A high electricity bill “surprise” is never a welcome one, especially during these hot summer months. While it may seem like you have no control over the situation, the fact is, you actually have a lot of options that put the power back in your hands.
Prepaid electricity is just what it sounds like, you deposit money into your account and essentially pay as you go or use your electricity. You have the option to deposit funds weekly, bi-weekly, monthly, or as you need it. With a prepaid electricity plan, you always know what your electricity bill is because you’ve already paid it! This gives you the power to choose how much you use and pay.
Here are 4 great reasons to consider a prepaid electricity plan.
1. Easily track how much you spend on energy.
With prepay, you don’t need to worry about knowing how much electricity you’re using and how you can track it. You’ll get daily text messages about how much electricity you are using and the balance remaining on your account. You’ll also receive low-balance alerts to keep you on track and remind you when you’re running a little low.
Unlike traditional plans that will cut your power off, prepaid electric plan providers will always provide you with helpful reminders and if you call ahead, you can usually get a short extension if you’re waiting for your paycheck to come in. This lets you relax knowing that you have control over your electricity plan and your wallet.
2. Pay for as much or as little as you need.
With a traditional plan, you’re typically locked into a specific rate based on how much you use. If you use too little or too much power in a billing cycle, your supplier might charge you extra fees. By buying your power before hand, when you’re not sure how much you’ll use each month, is a great way to help you budget and avoid potential fees. Another perk is that there are no connection fees, and no surprise charges.
3. Everyone is welcome!
Simply put, to be approved all you need is a cell phone with an SMS (text) messaging plan. With prepay, everyone is approved. There’ s no credit check, ID check, contract, and no initial deposit.
4. Boost your credit rating and avoid deposit fees.
Prepay is a little known way to help make your credit score even better. With some plans, after you’ve been on them for a while (such as for three to four months), you have the option, to switch to a long term contract with no deposit because of the credibility you’ve built up with your supplier.
In the end, prepay is a great way to not only avoid hidden fees, deposits, and credit checks, but it’ll help you control your home electricity costs too!`