If paying the deposit is an issue, you might want to consider a prepaid electric plan. Smart meter technology allows you to receive electronic notification on your account balance. This is a huge improvement over the old prepaid electric plans that required monthly true-ups. Because these electricity plans require zero deposit, they are a great way to get competitive rates while keeping some cash in your pocket.
To enroll with an electric provider, your credit history will be reviewed. Be sure to have your driver’s license number or social security number handy when completing your enrollment on the electricity provider’s secure site. Electricity companies have different credit requirements and change them periodically. At most, the electricity provider may require a deposit equal to two months of estimated billing.
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