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Before choosing a no deposit electric company it helps to know a few things about these type of companies. Below are the most important points to consider if you need an energy provider that will not ask you for a large deposit.

  • Some of these providers estimate your electric usage rather than charge you for actual usage.
  • A prepay company may estimate your electric usage from the prior tenant that lived there causing you to pay much more than what you really use.
  • A perfect scenario would be to reside in a residence that has a new “smart advanced meter” installed. This will calculate your exact usage and you will be charged for what you actually use instead of an estimate.
  • Prepaid electric companies that estimate your usage have been known to overcharge you all year and instead of truing up your charges with your historical electric data they close business and take that money you were supposed to get back as extra profit.
  • Prepaid suppliers will often advertise a nice low first month charge of $69 – $99 but after that the price is anybody’s guess.

Make sure you choose a solid prepaid electric company that does not overcharge and trick you using scams and tricks as discussed above. Since prepayment is by nature how these companies must work you are limited in what you can do to prevent some of these possibilities but if you have an advanced meter you will have the best chance of getting a competitive rate. In any case these companies never charge deposits and because of this you will find your biggest benefit in being able to hang on to $400 – $500 that would have gone to a traditional electric company.

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