No deposit electricity plans
At Texas Electric Rates, we try to give you the clearest understanding of deregulated energy, and that starts with transparency. If you have bad credit, a short credit history, or cannot afford to pay a deposit, your electricity options will be more limited – but we can still find a plan for you.
Deposits and credits checks are a very common part of electricity shopping. Most energy providers require a credit check before they will offer service. Additionally, each provider sets certain credit thresholds it is willing to accept. Texas Electric Rates strives to work with electric companies all over the credit spectrum so we can find the right fit for all our customers, regardless of financial background.
Understand the credit check process
While getting a new electricity plan almost always requires a credit check (more on this below), the Texas Electric Rates process is a little different. When you enter your information on our site, we run a universal soft credit check. This means a couple things:
- Our credit check will not affect your credit score.
- We check your credit for all providers at once.
This one-and-done system allows you to move through the credit check process more quickly and with less hassle. One provider may require a deposit, but another may not. We can determine this and let you know alternatives in one easy step. Remember – not all websites offer soft credit checks. With Texas Electric Rates, we work hard to make sure you have access to the best energy plans without hurting your financial situation.
Prepaid, pay-as-you-go, and other no deposit energy options
When we run a credit check, we will be able to tell you which electricity plans you qualify for without a deposit, which plans you qualify for with a deposit, and which plans are out of reach. Depending on your credit level, you may qualify for a traditional energy plan without a deposit.
If this is not the case, but you cannot afford a deposit, there are still options available to you. These plans are called prepaid, or pay-as-you-go, electricity plans. Prepaid plans work like this:
- No deposit required
- No credit check required
- Pay only for as much energy as you need
- No usage tiers, free periods, or complicated options
These plans are particularly popular for customers who know they cannot afford a deposit but will not qualify for traditional energy plans as well as customers who want to avoid a credit check altogether. One thing to keep in mind is that prepaid electric rates are often more expensive in the long run, so we recommend choosing another option if possible. Enter your ZIP code above to learn about options in your area or find your city page here.