Bulb to hike energy prices by £91/yr for millions from April - but you can save £100s/yr switching
About 1.7 million Bulb customers will see gas and electricity bills rise by up to £91/yr on average in April as the energy supplier has announced it's raising the price of standard credit and prepayment tariffs. But most can beat the hikes and save £150/yr by switching to a cheaper deal.
The energy supplier, which only has one variable tariff for households paying by direct debit and one tariff for those on prepayment meters, will raise the prices of both from 19 April – affecting all of its 1.7 million customers.
Bulb isn't, however, hiking prices to the same level as energy regulator Ofgem's new price cap of £1,138/yr for standard credit customers and £1,156/yr for prepaid customers as we've seen most of the big suppliers do.
Most can still beat the hikes by switching though, check if you can save with a full market comparison via our free Cheap Energy Club.
I'm with Bulb – how will my prices change?
If you're with Bulb, here's how much your bills will rise by from 19 April. Of course, what you pay will vary depending on where you live and how much energy you use. The below figures outline a typical energy user:
- If you pay by direct debit, your tariff will rise by £91/yr. Bulb's Vari-Fair tariff is currently £966/yr on typical use, but it's going to increase by £91 to £1,057/yr.
- If you're a prepay customer, the price will rise by £137/yr. Bulb's Vari-Fair Prepay tariff is currently £1,010/yr on typical use, but it's going to increase by £137 to £1,147/yr.
Bulb blames the price hike on increases to wholesale energy costs (what providers pay for gas and electricity), which it says are up 31% since September 2020.
Check NOW if you can switch and save
While Bulb's tariff will still be £81/yr cheaper than Ofgem's energy price cap if you pay by direct debit, and £9 cheaper than the price cap on prepayment tariffs, you can still switch and save.
The cheapest tariff for direct debit users, is on average £154/yr cheaper than Bulb's new price on typical use. On prepay, the cheapest deal is a typical £163/yr cheaper than the new Bulb rate. Do a full comparison and check if you can save with our Cheap Energy Club.
Struggling to pay your bill? There's lots of additional help available right now
Due to the pandemic, Ofgem has strengthened protections for energy customers, and put in place new rules to help those struggling to pay their bills.
Most importantly, your supply won't be cut off – disconnections of standard credit meters have been completely suspended, while new rules have been put in place to ensure prepayment customers get emergency or additional credit to ensure the lights stay on. For more info see our Energy Coronavirus Help guide or check Ofgem's website for what to do if you're having difficulty paying.
What does Bulb say?
A Bulb spokesperson said: "We wanted to protect prices for our members over the winter, and we’ve held off passing this increase on for as long as possible. We pass on cost savings when the cost of supplying energy falls, so when it drops by more than £20/yr, so will our prices."