Deposit slips can make or break energy consumers

by Donny on January 13, 2011

What is the purpose of an upfront deposit?

We have to pay them when we first move into a new apartment or when we first sign up for electricity, and quite honestly, it seem completely unnecessary.

Some suppliers will provide service and not necessarily ask for a deposit from the beginning.

If you have bad credit, the suppliers will likely ask you for a deposit but may wait until after the first month of service.

This 30-day period may seem attractive to some consumers because it allows them the get caught up financially and allow them to purchase other products they may need, but the deposits required by many electricity companies are often out of the consumer’s reach, often between $200-$500 for residential service and even more than that for commercial business service.

Some companies will give that deposit back six months or a year, later, but some will wait to see a drastic improvement for your credit. Other companies however, may not give the deposit back at all.

It’s easier for citizens in deregulated areas than regulated areas to determine the details surrounding a deposit. Just use our compare chart at the top right by entering your zip code, and choosing from the no deposit tab.

Once you do this, you will be able to shop, compare, and choose the cheapest electricity company and rates in your area.

After you do this, if you have any further questions, comments or you need help with your service, please feel free to give us a call anytime at 1-800-971-4020 and one of our expert energy consultants will be happy to help you out with any of you electricity needs.

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