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Key Points
- Many standard energy plans require upfront deposits from customers who don’t meet the provider’s credit threshold.
- No-deposit plans allow you to skip the credit check and the deposit.
- With a prepaid no-deposit plan, you can recharge your account balance as needed to ensure you keep your service online.
- SaveOnEnergy works with various light companies with no-deposit plans — enter your ZIP code to see what’s available near you.
Frequently asked questions about no-deposit electricity plans
When you sign up for a prepaid, no-deposit electricity plan with SaveOnEnergy, we won’t run a credit check. SaveOnEnergy runs a soft credit check (which doesn’t affect your credit score) when providers set a credit threshold for certain fixed-rate and variable-rate plans. However, a light company with no-deposit options doesn’t set a credit threshold for prepaid plans, meaning you won’t need to undergo a credit check.
The SaveOnEnergy marketplace currently offers six-month and 12-month contract options for prepaid energy plans from Payless Power. You can choose the plan that makes the most sense for your lifestyle and budget.
Payless Power offers same-day connection, allowing you to enjoy your new no-deposit electricity plan as soon as possible. You will have the option to begin your service once you have finished setting up your account.
If your current provider operates in your new ZIP code, you may be able to transfer your plan when you move. Contact your energy provider directly to notify them of your change of address and find out if your plan is transferable.
If you have a month-to-month electricity plan with no deposit, you may be able to cancel at any time without penalty. However, if your no-deposit electricity plan has a longer contract term that hasn’t expired, you may need to pay an early termination fee (ETF). You can find details about potential fees in your plan’s Electricity Facts Label (EFL).
If you’d like to speak with one of our energy experts about no-deposit light plans, call the number on your screen. We’ll happily answer your questions, walk you through your options, and help you find the best no-deposit plan for your energy needs.