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No-Deposit Electricity Plans

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Shop no-deposit electricity in Texas

No-deposit electricity plans are offered by some Texas energy providers for residential and commercial consumers. SaveOnEnergy.com® is here to help you find a cheap no-deposit energy plan for your home.

Many energy companies set a credit threshold and if your credit score falls below that threshold, you will need to pay a deposit before your service begins. However, paying a deposit isn’t an option for everyone. This is why we offer no-deposit electric plans at affordable rates from top retail energy providers (REPs).

To begin the search for no-deposit energy plans in your area, enter your ZIP code above and filter for all credit approved options or call the number on this page.

No-deposit electricity rates

Plan Name Plan Length Rate
Payless Power - Premier 12 - Prepaid Plan 12 months $0.192 / kWh
Payless Power - Easy Choice - Prepaid Plan 1 month $0.197 / kWh

Please note: All rates above are accurate as of 5/23/2022, 12:51:38 PM CDT for ZIP Code 75001. Rates may have changed since this date/time. For the most up to date rates in your area, please enter your zip code above.

What is a no-deposit electricity plan?

A no-deposit plan does not require you to pay an upfront deposit to begin your service. There are a couple of ways that Texans can avoid paying a deposit.

  • You have a high credit score and are exempt from paying a deposit. If your credit score is higher than a provider’s credit threshold, the provider may waive the deposit.
    You have a lower credit score and choose a no-deposit plan, like a prepaid energy plan. For customers with a credit score lower than a provider’s credit threshold, a prepaid energy plan allows you to get reliable service without paying a deposit or having a credit check. A prepaid energy plan is the most common type of no-deposit option and lets customers pay upfront for the electricity they use and add more to their accounts as needed. These plans ensure you only pay for the energy that you use.

On this page, we’ll focus on prepaid energy plans.

How do prepaid electricity plans work?

If you choose to sign up for a prepaid plan, the provider will not need to run a credit check. Some prepaid plans are month-to-month, so you will not be locked into a contract if you choose a monthly plan. Signing up for a prepaid plan through SaveOnEnergy works just like signing up for a fixed-rate or variable-rate plan. You can sign up online or call the number on your screen and one of our energy experts can walk you through the process. 

After you’ve signed up for a prepaid plan, you will need to move funds into your account. Once you have done this, your service can begin as quickly as the same day. From there, your energy provider will automatically withdraw from your account to cover the electricity you use. You will likely have the option to track your energy usage online, so you know how much power you are using and how much you have left in your account.

If the funds in your account run low, you will receive an alert from the provider reminding you to add more in order for your service to continue. Providers are required to alert you that your account is running low before disconnecting your service.

Who should get a no-deposit electricity plan?

No-deposit plans often provide more control over electricity costs. However, you may be able to find a cheaper Texas electricity rate if you shop for a fixed-rate plan during a time of low demand. For this reason, we recommend no-deposit plans for customers who:

  • Don’t want to run a soft credit check
  • Want to avoid paying a deposit
  • Have a very strict budget
  • Want to avoid signing a contract
  • Are living somewhere short-term

How to shop no-deposit energy plans with SaveOnEnergy

SaveOnEnergy makes it easy to pick an electricity plan, whether you’re searching for a fixed-rate plan with a long-term contract or a month-to-month no-deposit option. Here’s how shopping with SaveOnEnergy works.

  • Enter your ZIP code above. We’ll show you current electricity rates in your area. If you are interested in no-deposit, prepaid plans, filter for all credit approved options.
  • Choose your plan. If you need help choosing a plan, call the number on your screen. One of our energy experts will walk you through your options, answer any questions about no-deposit plans, and help you sign up for a plan when you have made your decision. You can also sign up online in a matter of minutes.
  • Enjoy your prepaid energy plan. There will not be a credit check and we won’t ask for your social security number. Our prepaid electricity providers offer same-day connections, so you can begin enjoying your new service immediately. Top off your account each month or set it and forget it with automatic account recharges.

Frequently asked questions about no-deposit electricity plans

Does a no-deposit electricity plan require a credit check? Expand / Collapse Toggle

When you sign up for a prepaid, no-deposit plan with SaveOnEnergy, we will not run a credit check. SaveOnEnergy runs a soft credit check (the kind that doesn’t affect your credit score) when providers set a credit threshold for certain fixed-rate and variable-rate plans. Providers do not set a credit threshold for prepaid plans, so we do not need to run a credit check if you choose a prepaid plan.

Do I have to choose a monthly electricity plan? Expand / Collapse Toggle

The SaveOnEnergy marketplace currently offers month-to-month, 6-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.

How soon will my service begin after signing up for a no-deposit plan? Expand / Collapse Toggle

Payless Power offers same-day connection, so you can enjoy your new prepaid plan as soon as possible. You will have the option to begin your service once you have finished setting up your account.

I’m moving to a new home. Can I transfer my no-deposit plan? Expand / Collapse Toggle

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.

I’m unhappy with my no-deposit plan. Can I switch to another plan or provider? Expand / Collapse Toggle

Each plan and provider is different. If you have a month-to-month plan, you may be able to cancel at any time without penalty. If your no-deposit plan required a longer contract term, you may need to pay an early termination fee if your contract has not expired. You can find information about canceling your plan in your Electricity Facts Label (EFL). To explore available energy plans that you can switch to, enter your ZIP code above.

I’m currently locked into a fixed-rate plan with another provider. Can I switch to a no-deposit plan? Expand / Collapse Toggle

Many retail electricity plans include early termination fees depending on your contract length. Check your plan details or EFL to find any fees associated with canceling early. If you have questions, contact your provider directly.

I still have questions about no-deposit energy plans. What should I do? Expand / Collapse Toggle

If you’d like to speak with one of our energy experts about your no-deposit options, 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.

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