When you sign up for a new electricity plan, providers usually check customers’ credit scores and require a deposit for customers who don’t meet minimum credit score requirements. Usually, you’ll need a minimum credit score of 580 to 600, or you’ll have to put down a security deposit to cover possible late payments.
No-deposit electricity plans offer an alternative for customers who don’t meet the credit threshold, don’t want a credit check, or don’t want to make a deposit. Light companies with no deposit allow you to pay for the energy you use upfront, so your money isn’t tied up in deposits. You want your money working for you or saved for an emergency.
In deregulated areas of Texas, you have the power to choose your energy provider and plan, including considering light companies with no deposit. Choose Texas Power makes finding reliable companies with affordable no-deposit plans easy. Just enter your ZIP code here or read on to learn more about how these plans work.
Electricity bill deposits can cost up to 20% of your estimated annual electricity cost, or the estimated amount for the first two months of service. For many Texas customers, that amount could be $200–$350+. No-deposit electric companies in Texas offer options for consumers.
To qualify a customer for a no-deposit plan, electricity companies consider:
| Payless Power - Rate Lock 6 - Prepaid Plan | 6 months | $0.182 / kWh |
| Payless Power - Rate Lock 12 - Prepaid Plan | 12 months | $0.183 / kWh |
Please note: All rates above are accurate as of 9/28/2023, 12:22:06 AM CDT for ZIP Code 75001. Rates may have changed since this date/time. For the most up to date rates in your area, please enter your zip code above.
If you’re looking for a light company with no-deposit requirements, you’ll most often find two options: prepaid or no-deposit plans for high credit scores.
The most common type of no-deposit plan is a prepaid electricity plan. With prepaid plans, customers pay for their 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. These plans ensure you only pay for the energy you consume. When your usage nears the amount you’ve paid, you will need to add more funds to your account to continue your electricity service. You don’t have to spend additional money to begin your service.
Many electricity companies offer no-deposit plans to customers that 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 no deposit plan? Enter your ZIP code, and Choose Texas Power can help you find whether you qualify and help you compare reliable providers.
Many light 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 companies in Texas can explore offerings from companies like Payless Power. Or, if you have a high credit score, select the provider of your choice, and we’ll let you know if it requires a deposit. Note that high 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 energy plan require a credit check?
If you sign up for a prepaid no-deposit plan, Choose Texas Power does not need to run a credit check. However, we will need to run a soft credit check if you’d like to know if you qualify for other plans.
Do I have to sign a contract for a no-deposit plan?
Most no-deposit plans are month-to-month, meaning you do not need to sign a long-term contract and can easily switch to another energy plan. Check the contract terms in your plan to find the most accurate information about term length and ETFs.
How quickly can I begin service under a no-deposit plan?
Several energy providers that offer no-deposit plans can provide same-day connections. Most Texas homes have smart meters, so you won’t need to schedule a technician visit for service to begin, and your provider can bring your home online remotely.
Can I transfer my no-deposit plan to a new address if I move?
If you are moving to a new home, contact your no-deposit light company directly to discuss whether it operates in your new area. If it does, you can ask about transferring your plan. Otherwise, you can use the Choose Texas Power marketplace to find another light company with no-deposit plans.
My power went out. What should I do next?
In the event of a power outage, you should always contact your utility company. Your utility is different from your electric provider based on your location. It is responsible for maintaining electrical infrastructure and restoring power during an outage. Visit our utilities page for a detailed list of Texas utility companies and how to contact them.
Let us put the power in your hands with a new electricity plan.
