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When signing up for a new electricity provider, it’s common for many Texas light companies to require an upfront security deposit. However, for those who don’t want to pay a deposit, there are no-deposit electric plans available to sign up for instead, where you can start your service immediately.
Providers will typically run a soft credit check in order to determine whether you owe a deposit based on your consumer credit score or utility payment history. These deposits are typically returned after 12 months of on-time payments, but some customers may prefer to avoid the process of a credit check and making a security deposit altogether with a no-deposit electricity plan. These plans usually allow you to pay for electricity in advance or avoid a security deposit in other ways.
Rather than endlessly searching the web for light companies with no deposit, you can simply use Choose Texas Power to easily compare and sign up for no-deposit electricity plans in one place. Enter your ZIP code to explore no-deposit electricity companies in Texas.
Electricity bill deposits can cost up to one-sixth of the amount of your annual electric bill or two months’ worth of service. For many Texas customers, that amount could be $350 or more. No-deposit electricity companies in Texas can help you avoid spending hundreds of dollars on an electricity deposit before your service even begins.
To qualify a customer for a no-deposit plan, electricity companies consider:
If you’re looking for a light company with no deposit requirements, you’ll often find two options: prepaid or no-deposit plans for high credit scores.
The most common type of no-deposit electricity plan is a prepaid lights plan. With prepaid plans, you pay for your electricity beforehand. Unlike a deposit, which doesn’t cover your electricity usage, payments on a prepaid plan go directly toward your electricity costs.
With prepaid energy plans, also known as pay-as-you-go electricity plans, you’ll receive notifications about your energy usage. When your usage nears the amount you’ve put down, you
Many electric companies offer no-deposit plans to customers who meet their credit score threshold. These plans require a credit check, and you can begin service without a deposit if you qualify.
Curious if you qualify for a light company with no-deposit plans? Enter your ZIP code on Choose Texas Power to compare no-deposit electricity plans and learn whether you qualify.
Low deposit plans are an alternative for those who may not qualify for traditional no-deposit plans but still want to minimize upfront costs. These plans require a smaller initial deposit compared to standard deposit plans, making them a more accessible option for customers with varying credit histories. While low deposit plans may involve a modest upfront payment, they can still provide cost-effective electricity solutions for those looking to
Many electricity companies have no-deposit plans, but they don’t suit everyone. Before signing up for a plan with a no-deposit electricity company in Texas, consider the following benefits and drawbacks.
Not all retail electricity providers (REPs) offer no-deposit plans. In the Choose Texas Power marketplace, customers interested in no-deposit electricity in Texas can explore offerings from companies like Payless Power. Or, if you have a high credit score, you can select the provider of your choice, and we’ll let you know if it requires a deposit. Note that credit score criteria can vary by provider, so you can also compare plan offerings for your credit score.
To explore no-deposit options, enter your ZIP code and filter for “all credit approved” to find plans in your area. If you aren’t sure what type of plan is best for you, call one of our energy experts for more guidance.
Does a no-deposit light plan require a credit check?
It depends on the type of no-deposit electricity plan you choose. Prepaid electricity plans don’t require a credit check since you pay for your electricity before you use it. However, If you have a high credit score, you may qualify for a no-deposit plan after passing the credit check.
Do I have to sign a contract for a no-deposit plan?
Prepaid electricity plans are typically organized on a month-to-month basis without a contract. You’ll likely sign a contract if you get a no-deposit plan with a high credit score because these plans are usually fixed-rate options.
How quickly can I begin service under a no-deposit plan?
Many no-deposit providers offer same-day setup, especially if you have a smart meter, which most Texas homes do. Smart meters allow providers to set up your service remotely, removing the need for a technician to visit your home or business.
Can I transfer my no-deposit plan to a new address if I move?
The first step is to check whether your no-deposit light company offers service where you’re moving. If it does, you’ll need to contact them ahead of time to arrange to move your service. If you’re moving outside the service area of your energy provider, you’ll need to choose a new electricity plan.
My power went out. What should I do next?
When your power goes out, you should always contact your utility company rather than your no-deposit energy provider. Your utility company is assigned to you based on where you live, and it takes care of power infrastructure and delivers electricity to your home. Utilities are also responsible for responding to power outages.
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