Budget Energy have announced they are increasing prices for electricity customers in Northern Ireland by 3.9% from 19th March 2021.
No doubt this will be unwelcome news for customers, as many continue to spend increased time at home and using more electricity due to ongoing Covid-19 restrictions.
What does the price increase mean for customers?
The price change will come into effect from 19th March 2021 and will mean an increase of around £23 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. On your bill or annual statement, it will be listed as a separate charge and quoted as a pence per day charge. The price increase will see the annual standing charge increase from £29.23 to £30.37 for bill pay tariffs and from £36.62 to £38.05 for Pay as You Go tariffs.
Remember if you are on a Fixed Price tariff with Budget Energy then your price won’t be affected. Your contract will ensure your price is fixed for 12 months from your tariff start date.
All results on ‘Power to Switch’ already include standing charges so you can be sure comparisons reflect the total cost you would pay.
What Budget Energy have said…
In commenting on the price increase Budget Energy have stated that..
‘market energy and network costs…have been increasing steadily in recent months. While we have made every effort to absorb these costs through the winter for our residential customers, we now need to reflect those increases in our electricity prices’.
Budget Energy – the Company
Budget Energy has around 85,000 customers which is just over 10% of the domestic market in Northern Ireland. In the Consumer Councils Customer Satisfaction Survey of Electricity Suppliers (September 2020) 69% of customers were satisfied with Budget Energy as their electricity supplier.
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.
Finding a better deal…
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!!!
* Based on Bill Pay Standard 24Hr tariff and 3,200 kWh annual usage