No-Deposit Electric Companies and Plans

Written by Frank Eakin

Looking for trusted no-deposit electric companies in Texas? While many providers require burdensome deposits, some established companies offer no deposit lights.

No-deposit electricity plans allow you to get prepaid energy without having to pay up front, no matter your credit score.

We’ll instantly show you if a plan requires a deposit during enrollment. Just pick an energy plan, enter some info, and see if it requires a deposit.

Plus, some reputable companies offer no-deposit energy, including Payless Power and Reliant Energy.

Consider Regular Plans with Low Rates

2 Payless Power No Deposit

Plan NamePlan LengthRate
Payless Power - 12 Month - Prepaid12 Months17.2 ¢/kWh
Payless Power - 6 Month - Prepaid6 Months17.4 ¢/kWh
  • *Rates as of 04/16/2024 at 02:52 PM. Based on 1000 kWh in Oncor zone. Enter your zip code above for rates in your area.

Call Payless (833-926-9776)

6 Reliant Energy Plans & Rates

Plan NamePlan LengthRate
Reliant - Conservation 2424 Months15.5 ¢/kWh
Reliant - Basic Power 2424 Months15.8 ¢/kWh
Reliant - Conservation 1212 Months15.9 ¢/kWh
Reliant - Basic Power 1212 Months16.2 ¢/kWh
Reliant - Truly Free Weekends 100% Solar 1212 Months17.8 ¢/kWh
Reliant - Truly Free Nights 100% Solar 1212 Months18.2 ¢/kWh
  • *Rates as of 04/16/2024 at 02:52 PM. Based on 1000 kWh in Oncor zone. Enter your zip code above for rates in your area.

Call Reliant (866-735-1218)

 

You may not have to pay a deposit with regular electricity plans which cost less than prepaid plans, since some providers have low credit history requirements. We suggest that you try enrolling in a traditional plan first.

Just enter your zip code to see if you qualify for cheap, no-deposit electricity.

Find cheap rates in Texas

What are No Deposit Prepaid Plans?

Many Texans’ first question is, “What is no deposit electricity?” No-deposit electricity is a type of prepaid energy plan that makes electricity accessible to individuals without upfront deposits, credit checks or long-term contracts. Key features of no-deposit plans are:

  • No deposit electricity plans are pay-as-you-go
  • Rates may vary month to month
  • Can often be canceled at any time with no termination fee
  • Typically have high rates due to credit risks

These plans are designed as an energy solution for customers in the deregulated market who might not have the best credit score, or who want to avoid a large deposit.

What Power Companies Have No Deposit in Texas?

While many companies require deposits, and very few electric providers in Texas offer no deposit energy, two of the most trusted ones are Payless Power and Reliant Energy. If you’re looking for electric companies that don’t require a deposit, read on.

Payless No Deposit Prepaid Plans

We consider them the best “no deposit” company in Texas.

View their prepaid plans or speak with an operator at 833-926-9776.

They’ll send you a daily alert with your home’s energy usage, the balance of your energy account, and how long before your account will need funding. You can pay and review your transaction history and account details online.

Their “SmarTricity Easy Choice” prepaid plan offers the following benefits:

  • Competitive electricity rates, without gimmicks or gotchas
  • No early termination fee, so you can cancel at any time
  • No credit check, since you’re paying in advance
  • No lengthy commitment, since you use only the energy you pay for
  • Free month-end statement with your costs and average rate per kWh

Reliant No Deposit Electricity

Reliant Energy is one of the best energy providers in Texas. They offer prepaid, no deposit required electricity with no credit score check at certain times of the year.

Reliant’s pay-as-you-go plans have instant approval with no ID required, no contract, and no credit check.

Reliant Plan Types

Reliant also has many other plans to fit your budget, home and lifestyle, including:

  • Free electricity plans: such as the Reliant Truly Free Nights and Reliant Truly Free Weekends plans
  • Month-to-month plans: with no lengthy contract and or early cancellation fees
  • Secure Advantage plans: with locked-in electric rates for up to 36 months and more predictable electricity bills

While companies like Pronto Power, Hello Energy, and Acacia Energy offer no-deposit electricity, the companies above are the most reliable for pay-as-you-go lights in our experience.

How does Prepaid Electricity Work?

With pay-as-you-go electric service, prepaid energy allows you to purchase electricity prior to using it. Prepaid plans don’t require large up-front deposits or extended contracts.

Here’s how it works:

  • Create an account, fund an account balance, and get same-day lights.
  • As you use electricity, funds are taken from your account.
  • You’ll get notifications if your account needs more funds.

With no contract or termination fees, you can cancel at any time.

To sign up for no deposit electricity, just follow these quick steps:

First: Enter your zip code below to view plans in your area.

Second: Enroll in a plan from a prepaid light company.

Third: Fund an initial connection balance, often less than $40.

Find no-deposit plans in Texas

Is a No-Deposit Plan a Good Fit for your Home?

Depending on your budget and financial situation, a no-deposit electricity plan may be a good fit for you. While a no-deposit requirement is nice, it’s important to research before signing up for an energy plan in the Texas deregulated energy market.

The first question is, “Who is a no-deposit plan for?” Prepaid energy may be best for people who:

  • Want a short term energy solution
  • Don’t want to pay a large deposit up front
  • Want to avoid a credit check
  • Don’t want to be tied down to a lengthy contract
  • Have a strict monthly budget

If that’s you, no-deposit lights may be right for your home.

Considering a No-Deposit Plan?

If you’re considering no-deposit lights, please note that even the largest retail electricity providers (REPs) have plans with confusing rates which are not consumer friendly.

Some are gimmicks that can cause nasty bill surprises, while others can reduce energy costs for homeowners with certain electricity usage patterns. It’s important to get an energy plan from a trusted light company.

If you’re thinking of getting prepaid energy or a plan with no early termination fee (ETF), make sure they’re a good fit for your energy usage and budget.

Prepaid plans often cost more than traditional plans with fixed rates, so you may consider switching to a plan with fixed rates when your lifestyle allows.

And if a provider doesn’t charge an ETF, double-check their rates. Providers often offset the loss of these cancellation fees with high electricity rates.

Before starting any plan, check reviews of Texas electricity providers, and read the plan’s Electricity Facts Label (EFL). To learn your exact historic kWH usage to select a plan that’s a good match for your home, conveniently access the information at Smart Meter Texas.

Find no-deposit plans in Texas

No-Deposit Electricity Frequently Asked Questions

What are the benefits of prepaid electricity?

Prepaid energy, or no-deposit electricity, has numerous benefits, including:

  • No credit check or hefty deposit because you pay in advance
  • No early termination fee, so you can cancel any time with no penalty
  • No lengthy contract is required
  • Competitive rates free of tricks from some light companies

What are the disadvantages of prepaid electricity?

While prepaid energy does have positive benefits, it also has some negatives associated with it, such as:

  • Rates are often higher and can be raised with little or no warning.
  • If your account drops below a set balance, your service can be disconnected without much notice.
  • The rates per kWh you pay can vary widely based on the commodity cost of electricity.
  • Prepaid plans may have gimmicks that can cause bill surprises.

How much are electricity deposits?

Electricity deposit amounts vary from company to company and often depend on a new customer’s credit score. That said, deposits can be up to twice your average monthly electric bill. Depending on credit history and home size, some electricity deposits can be $500 or more, although the average deposit amount is somewhere between $300–$400.

How do you qualify for a deposit waiver?

Looking for electric companies that waive deposits? You’re in luck. Some Texas electric customers may qualify for a deposit waiver on a regular energy plan if you can meet one of the following criteria:

  • Letter of Credit: have your most recent energy provider send a “letter of credit” confirming your last twelve consecutive months of payment history, with no more than one late payment.
  • Low Income: request a letter to prove your low income status by a governmental entity.
  • Military Veteran: provide a government-issued military ID for active duty and reservists.
  • Age 65 or older: provide a state-issued ID card, U.S. driver’s license or passport.
  • Medical Indigent: provide a letter from a government agency certifying that you are medically indigent.
  • Victim of Family Violence: certification letter from the Texas Council on Family Violence or relevant government agency.
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