Bulb Energy Prices Increase Yet Again
Bulb Energy is set to raise prices for all of its 1.7 million customers in October - its second price hike in just six months. Read on for the full lowdown and find out what you can do to avoid the latest Bulb price increase.
What are the latest Bulb Energy price increases?
While many suppliers continue to cut prices following Ofgem’s latest price cap, challenger supplier Bulb Energy’s Vari-Fair tariff saw a rise of £51 for new customers with average energy usage on Monday 14 September. Existing customers are set to see the same price hike starting Sunday 18 October.
The supplier’s updated Vari-Fair tariff will see the typical dual fuel household spend an average of £966 a year on average, compared to the £915 they were paying annually prior to the price rise.
Meanwhile, Bulb Energy’s Vari-Fair Prepay tariff will jump by an average £27 a year, up from £998 to £1,025 for a typical dual fuel household.
The latest price hike comes after similar increases back in April. As Bulb only offers these two tariffs, the new prices will affect all of Bulb’s 1.7 million customers.
Are there any other changes?
Together with the electricity price increase, from Thursday 1 October, Bulb is actually lowering the price of its gas, by an average £2 a year for dual fuel households.
However, this is largely outweighed by the electricity price increase set to come into effect on 18 October.
How have Bulb customers reacted to the price hike?
Announcing the latest price increase, Hayden Wood, co-founder and CEO of Bulb said: "At Bulb, we're committed to pricing fairly and transparently. That's why our tariff reflects the true cost of energy, so members know they are always on our best available deal.
"Overall costs of supplying homes have gone up significantly, and we've held off passing on the cost for as long as possible. As soon as the price of supplying energy falls again, we'll gladly pass on the savings to our members – when costs fall by more than £20 per year, so will our tariff."
However, users of Bulb’s online community forum were quick to make their feelings known, following its second price increase in a matter of months.
User Rivergirl wrote: “I find this absolutely astounding, out of touch and not at all justified. I’d like a proper explanation that would justify this price increase, bearing in mind that they only increased their prices in April!”
Another customer, Darrenrey, felt that his own increased energy usage during the Covid-19 pandemic could not account for his bills now being almost as costly as the Big Six suppliers: “Just got an email from Bulb about the electric price increase and my monthly payments will increase by £5.50 a month.
“That will mean I will only be paying a few pounds less than I was with SSE before I moved to Bulb last November.
“I know I been using a little more electric since lockdown but this is a big increase. Not good at all.”
Some newer customers said they felt duped by the supplier, having signed up just before the price hike.
Steph.tesloff, wrote: “So only been with Bulb for just under a month. Moved to Bulb as a supplier due to previous supplier being more expensive.
“Just received an email to say as of next month my monthly payments are going to increase by £3.20. This will then take me over my previous supplier’s monthly payments. Can see myself leaving Bulb after a very short period.
“I didn’t see any notifications about increases forthcoming when going through the process of moving. A bit frustrating really.”
Meanwhile, Roxydog wrote: “Well, just great, only been with Bulb 6 months and this is the 2nd increase. Time to start shopping around again? Left SSE, will be now comparing tariffs.”
What can I do to avoid the Bulb Energy price increase?
Unfortunately, there’s not a lot that customers can do to avoid the price hike while still continuing to have their gas and electricity supplied by Bulb Energy. The supplier states on its own website that its variable tariff prices can change as wholesale prices do, provided it gives customers 30 days notice.