Read our Which? 'Fair Energy Prices Campaign' plan
Since January, the consumer publication Which? has been running a Fair Energy Prices campaign. As you can imagine, we're big supporters. Anything with 'fair' and 'energy' in the title is likely to be right up our alley. Which? asked energy suppliers to submit a plan to engage with their customers stuck on expensive standard variable tariffs (SVT). Now, Bulb doesn't have an expensive SVT. We've got one simple tariff, so our members always know they're on our best deal. But we submitted a plan anyway to explain our business model and how we communicate with our members.
Take a look and let us know what you think in the comments below.
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We support the Which? Fair Energy Prices campaign but we think it should go further. We believe the Bulb approach of a single, competitively priced tariff should be the industry standard.
Bulb’s entire business model is uniquely designed to treat everyone fairly, and our regular, clear member communication ensures we can be confident all members have made a deliberate choice to buy their energy from Bulb.
Bulb has only one tariff, so everyone is always on our best deal
We believe that multiple tariffs add unnecessary complexity for energy consumers. Unlike other suppliers, we have one price and therefore no difference between our cheapest and standard variable tariff. As a result, all of our members can be confident that they are on our best deal, and don’t need to consider switching to save money.
We also don’t believe that luring customers in with a low, fixed tariff and then ramping up the prices is fair. With no shift from a fixed deal to a more expensive SVT, Bulb’s members save an estimated £874 over five years compared to the average big six supplier at today’s prices.
We always price our single tariff competitively
Our tariff reflects the real cost of wholesale energy prices, and we follow changes in the market closely.
We believe our role as a supplier is to do everything we can to pass on price reductions as quickly as possible, and work hard to limit the level of any cost increases. Other suppliers wait, racking up profits before they pass savings on. Which isn’t fair.
If Bulb members choose to compare our tariff with other tariffs on the market, they can be confident that the deal they’re on will remain competitive over time. We’ve built a small profit margin into our tariff today to ensure we won’t have to increase our tariff in the future, as long as costs don’t increase dramatically.
We make sure members have made a deliberate choice to buy energy from Bulb
We communicate with our members frequently, actively providing comprehensive account information and analysis.
The average Bulb member receives over forty emails per year. The messages include a monthly account summary with detailed usage analysis of energy costs and member usage, meter reading and payment reminders and other content from product updates to industry news.
Our email open rates are more than double the average seen in the industrial manufacturing and utility sector worldwide.
Bulb’s level of price transparency is unmatched by any other supplier. Bulb is the only supplier to show how our tariff relates to every other tariff on the market in real time, on our homepage. We measure how often this whole market tariff chart is viewed by tracking the page views of new and returning members. Bulb is also the only supplier to publish our business rates in full on our website.
Members benefit from a seamless switching process (to or away) and a rapid response whenever they need to be in touch
Bulb is a signatory of the Energy Switch Guarantee. This means that among other commitments; our switching service is free; we rigorously adhere to the switching timelines outlined in the guarantee (21 days to switch supplier with a 14 day cooling off period) and we refund any credit when a member switches away within five days of generating a final bill.
When members want to get in contact to ask a question about their account, query something on their statement or make a suggestion as to how we can improve what we do: we answer the phone quicker than any other supplier on the market. We also get back to people’s emails in one working day. That’s why we’re proud to be the #1 rated energy supplier on independent review site Trustpilot.
The majority of Bulb members engage with us in a typical way by providing meter readings and receiving, then paying, their bills. We do, however, track other segments including vulnerable customers and those that frequently submit meter readings or are particularly active in the community. We send these members tailored messages and additional support or information where required.
It’s only fair to our members that information regarding their account is presented clearly to them and it’s easy to get in touch. Plus, it’s a two-way street. Ideas from our members have resulted in direct product and service improvements. They picked our name, and it was one of our members who proposed we become the first supplier to pay the exit fees other suppliers charge.
You can see the full report here
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