Dallas-based retail energy provider Ambit Energy has launched a new offering called Ambit Smart Plan, which will provide customers with smart metering technology with the ability to purchase their electricity and monitor its usage in real time.

According to Ambit Energy, the new product was created for consumers who have lower credit scores or who do not utilize traditional financial services.

The product is currently available where smart meters are installed in the service areas of Texas’ two electricity delivery companies, Oncor and CenterPoint. The two companies have already installed more than a million smart meters with an additional million expected by the end of the year.

With the Ambit Smart Plan, each customer’s usage is monitored every 15 minutes. Customers, in-turn, can pre-pay for electricity and manage their accounts online and in real time, Ambit Energy said.

Jere Thompson Jr, CEO of Ambit Energy, said: “This real-time technology has dramatically lowered the (credit) risk built into traditional pre-paid rates.

“As a result, we’re able to offer a pre-paid, no-deposit product to our smart meter customers, at a savings that allows them to continue to buy groceries after they pay their energy bills. Most importantly, we’ve made it as transparent as possible, with no hidden fees or monthly charges.”