We’re cutting our bills by 3%, and calling for other energy suppliers to do the same.
Wholesale energy costs have come down since January, so we’re passing the savings on to our members. We promised to be quick to change our tariff when costs go down. So, that’s what we’re doing.
The reduction will save Bulb members an average of £25 per year. Hooray! Because Bulb has one single “Vari-Fair” tariff, this reduction will be passed to members automagically.
Leading the charge on price drops
Energy companies have been in the news quite a bit recently, and it hasn’t been flattering. Almost all suppliers have increased the price of their standard tariffs this year (some have even done it twice). Wholesale energy costs make up around 40% of your energy bill and suppliers often point the finger at rising wholesale energy costs to explain price hikes. However, since the new year, wholesale costs have actually fallen by 12% 🤔
The current price hikes just don’t stack up. The fact that a startup like Bulb has been able to lower our prices by 3% shows what’s possible – and we’re calling on all the other energy suppliers to do the same. If all other energy companies followed suit, it would save UK homes £770 million each year – a real help at a time when over 4 million families are living in fuel poverty.
This price reduction shouldn’t come as a surprise to Bulb members. We’ve always said we’ll drop our prices when wholesale costs fall. We’ve done it 5 times in the last 18 months, and we’re doing it again now. Here are our house rules when it comes to pricing…
OUR PRICING PRINCIPLES:
1. Just one tariff
We have one single tariff so if you’re with us, you’re always on our best deal
We don’t charge exit fees – you’re free to leave us at any point
2. Fast down, slow up
We review our prices every week
When costs fall by more than £20 per year, so will your tariff
If they rise, we work hard to limit cost increases to you and always give 30 days notice
3. Radical transparency
We show how our tariff compares to all other suppliers on our
We explain what we’re doing in plain English, not industry jargon
A real person is on hand to answer any questions you have
As ever, we’d love to get your feedback on this stuff. If there are things you think we should be doing differently, please let us know in the Bulb Community or in the comments section below. Thanks!