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What Is a No-Deposit Electricity Plan?

Learn more about no-deposit and prepaid electricity plans.

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What is a no-deposit electricity plan?

No-deposit electricity plans are a popular option for customers who want to actively manage their energy costs or avoid an upfront deposit. These plans often allow you to pay for energy in advance, monitor your usage, and add more funds as needed.

Unlike standard fixed-rate and variable-rate plans, which typically require you to pass a credit check and put down a security deposit, no-deposit plans let you keep the deposit and put your money toward paying for your electricity. Some customers qualify for no-deposit plans based on their credit scores, but no-credit-check electricity companies offer prepaid plans, which allow you to skip the credit check and deposit entirely. It’s an ideal option for anyone concerned with hurting their credit score or putting down extra cash upfront.

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