The Reason for Electricity Deposits in Texas
Why do electric companies run your credit?
Energy providers want to limit their liability when taking on new customers, and they do this by performing credit checks to analyze the risk involved.
If you have a bad credit score, they will sometimes waive the deposit required. However, if you have a low credit score or a history of unpaid bills, they will probably charge a larger up-front deposit. This way, if you default on payments or are late, they are sure they have a portion of the money.
Keep in mind most deposits are refundable and will be returned once your contract expires as long as you do not owe the provider any money or late payments.
Quick Electricity – No Deposit Needed
Have you been asked to pay a huge deposit for electricity? There are a couple of electricity companies in Texas that do not run your credit, including us. Instead of wasting your time with a credit check, you pay a small amount upfront and refill your account as needed. Prepaid electricity is the best option for Texans who simply can’t afford a utility deposit.
Register with Quick Electricity today. Pay only $40 with no deposit.
What is No Deposit Electricity?
An increasing number of Texas light companies offer no deposit electricity plans, enabling customers to avoid paying large security deposits when signing up for service. Under these plans, customers can receive same day electricity service without having to pay a large upfront fee, making it a popular choice for those who may not have the resources to pay a sizable deposit.
Having a no deposit electricity plan can save customers a considerable amount of money up front as well as over time. Some providers even offer discounts on the total cost of electricity service if customers sign up for a no deposit plan.
What Are the Eligibility Requirements?
To be eligible for no deposit electricity, customers must meet certain criteria set by the electricity provider. Typically, customers must have a good credit score or have a valid guarantor who can vouch for their payment history, such as a friend or family member. Customers may also be required to pay an upfront fee that covers the initial costs of service, much like prepaid electricity.
Additionally, customers can only receive no deposit electricity if their account is in the name of the person who lives in the residence. If the electric service for the residence is in someone else’s name, then the customer may not be eligible for a no deposit plan.
Are There Any Drawbacks to Choosing No Deposit Electricity?
Although no deposit plans can save customers money up front, there can be drawbacks as well. Some electricity providers may require customers to pay a higher monthly rate for services, as they can be considered higher risks.
Another potential downside of no deposit plans is that the customer may be responsible for any outstanding bills in the event that they move out of the residence. This means that if the customer has not satisfied their electric bills, they may be required to pay the balance of the bill to the new tenant or the electricity provider. This is called a switch hold. Additionally, some providers may require customers to sign a contract in which they are obligated to remain a customer for a certain amount of time.
Overall, no deposit electricity plans can be a great option for those who don’t want to make a large upfront investment for services. Customers may want to carefully compare available plans to find the one that is best for their needs and budget.
Low Electricity Rates With No Deposit
Electricity companies that don’t require a deposit have stiff competition so they aim to keep their residential electricity rates as low as possible. And since the customer pays in advance, there aren’t any hidden fees or surprise bills.
With no-deposit electricity, you receive a daily statement that gives detailed account information including an estimate of how long your money will last before a recharge is needed.
A daily electricity statement will save you money by allowing you to more closely monitor your usage and conserve energy.
Texas Electricity Plans with Zero Down
Deposit-free energy plans require you to pay $40 that will directly fund your electricity, but do not require any large security deposits or additional money down.
Kilowatt rates can be slightly higher than a traditional electricity plan, because the light company has to factor in market rates and customer liability. However, prepaid energy plans make you more aware of your electricity usage and can save you a great deal of money in the long run.
Same Day Electricity With No Deposit
No deposit electricity plans offer versatility and can be extremely beneficial for frequent movers, roommate situations, and people with credit problems.
At Quick Electricity you don’t need much to get the power turned on. Since there’s no credit check, we don’t ask for your social security or driver’s license numbers. If you have $40 and a Texas address, you are instantly approved for electric utilities.
Our Promise: Cheap Electricity, Without a Deposit
Electricity companies that don’t require a deposit are available across Texas, and to best serve you, we service the Dallas-Fort Worth metro area, Houston, and over 400 locations in the state.
With Quick Electricity you can be confident you are getting the lowest rates from the best light companies, and you are guaranteed to find a provider that fits you perfectly.