Sorry to say that following receipt of your notification of the latest price increase in Nov I will be leaving you. Have identified a possible fixed rate that is cheaper than your new rates. Just waiting for my next bill in 2 days to confirm my annual usage. Sorry to be leaving but a £20 a month increase is too much.
Yeah, it is quite a significant increase, one of the dangers of a variable tariff. We just have to hope wholesale costs come down otherwise suppliers are going to hit the proposed ofgem cap pretty soon, and those on fixed contracts will be in for quite a surprise at the end.
Hi @Cowboyken We’ll be sorry to see you go Unfortunately wholesale prices have meant we have had to implement this increase, We are however hopeful that prices will begin to fall again soon, so we can drop our prices too
Iv introduced maybe 7-8 households to bulb boasting that bulb is so good and cheap.
Now soon as they sign up price increases, but 30% gas increase is crazy increase.
Now you will see people leave bulb in droves.
10-15% people would expect but the change now is really huge for people not to switch over.
Please raise these issues to your owners as something needs to be done about it, not acceptable suddenly 1/3 of a price increase.
Question for Bulb team: What % of customers do you forecast will leave in the next 60 days, and what is your contingency plan for when you have to refund the credit on their accounts (typically 1 mth advance)?
Hi @Shido - We know it’s far from an ideal situation, which is why we waited as long as we could to see if there was a drop in wholesale prices. Unfortunately, this hasn’t occurred and has led to the rise in your gas prices. We want to remain as cheap as we possibly can, but not in a way that would be irresponsible. You just have to look at some of the other energy suppliers that have gone under recently to see that giving an unrealistic price in order to drive growth is not sustainable, and causes many more issues in the long run - we’ve given 2 months notice so that you can think everything over and work out if Bulb’s right for you - Our blog goes into a lot of detail as to why this rise needed to happen: https://bulb.co.uk/blog/energy-price-watch-changes-to-our-energy-prices-sept
@stevedav1dson - Our policy of charging in advance shouldn’t have any large effect on this. If someone decides to switch away then the switch still takes 21 days, and that advance payment should cover that without the need for additional payments from them afterwards.
Thanks @“Bill at Bulb”, I’d forgotten it takes 21 days for people to switch. Just worried that fewer customers = more unstable prices for those who stay?!
Hi Cowboyken. Compared to the current (Nov 18) prices from bulb, there are big savings to be made by switching. Unless Bulb are making big profits, then their competitors must be about to raise prices or losing money and will go under.
The alternative is to sign up for a fixed rate deal and be locked into a historically high price for the next 12/18 months. It’s a gamble, but may well be worth doing.
The great thing about Bulb is that they are utterly transparent about the whole thing. If you want to move, they don’t charge. If prices go down, they will lower prices. The customer service is top notch.
I’m in a privileged position in that I have both the time and money to make my house very energy efficient so utility bills barely register. A lot of people are going to be in for a huge shock this winter and it’s going to hurt.
Oh, and I’m staying with Bulb!
@stevedav1dson - it’s a valid concern, but is another reason we charge in advance. When we grow, we know what we need earlier, and if we shrink, we’ll know we need less as well. We keep a keen eye on all of this, and your price shouldn’t be governed very significantly by the size of our member base.
Also, thanks for the kind words @PaulMC12345 - it’s appreciated. I know it’s bad news to hear for our members so we try our best to give as much notice as possible.
@PaulMC12345 . I’m fully aware of the pitfalls of moving but as I said this will be a fixed rate and gives me piece of mind over the winter. I feel that the statement by bulb that the winter storage for the UK is not full will mean another price rise sometime before my fixed term comes to an end. Fully concur on the customer service piece. Bulb are outstanding but my wallet doesn’t like the increase.
Thanks for your honesty @Cowboyken - we’ll hate to see you go, but you’re always welcome back - we’re hoping for wholesale prices to get more reasonable as much as you are.
If one leaves is it easy to come back ? Or is that a period that can’t come
Back until ?
Likewise can one return through refer friend scheme even though claimed the £50 once. Is there time restriction or the like before being able to get a refer friend credit again ?
Historically after how long did prices come down after a price increase occurred ?
If one leaves is it easy to come back ? Or is that a period that can’t come Back until ? Likewise can one return through refer friend scheme even though claimed the £50 once. Is there time restriction or the like before being able to get a refer friend credit again ?
In normal instances I think Bulb would welcome ex customers back.
There is a time restriction please check out the Terms & Conditions on the Bulb site.
@Shido You are welcome back whenever, and remember we will even pay your exit fees if your locked into a fixed tariff!