Types of no-deposit light plans
If you’re looking for light companies with no deposit requirements, you’ll often find two options: prepaid plans or no-deposit plans for high credit scores. You may also find some low-deposit plans available.
Prepaid plans
The most common type of no-deposit electricity plan is a prepaid plan. With prepaid plans, you pay for your electricity in advance. Unlike a deposit, which doesn’t cover your electricity usage, payments on a prepaid plan go directly toward your electricity costs. You’ll receive notifications about your energy usage, and you can add more funds when your account runs low to avoid any interruptions in your service.
No-deposit plans for high credit scores
Many electric companies offer no-deposit plans to customers who meet their credit score threshold. These plans require a soft credit check, and you can begin service without a deposit if you qualify. A soft credit check does not affect your credit score.
If you want to know if you can sign up for a no-deposit electricity plan of this type, enter your ZIP code on Choose Texas Power to compare plans and learn if you qualify.
Low-deposit plans
Low-deposit plans are an alternative for those who don’t qualify for traditional no-deposit plans but still want to minimize upfront costs. These plans require a smaller initial deposit than standard ones, making them a more accessible option for customers with fair or poor credit. While low-deposit plans may involve a modest upfront payment, they can still provide cost-effective electricity solutions for customers who don’t want prepaid plans.