Green energy company Bulb announces inflation-busting price rise
Green energy supplier Bulb is putting up prices for all its 450,000 customers by 5.1% from August.
The company made the announcement with ‘regret’ on its website.
Bulb has only one tariff, the Vari-Fair, which is basically just a standard variable tariff.
New customers will pay the increased price for today, June 11. If you’re already a customer, the rise will take effect on August 12.
The company, which says it genuinely puts the customer first, has in the past been unusual in cutting prices when wholesale costs have fallen.
Its announcement is hardly surprising, as it is just the latest in a series from energy companies responding to higher wholesale costs for gas and electricity.
Bulb’s prices are still competitive compared to the Big Six, but there may be better deals out there if you’re a Bulb customer.
So now is the time to check and switch to the cheapest deal.
How much will my bills go up?
The average household with a dual fuel supply will see a price rise of £45 a year, to £923.
What does Bulb say?
In line with the company’s core message, it’s very apologetic … and honest enough to admit further rises might be ahead.
Its latest blog on the company’s site says, “In our last update in May, we warned that we might have to increase our prices and, sadly, we do. Wholesale energy costs have increased by 21% since February.
“We're increasing our tariff for the average UK home by 5.1%. The average home will see their annual tariff increase from £879 to £923 - a rise of £4 per month. Existing members will stay on their current rates for 60 days until 12th August. New members will start on our new rates straight away.
“We still think our tariff represents really good value. We’re £261 cheaper than standard Big Six plans. And we don’t do exit fees, so members can leave at any time with zero cost.
“Since February 2018, wholesale energy costs have risen substantially. We’re trying to keep this increase as low as we can, so we’ve limited it to £45 per year for a typical home. If wholesale prices remain high, we might need to raise our prices again.”
All companies are affected by this rise in wholesale prices, so it’s even more important than ever to check whether you could be paying less on a fixed-rate deal.
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