Budget Energy have announced their first increase of 2022…this time by increasing prices by 27% from Friday 27th May.
Although this is the first increase this year from Budget Energy it comes on the back of four price increases last year which means prices have increased significantly over the last year. In this blog we look at the announcement from Budget Energy and what it means for customers’ pockets
What does the price increase mean for customers?
The latest price change will come into effect from the 27th May 2022 and will mean an increase of around £280 for a typical customer on a standard rate bill pay tariff, while customers with a keypad (PAYG) meter will see a yearly increase of about £275 per year*.
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.
What has been happening to Budget Energy’s prices
In March 2021, Budget Energy increased prices by 3.9% which added around £23 to a typical standard rate bill.
In July 2021, Budget Energy increased prices by 14.9% which added around £92 to a typical bill.
In October 2021, Budget Energy increased prices by 18% which added around £129 to a typical bill.
In November 2021, Budget Energy are increasing prices by 29% which added around £208 to a typical bill.
Budget Energy – the Company
Budget Energy has almost 90,000 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
Get in touch with your energy supplier
As everyone realises, we are living in uncertain times. It’s important to get in touch with your energy supplier to discuss any payment issues or concerns and help manage your account. Even providing an up-to-date meter read can make sure your payments are accurate and up to date.
Switch and save!
Yes, all suppliers have been increasing prices – but not to the same degree. There is a different of over £715 between the most expensive and most competitive electricity deal in Northern Ireland.
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
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 £143 off the electricity bills.
* Based on Bill Pay Standard 24Hr tariff and 3,200 kWh annual usage