As we explained earlier this month, the wholesale cost of energy has risen dramatically and we need to increase our prices. We’ve now set the new prices and in this post we’ll explain what’s happening.
Our rates are going up on 1 April
We’re increasing our electricity and gas rates, along with our daily standing charge, for Pay Monthly and Pay As You Go members. A typical home (as set by Ofgem, the energy regulator) using both electricity and gas will pay £13.33 a week more for their energy.
We'll contact all our members individually, starting Friday 25 February, to explain what the changes mean for you.
For current Bulb members, all rates will change on Friday 1 April. We don’t do exit fees, so members aren't locked in, no matter how you pay.
The new rates will be live on our website from today (Friday 25 February) – members can look them up on the tariff page. If you’d like to see the current rates, you can see them on our current tariff details page.
These changes are driven by significant increases in the cost of gas. We explained more about this in our previous post. Standing charges for gas and electricity are also increasing, driven by an increase in fixed network costs and an increase in government policy costs.
We can help you if you’re struggling to pay
We can help if you’re worried about paying for your energy now, or think you may struggle to pay in the future. There are different ways we can support you. There’s more information in our Help centre, but common ways we can help include:
Changing the way you pay
You can ask us to install a top up meter, which can make it easier to budget. Or you can apply to make weekly or fortnightly payments, or arrange to have your energy bills paid straight from your benefit payments. Or we may be able to set up a manageable payment plan, or adjust your payments so you have time to focus on getting debt advice.
Helping you apply for financial support
We can help you find out if you qualify for any discounts or grants towards your energy payments.
The Bulb Energy Fund offers advice and financial support to eligible members who need help with their energy costs. Applications will open in spring.
We can also help eligible members make energy-saving home improvements through the Energy Company Obligation (ECO) scheme.
Take a look at our Help centre for more information on the support we offer if you’re struggling to pay.
Government support with the rising cost of living
The government has announced measures to help people with the rising cost of living. You can find more information on GOV.UK. Here’s what we know so far about the help on offer.
Domestic energy customers will get a £200 discount on their energy bills
This will be paid in October 2022, no matter what tariff you’re on and no matter how you pay. It will be paid back automatically in equal instalments over five years, beginning in 2023. The details are still being worked out with the government, so we’ll give you more information on this when we can.
There will be a council tax rebate of £150 paid in April, for households in Council Tax Bands A-D
The majority of households are in Council Tax Bands A-D. This rebate will be paid by local authorities, and won’t need to be repaid at any point. Check with your local authority for more details and to find out if you’re eligible.
The Warm Home Discount has been extended and increased
The Warm Home Discount is a government scheme which gives people receiving certain benefits a payment towards their winter electricity bills. This will increase from £140 to £150, and the number of people eligible will be extended for winter 2022. We’ll provide more details on this when we know more.
Bulb is operating as usual in special administration
A quick reminder that we’re operating as usual while in special administration. Your credit balance and energy supply are protected. The team is here, working as normal and ready to help.