Learn The Truth About No Deposit Electricity

Learn The Truth About No Deposit Electricity

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If you are looking for a new electricity plan it can be a little intimidating with the idea of deposits that can sometimes reach into the hundreds. The stress of having to cancel a plan and start a new one could be overwhelming. There can be a lot to remember regarding connection times, what to do if you are unhappy with your service and what you can do to change that.

Did you know there is such a thing as a no-deposit electricity plan? What is a no –deposit electricity plan? The best place to start is to figure out what kind of plan suits your needs. If you are looking for a plan that has no deposit find a no-deposit plan today.

No-Deposit Electricity Plan

Pre-paid plans are the most common type of no-deposit electricity plans. This means that the customer pays upfront monthly for their electricity. This is not a deposit. This just means that you are paying for the electricity that you use that month.

This can give you the freedom to be able to choose what kind of plan you need without a deposit or a credit check. There can be many benefits to having a no deposit electricity plan.

Why Is A No-Deposit Plan The Way To Go?

There are many reasons why this type of a plan is the way to go for a customer just like you. The hard truth is that many electricity providers will check your credit to see if you need to pay a deposit. It doesn’t affect your credit score, but it does determine what you would pay in a deposit. If your credit is less than perfect or you don’t want to pay a deposit for any reason, this is the plan for you. Here are some other reasons why you may want a no-deposit plan:

  • No long-term contract
  • Option for same-day connection
  • Usage and balance alerts
  • Electricity usage tracking
  • No credit check
  • No deposit

Are There More Perks To No-Deposit Plans?

There can be many more perks to these pre-paid plans than just no deposits. Some places will offer discounts such as getting percentage off for keeping your balance at a certain point. If you lock in your rate for a year, you won’t have to worry about fluctuating payments. There is also no early termination fee a lot of times for these plans.

There are usually multiple plan options, like a monthly plan, a 3 month plan, a 6 month plan and even a year or more plans. These usually come with a fixed rate guarantee meaning you know what you pay every single month.

What Else Do I Need To Know?

Now that you know about the no-deposit pay as you go plans that are offered, you may need to know how to get started. Most companies will offer an early termination. There might be a fee but make sure to ask what they can do for you. The best thing you can do is check your plan details or the Electricity Facts Label to check on any fee there may be with cancelling early.

  • Remember that when you sign up for a no-deposit plan ask about same-day connection. Many providers offer this.
  • If you are unhappy for any reason It is usually easy to cancel. Depending on your specific no-deposit plan it may be as simple as calling to cancel. You can read your Electricity Facts Label for this information as well.
  • If you are moving from one place to another just contact your provider to create a new account for your new location.

Don’t let deposits get you down. It doesn’t matter if you are new to having your own electricity plan or wanting to switch providers. Finding a plan that suits you is what matters. No deposit electricity can be the best solution for no deposit down plans. Stop having your credit checked to determine what you will pay. Find a plan that works for you whether it is a monthly pre-paid plan or a longer contractual plan. No matter what fits your life best remember that you are not locked into having a contract. Find your energy provider today.

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