Good news everyone. As you might have worked out from the cryptic title, we’ve lowered our prices today. Our energy unit rates have reduced by about 3.5%
We’re really pleased that we’re able to do this. We didn’t expect to be doing it so soon after launching, but since wholesale prices have reduced, we’re able to pass the savings onto our members. Energy wholesale prices have been steadily decreasing since the start of 2014 by over 20%, which is more than just pocket change. It’s only fair that you get to share in these savings with us.
The new tariff
We’ve crunched the numbers and the average home in the UK will save an extra £35 a year. This brings the average monthly cost of energy with Bulb down to just £75.
All Bulb members, new and old will be on the new tariff. Since we only have the one tariff we don’t leave anyone on an unfair higher tariff. We’ve sent every member an email with the amount that they’re going to save, so look out for that. If you’re not a member you can find out how much you could save by getting a quote.
Our prices over time
We think it’s useful to see how our prices compare to the energy industry as a whole. This graph shows the trend of average energy prices in the UK compared and how Bulb’s prices compare.
Will my monthly payments change?
We’re so glad we can lower the prices for your energy, and we’ll lower your monthly payments to reflect that will happen soon. When an energy supplier changes your payment amounts they have to give you 30 days notice, which would delay this price drop, especially since some members end up paying more if they’re using more energy than originally estimated. We recalculate your payments every 6 months, so we’ll wait until this revisit to drop your prices. We’ll have much more information on your usage to accurately recalculate payments and this means that your Bulb account will get a bit healthier in the meantime. At the end of the day you’re still getting the same saving on your energy.
For next time, we’re going to build a system that lets us drop everyone’s payments by the amount they save. We’ll be able to skip the whole recalculating payments step and lower your payments right away. So that’ll be good.
So, how does that all sound to you?