Having less-than-perfect credit often means you must pay a deposit to sign up for electricity service. But Choosetecs.com's providers offer a variety of no deposit plans to help you establish service.
2020 Best No Deposit Electricity Company: Payless Power
Make no mistake: Credit checks can be scary. But there are two reasons you shouldn’t worry when Choosetecs.com asks to run a credit check before signing you up for service:
Bottom line: We always have a no-deposit option available.
Let’s back up a little to answer the question of why Choosetecs.com runs a credit check for energy customers. It’s to determine whether you’ll have to put up a deposit to get service – and how large that deposit will be. Energy customers with good credit get more favorable terms than those who don’t.
TECS works with a number of providers in deregulated states, and each has its own standards for deposits. That’s why we run soft credit checks – the kind that won’t hurt your credit – on all providers whenever we run one for any provider.
One thing to remember: Deposits aren’t forever. They are refundable and should be returned with interest – if your account is in good standing – when you end your service with a provider or, in some cases, once you’ve established a good payment record.
First off, know that you aren’t alone. By some estimates, at least half of electricity customers in deregulated states are told they must pay a deposit before receiving service. But don’t worry – there can be alternatives.
The most common forms of no deposit electricity plans are pre-paid plans. In these plans, customers pay a monthly fee upfront for service – but not a deposit. The payment is put toward the customer’s service for that month.
The customer then receives regular updates about his or her electricity usage, and if the usage approaches the amount already paid for, the customer is asked to pay in advance for more electricity.
One thing you should know: Rates for pre-paid plans can be a bit higher than those for standard plans.
What’s the next step?
We already did the looking for you, just call in and get service today!