initially the Texas Eviction Diversion Program was set to expire on July 27, but with the summer heat and COVID-19 continuing to impact many communities, the moratorium has been extended.

For many Texans, the eviction moratorium means they will be able to remain in their homes. These residents may also be interested in a month-to-month energy plan during this time. 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. You can filter for term length, including plans that are month to month and do not require a contract.

Balancing no deposit plans with low rates and reliable service

Choose Energy provides an independent, unaffiliated marketplace with all-inclusive rates, so you can find a reliable electricity provider and an affordable no deposit energy plan. We only work with trusted energy providers in deregulated areas, including Texas, Illinois, Massachusetts, Delaware, Connecticut, and other states.

Many residential electricity companies offer no deposit energy plans. Currently, Payless Power offers a prepaid plan – a common type of no deposit option – with rates starting at 14.7 cents per kilowatt-hour (kWh).

Every rate you find on the Choose Energy marketplace is all-inclusive. 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 itself may not be the best long-term option for your energy needs.

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

Why does Choose Energy run a credit check?

We run credit checks because energy providers require them before they will begin service, and 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 so you know which ones will not require a deposit.

Keep in mind that deposits are refundable and should be returned with interest, as long as 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.

Cheap no deposit electricity plans

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 service instead of a deposit. This ensures that you only pay for the energy that you use. You will receive regular updates about your electricity usage. 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.

Remember – it’s important to check the rates offered specifically in your area. 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.

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