First Choice Power recently announced that they will be offering a prepaid electricity service that will charge you based on your actual electric usage and not estimated usage. This service with First Choice Power is not yet available but with the use of the new advanced meters being installed by Oncor it will make true prepaid electric service based on real time usage a reality for many low income electric service customers who cannot afford the high deposit many electricity companies in Plano texas ask for.
The prepaid electricity market has been the bane of the deregulated Texas electricity market. This year the PUCT of Texas created some additional rules for pay as you go and prepaid electric companies so that the PUCT stops receivings o many consumer complaints from disgruntled pay as you go customers. In 2009 a couple of news organizations even alluded to Freedom Power being responsible for someones untimely death without actually saying it directly. The grandmother who died had a family that loved her and wanted to get the story out about what happened. The family was angry about the disconnection because their grandmother was ill already and the prepaid electricity company in their recollection would not listen to their request to keep service turned on because of extenuating circumstances.
Freedom Power now goes by another name but as you can see issues like this occur more than you might realize. If a prepaid electricity service customer does not continue to prepay for service they face disconnect notices right away and they must respond to these. If someone living in a low income area of Plano Texas wants prepaid electricity service unfortunately the prepaid electric service based on actual usage is not available yet. You will have to go with an electric company that basis your prepaid service from the previous tenants historical usage.
If the previous tenant used a lot of energy it will not help if you conserve your energy usage in the winter or summer months because you will not be paying on that usage. Instead of going with a pay as you go electricity company in Plano we recommend shopping around for the cheapest electric rate and writing down the deposit amounts. Find an electricity provider in Plano that will let you into a contract with a low deposit and an average to cheap electric rate. You will have to make a compromise as the cheapest electrcity rate will usually come with a high deposit amount if your credit is bad.
The only way to avoid a really high deposit amount is to go with maybe not the cheapest but definitely something cheaper than what you will get with a prepaid electric provider in Plano TX. Your deposit might be as high as $400 but considering that many people on prepay electric service pay that in the first month you will likely be saving a few thousand dollars by coming up with this initial deposit.
At one time there was such a thing as a no deposit guaranteed electricity price in Plano but the company that offered this had to discontinue the plan because of high default rates. Many of the low income customers that joined the no deposit electricity plan simply would not pay their first months electric bill. You may be the 25% that has a bad credit score but is now paying your bills on time. Unfortunately the Plano electricity companies have no way of knowing if you will be trustworthy to pay your electric bill. Because there is a high likelyhood that you will fail to pay your first months electric bill if your credit score is below a certain number you will be asked for a deposit.
This deposit amount a Plano electricity company may ask you for will help the provider stay and business and will insure you get a cheap rate. You will get the electricity deposit back from the Plano energy company at the end of the contract and sometimes 6 months into the contract. This utility payment you make with a traditional energy supplier will help billed up your payment and credit history with utility companies. In the future a good 12 month history all bills paid on time will help you avoid future deposit requests to have a utility service turned on.
Get your electricity service turned on today by speaking to one of our energy consultants. You may qualify for government assistance in help in subsidizing the payment of your electricity deposit in Plano. You may call us at 1-800-971-4020
You may visit our articles on other deregulated electricity market states by visiting our Connecticut page and our Pennsylvania page.