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 make finding a competitive energy plan hassle-free. 

Many residential electricity suppliers offer prepaid plans and same-day service. For example, Payless Power provides a zero-deposit electricity plan option for customers who don’t pass an initial credit check. Our energy experts can also help you find no-deposit commercial energy plans if you run a business, even if you’re just getting started on building your company’s credit profile.

Make sure the provider you choose offers a no-deposit option that will actually benefit you in the long run. Providers may offer promotional electricity rates when you sign up, but the plan may not be the best long-term option. You may also have to put down a large deposit before starting your service, which can make it costly to select an energy provider or switch plans. 

On the Choose Energy marketplace, you can sort through numerous plan options, including green energy from wind and solar energy sources. Enter your ZIP code to find cheap no-deposit energy options and other plans available in your area.

Choose Energy provides an independent, unaffiliated marketplace to help you find a reliable electricity provider and an affordable no-deposit energy plan. Rates you find on the Choose Energy marketplace are all-inclusive, which means the average price shown includes Transmission and Distribution Utility (TDU) and base charges. 

We work with trusted energy providers in deregulated areas, including Texas, Illinois, Massachusetts, Delaware, Connecticut, and other states.

If you’re interested in finding a cheap light company with no-deposit electricity plans, enter your ZIP code in the search field to explore the options in your area.

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 history with the provider
• Paying energy bills on time
• Not being delinquent on your electric account
• Providing a letter of proof of reliability from another energy provider, utility company, or landlord
• Having a good 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 providers offering prepaid plans.

To get started comparing no-deposit light companies and energy plans near you, enter your ZIP code today.

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 be charged a deposit if your credit score falls below a provider’s threshold. To help you check your eligibility before a provider runs a hard credit check on you, 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, 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 know which ones will not require a deposit.

One of the most common types of no-deposit electricity plans is a prepaid plan. With these energy plans, customers pay for their monthly service up front, and no deposit is required. Same-day electricity connection ensures 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. Also, electricity rates can vary based on where you live. This is especially important in areas like Texas, where TDU charges can differ based on the local light company. Make sure to thoroughly research your options before signing up for a plan.

How does a no-deposit prepaid energy plan work?

Paying up front for energy with a no-deposit or prepaid energy plan works a little differently than other plans where your provider bills you monthly. Instead, you will receive regular updates about your electricity usage throughout the month to help you manage your costs. If your energy usage approaches the amount you have paid, you will receive a notice to add more funds to your account.

If you are interested in finding a no-deposit electricity plan in your area, enter your ZIP code. We’ll show you all the available options, and you can filter based on your preferences. Choose Energy will let you know whether the plan you’re considering requires a deposit and show you all of your options if you don’t want to pay for one. Once you’ve decided on a plan, you can sign up for it online.