This is referred to as a connection balance. Some policies will waive a deposit by providing a Letter of Credit (LOC) from a past electricity provider proving a history of on time payments or submitting waivers if you’re 65 years or older for example.ĭespite not requiring deposits, prepaid electricity plans still require payment to get started. You can sometimes avoid paying a deposit depending on the company’s policies. In a traditional postpaid electricity plan, if you have a credit score or credit history that’s deemed insufficient while signing up for a plan, you will be required to pay a deposit between $100 to $450 before you begin the contract. One of the biggest benefits of a prepaid plan is that it wouldn’t require a credit check. Does Energy Ogre Use Prepaid Electricity Plans?Īre Prepaid Electricity Plans Right for Me?.Are Prepaid Electricity Plans Right for Me?.Sounds kind of nice doesn’t it? Well, as with most things in life, there are pros and cons to prepaid electricity plans. With prepaid plans you wouldn’t even have a monthly bill or long-term contract. With the more common postpaid electricity plan, you would pay a bill once a month for the electricity you used during the past billing cycle. Essentially, you put some of your money in as a credit balance, and that balance is chipped away at by how many kilowatt-hours you use that month in real time. Prepaid electricity plans, also known as “pay as you go” plans, operate entirely differently from the normal postpaid electricity contract. How Do Prepaid Electricity Plans Work in Texas? But did you know that there is another option for your Texas electricity? Prepaid electricity plans. Both of those options are considered “postpaid” services, since you pay after you use the electricity when you receive your electricity bill. In deregulated areas of Texas, most Texans have electricity service by being in an electricity contract or in month to month holdover rates with electric companies.
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