What Are No Deposit Electricity Plans?

No deposit electricity plans are energy options that do not require an upfront payment to begin service. When customers sign up for an electricity plan in Texas, they may be required to pay a deposit depending on their credit score. However, this is not necessary with no deposit options. Choose Texas Power works with several Texas retail electricity providers (REPs) that offer these types of plans.

What Types of No Deposit Plans Are Available?

The most common type of no deposit plan is a prepaid electricity plan. This requires customers to pay upfront for their electricity, which is then credited towards the power used in their home. These plans also provide notifications about energy usage and require customers to purchase additional credits as needed. Customers with high credit scores may be exempt from deposits and can qualify for postpaid plans without a deposit.

What Are the Benefits and Drawbacks of No Deposit Plans?

No deposit plans have both pros and cons. The biggest benefit is that customers avoid having to make a deposit upfront. Additionally, prepaid no deposit plans do not require credit checks, making them easier to obtain. Pay-as-you-go plans also allow for greater control over the amount spent on electricity bills. Finally, there are no contracts associated with no deposit plans, which means customers can cancel at any time.

However, no deposit plans may require customers to pay upfront costs, even if they choose a prepaid option. In addition, shutoffs due occur if payments are not made in a timely fashion. It is important to consider your financial situation and determine whether or not a no deposit plan is the best choice for you.

What Are the Current Rates for No Deposit Electricity Plans?

Prepaid Electricity in Houston

Company Term Rate
Payless Power 12/months 17.1¢/kWh
Payless Power 6/months 17.2¢/kWh
Rates as of Mar 01, 2024 at 08:39 PM

Prepaid Electricity in Dallas

Company Term Rate
Payless Power 12/months 18.4¢/kWh
Payless Power 6/months 18.4¢/kWh
Rates as of Mar 01, 2024 at 08:39 PM

Prepaid Electricity in Corpus Christi

Company Term Rate
Payless Power 12/months 19.2¢/kWh
Payless Power 6/months 19.2¢/kWh
Rates as of Mar 01, 2024 at 08:39 PM

Prepaid Electricity in Abilene

Company Term Rate
Payless Power 12/months 18.9¢/kWh
Payless Power 6/months 18.9¢/kWh
Rates as of Mar 01, 2024 at 08:39 PM

Prepaid Electricity in Midland

Company Term Rate
Payless Power 12/months 18.4¢/kWh
Payless Power 6/months 18.4¢/kWh
Rates as of Mar 01, 2024 at 08:39 PM

How Can I Compare No Deposit Plans?

Power Choice Texas makes it easy to compare no deposit plans in your area. All you need to do is enter your ZIP code above and the system will display a list of current energy plans. You can filter the results for no deposit options that you are interested in. For more information about different plan types, including no deposit plans, you can visit our Plan Guide.