Bulb announced this week that they are increasing their pricing tariff for new and current customers. The average UK home will be impacted by a 5.1% increase shifting the average annual tariff £879 to £923 – a rise of £4 per month. New members will be signing up to the new price structure whereas existing members will stay on their current rates for 60 days until 12th August.
Of all household bills, taxes and other things we have to pay out, energy prices are the ones that seem to fluctuate the most, and yet always seem to be on the rise! With all of the major energy providers announcing price hikes in the last few months that could see some people paying as much as £250 extra a year. Even though they have had to increase their prices, Bulb remain a solid option for your home energy needs, their new tariff still represents good value in the new more expensive UK energy pricing world.
A considerable number of different things can make energy prices go up, down, or stall. Consumer groups and government are usually pushing for cheaper energy prices especially for vulnerable customers, but the Wholesale energy costs are now 21% higher than they were in February 2018 (Gas is up 22%, and electricity is up 20%). A cold winter and reduced gas production capacity left gas stores depleted at the start of Spring and the Demand for injection into storage has kept the price of gas high even as we head into Summer and are using less gas and this has made Storage levels of energy to be less than where we’d like to be at this time of year high. The fact is that gas storage levels are at the lowest in comparison to the last five years. For the last few years, energy prices have been reasonably stable, but prices have started to rise again now, but bulb keeps you in the loop by maintaining a lower rate for their service.
What usually happens in the UK is that pretty much all of the big providers change their prices at the same time, and you should make sure all the big names have made their price announcements before you move over. If you move too quickly after only a single provider has made a decision, you could be left on a more expensive tariff and on an extended contract that will make it impossible to switch again for at least a year without paying exit fees. One good thing is that if you wait a little bit you will find out that Bulb still has an comparatively good tariff compared to other energy providers.
Watching & Comparing
Knowing what the energy companies are doing and when and where they are going to announce good deals, and special offers can make a massive difference to the price you can end up with. Keeping an eye on the market will give you a better idea of what companies are offering better deals. You could do this by monitoring six different electricity websites, but it’s far simpler to watch a good comparison or consumer news website instead, which will provide you with news, prices and information on providers as they change their prices. You can subscribe to blogs, newsletters and RSS feeds from most comparison and consumer websites as well. Comparing the Bulb tariff to other big suppliers you will probably see that many energy suppliers have increased their prices recently, but Bulb is still £261 cheaper per year than the Big Six standard tariffs for an average home. For a full Bulb energy review check out this site.
Once you’ve found a great provider like Bulb and have waited for all the big names to announce where they stand, actually switching over to a bulb is very easy. The great thing about switching to Bulb is that not only will you find an overall cheaper monthly deal, but you can also enjoy the benefits and offers that are nearly always only offered to their customers. Customers who switch to bulb take advantage of great deals and one-time offers which can see their electricity costs reduced even further. The switching process is painless and straightforward and it takes less than an hour.
Energy prices change from time to time. They reflect market supply and demand and fluctuate as a result. They are also affected when wholesale costs changes. If you have a standard variable rate tariff, your prices will go up and down with the market but be assured, Bulb don’t like increasing their price and they avoid doing so where they can avoid it.
Since Bulb was founded in 2015, they have dropped their price seven times, and they only increase their rates when all avenues have been explored. They are committed to pricing reasonably.
When you switched to Bulb you can enjoy commitment to their price principles (from the Bulb site).
1. Just one tariff
- We have one single tariff so if you’re with us, you’re always on our best deal
- We don’t charge exit fees – you’re free to leave us at any point
2. We reflect the true cost of energy
- We review our prices every week
- When costs fall by more than £20 per year, so will your tariff
- If they rise, we work hard to limit cost increases to you and we’ll always give 60 days notice of a price rise
3. Radical transparency
- We show how our tariff compares to all other suppliers on our homepage
- We explain what we’re doing in plain English, not industry jargon
- A real person is on hand to answer any questions you have