With a third price increase since March, customers of Budget Energy will now be facing much higher electricity bills this winter.
Less than three months since their second price rise of the year, Budget Energy have announced they are increasing prices again by an eye watering 18%. Having raised prices in March and July, this latest increase may surprise customers, many of whom may feel prices have already gone up more than enough.
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 8th October 2021 and will mean an increase of around £129 for a typical customer on a standard rate bill pay tariff*.
The price increase applies to both the tariff unit rate and 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.
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 standard rate bill.
This latest price increase, coupled with March and July’s increases, will mean customers have seen prices rise over the last seven months by 36.8%, adding around £244 to an average standard rate bill.
Budget Energy – the company
Budget Energy has almost 96,000 customers which is just over 11.5% of the domestic market in Northern Ireland. In May 2020, Budget Energy was acquired by Flogas.
Budget Energy provide Pay as You Go (Keypad) and Credit (Bill Pay) tariffs for customers. You can choose between discount rate 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 and save
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 £270 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 their electricity bills.
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* Based on Bill Pay Standard 24Hr tariff and 3,200 kWh annual usage