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No-Deposit Electricity Plans

Written by Jordan Smith /

Edited by Aviva Hauser

Last updated 02/15/2024

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Key Points

  • Many standard energy plans require upfront deposits from customers who don’t meet the company’s credit threshold.
  • Some no-deposit electricity 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 keep your service online.
  • SaveOnEnergy works with various light companies with no-deposit plans — enter your ZIP code to explore the options available in your area.

No-deposit electricity rates

Frequently asked questions about no-deposit electricity plans

  • SaveOnEnergy runs a soft credit check — which doesn’t affect your credit score — for all providers. However, electricity companies with prepaid no-deposit options don’t set a credit threshold, so you won’t undergo a full credit check from your prepaid electricity provider.

  • On our marketplace, you can currently find six-month and 12-month prepaid energy plans from Payless Power. You can choose the plan that makes the most sense for your energy needs and budget.

  • Some providers, like Payless Power, offer same-day connection as long as your house has a remotely activated smart meter, so you might be able to enjoy your new no-deposit electricity plan right away. You will have the option to begin your service once you have completed the enrollment process.

  • As long as your no-deposit provider operates in your new area, you should be able to transfer your plan. However, you’ll need to contact your electricity company regarding your change of address and find out if your plan is transferable to your new home.

  • You won’t have to pay an early termination fee if you have a month-to-month plan with no deposit. However, if your no-deposit plan has a fixed-term contract and hasn’t expired yet, you may need to pay an ETF. Check the Electricity Facts Label (EFL) to find out whether this applies to you.

  • Our energy experts can help advise you about no-deposit electricity plans. We can handle questions about plan terms, providers, and whether a no-deposit plan is right for you. Call the number on your screen to reach an expert today.

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