Budget Energy customers have received some welcome news – a price drop on electricity costs.
Northern Ireland’s third largest electricity supplier has announced a price decrease of 8% for their domestic electricity customers from 1st December 2023.
What does the price increase mean for customers?
The decrease will be effective from 1st December 2023 and will see around £112 savings for a typical customer with a standard rate credit meter and around £110 savings for a typical customer with a standard rate keypad meter*.
The price increase only applies the tariff unit rate and not the daily standing charge applied by Budget Energy. A standing charge is a fixed amount added on top of your tariff rate to cover an energy supplier’s fixed costs – to pay for supplying your house with power. Although all suppliers apply this cost some suppliers, including Budget Energy separate this charge out and add it to your bill on top of the tariff rate you pay.
How have prices been changing?
Without doubt any price decrease is welcome and it will mean some savings as we move into the colder, winter months when energy use is at its highest. However, although moving in the right direction its important to remember that prices are still much higher than a few years ago, Budget Energy, like all suppliers, increased prices multiple times since 2021 so bills will remain high over the winter period. If you are struggling to pay energy bills or top-up you meter make sure to contact your energy supplier in the first instance for help and support
Budget Energy – the Company
Budget Energy has over 84,000 customers which is close to 11% of the domestic market in Northern Ireland.
Budget Energy provide Pay as You Go (Keypad) and Credit (Bill Pay) tariffs for customers. You can choose between discount rate tariffs, fixed price tariffs or tariffs that come with a range of cashbacks or other promotions.
The vast majority of Budget Energy customers Budget Energy, almost 9 in 10, choose a Pay as Go tariff
Switch and save!
If you are looking to offset the price increase the quickest and easiest way to do so is to compare suppliers and switch to a cheaper deal using on www.powertoswitch.co.uk. There is a different of over £475 between the most expensive and most competitive electricity deal in Northern Ireland.
At ‘Power to Switch’ we compare all tariffs and deals across all electricity suppliers to save you money. Switching is quick, hassle-free and means you keep more money in your pocket. You don’t even have to tell your old supplier you are leaving!!!
On average people who have switched using Power to Switch have saved £387 off the electricity bills.
* Based on Bill Pay Standard 24Hr tariff and 3,200 kWh annual usage