No Deposit Electricity: What is it?
Just as the name suggests, no deposit electricity is a feature of some energy plans in which customers are not charged the traditional upfront cost, a fee that could be several hundred dollars, to receive service.
As far as no deposit electricity plans go, they are most commonly a component of prepaid-electricity, in which consumers provide an initial amount for energy and consume until they have met the limit of that initial payment.
Though not offered by all energy companies, certain providers require that customers meet certain qualifications in order to receive no deposit electricity. Requirements can include how successful customers are in keeping up with required payments, how long ago individuals signed up for service, and the frequency of late payments made, if any.
In certain states, there are a number of no deposit electric companies for consumers to choose from with these providers offering incentives to get people to sign up for plans.
Benefits of A No Deposit Electricity Electric Plan
No Credit Check Electricity
In offering no deposit plans, certain electricity companies do not require credit checks in order to approve customers for their service. This option takes away a possible barrier to getting energy and ensures consumers that no matter their repayment history, they are qualified to receive power and can get instant access to energy almost immediately after signing up.
Pay As You Go
- With a no deposit electric plan, instead of having to provide an initial fee, customers can have the opportunity to pick what they pay, offering flexibility with payment and freeing people from the load of a large lump sum at the end of the month. With the option to pay in increments, consumers can maximize their energy use while also being mindful of their consumption, minimizing the total cost.
No Deposit Necessary
- The standard deposit required for electricity can be a high cost just for the ability to receive power. In the case of no deposit electricity, consumers are able to forgo that expense and still get energy to their homes. This puts money back into customers’ pockets, allowing them to focus on paying for the service they receive instead of just getting service in the first place.
Why Do Electric Companies Require A Deposit
Requiring a Deposit for their Electric Plans helps Protects Themselves
- When applying for utilities like water, gas, or electric, companies will often perform credit checks to view a potential customers payment history and service worthiness. If customers are deemed qualified for service, the deposit is meant to provide companies the amount they may need in the event that consumers are unable to pay for service.
Deposit Electricity Plans Promote Timely Repayments
Paying a deposit acts as an incentive for consumers, as there are conditions associated with getting their money back. Most often this involves demonstrating responsibility by making payments on-time for a set period. Forcing consumers to do this helps to get them in the habit of paying their electricity bill in a timely fashion each month.
Deposit Electric Plans allow them To Compete in the competitive electric market
Prices and fees vary from provider to provider and are a key strategy for competing in the industry. With deposits, companies can differentiate themselves and undercut competitors in an effort to draw in new customers and also poach energy users from other companies. The more advantageous a deposit fee seems the more likely providers are trying to use it in order to drive business.
For Payless Power’s Smart TriCity with Flex Pay plan, you can get signed up right away without any deposits. You can also have same day connection, as long as the home is equipped with a smart meter. What’s convenient about Payless Power is that you don’t have to go through credit checks or pay a deposit when you sign up. This is especially great for those who need to get connected right away or those who want to avoid such inconvenience.
No Credit Check Electricity
There can be so many reasons for a less-than-perfect credit score. You might not be able to boast a stellar credit score, and this, in turn, might inhibit you from availing the basic needs as many other Americans do. Well, while such guarantees can’t be provided for other services, you might be lucky when it comes to your electricity needs.
Texas electricity providers have addressed this problem by coming up with different no-deposit and no credit check plans. These plans are based on daily, weekly or monthly payment models and are open to all sorts of customizations.
Get Approved Instantly No Matter the Credit Score
If you are looking for flexible and convenient power plans, these new no credit check plans are right down your alley. There are no strings attached to the costs and no extra fees, contracts or penalties. Your money is secure and only the amount you use is what you are charged.
Moreover, there are several plans for daily use which allow you to limit your usage based on your budget and expense limit. This is the most no-nonsense way to approach your electricity needs while remaining secure and keeping a hold of your money.
The best part is that they do not expect anything more out of you and will not ask you to prove anything else. Get approved instantly and get exactly what you need.