Switch Anxiety

I really want to switch over to Bulb but with the kWh rates being higher than that of my current bill, a lack of visibility regarding profit margins, and the variable-rate tariff, I’m finding it hard to believe that it would be financially beneficial to move over to you.

I’m currently paying £73/m on a fixed-rate electricity-only bill.

I used the tariff calculator (Manchester, 1-bed flat, elec. only) which gave me an estimate of £33 but, without knowing the values that go into that calculation, I feel that the estimation is somewhat useless.

  1. Would there be any way I could send historical energy usage information to yourselves and have more-accurate numbers of what the bills would have been if I was with you at that time?
  2. What are the factors that would have a negative impact on my Bulb bill (i.e. price increase (other than seasonal stuff)) if I were to switch and is there any way to tell the likelihood of such?

Hi @jnnash94,

You’re right that our profit margin is a little buried in the blog (https://bulb.co.uk/blog/wholesale-energy-market-update), this is obviously a little out of date but as you can see from that chart, the profit margin is a constant on both bars of the chart. It’s obviously a bit more varied than that nice round figure due to minor changes in wholesale prices week-to-week so it’s more of a guide really.

We traditionally avoid comparing historically, you can’t get the rates you got a year ago as markets have changed so it’s best to compare tariffs that you can obtain now from each supplier.

The estimate on our website is obviously a way off from your actual usage, if you check your bill for a figure known as “Annual Estimated Consumption” in kWh, then you can use that figure to compare easily through either our website after your estimated quote by clicking on “Have your bill handy? Refine your quote” or you can use a switching site and plug in those figures there.

The way that our price changes work is that for a price decrease, your unit rate decreases straight away and you are charged less from that day onwards. For a price increase, we give you 30 days notice which gives you the opportunity to compare our new rate against others in the market and see if you can get a better deal elsewhere. There’s no minimum tie-in or exit fees with us.

The variable rate is a common concern. I think if you spoke to our members directly, they’d be pretty positive about having a rate that more closely reflects the market’s actual costs. It’s allowed us to drop prices twice this year and we stick to our pricing principles of having prices that are fast to drop and slow to rise.

I hope that answers your questions and I’d be happy to answer any more questions about what we offer.
Rob

That’s great
I’ll look into this and, hopefully, join soon :smile:

Thanks @robc

@robc I’m trying to use the calculator but I think there might be a bug
I added my refined details:
not economy 7
EDF Energy, Online Saver Jul18, monthly dd
Spending £73 per month

The first time I entered the data, I was quoted £39 a month with an annual cost of £471.
I noticed that in the “you’re currently paying… by switching…” text above the monthly quote, both the “current” and Bulb-quoted costs were £471 for the year even though the “current” should’ve been ~£880

I’m now trying to get the calculator to show the value again but when I enter the same data, the quoted monthly rate is £73 (matching my input) and only £2 cheaper over the year (£884 to £882).

hi @jnnash94 - when I entered the same details I had the same data as you got on the later run.

Let’s try and produce a second version of the quote so we can be certain. Your EDF bills should have a section which says “predicted (or past) annual energy consumption”. This will tell you your yearly energy use in kWh. Entering in these details instead of your monthly cost will be a good sanity check of the numbers. If you’re uncertain, drop us an email with a copy of the bill and we’ll have a look for you :slight_smile:

Turns out switching to Bulb would be £82 for us; slightly more than the £33 I was initially drawn in by.

Quite a shame because I’d really like to be able to hop over to renewables.

Thanks for your help, anyway @robc and @helen