Budget Energy customers have received welcome news – a price drop on their electricity costs.
Northern Ireland’s third largest electricity supplier has announced a price decrease of 9% for their domestic electricity customers from 1st March 2024.
What does the price increase mean for customers?
The decrease will be effective from 1st March 2024 and will save a typical customer around £110 savings whether they are a bill pay or keypad customer*.
The price decrease only applies to 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.
If you have signed up to a ‘fixed price’ tariff then these are not affected by the price drop – with a fixed price tariff you are charged the same rate until the contract ends.
How have prices been changing?
Without doubt any price decrease is welcome and it will mean a reduction in bills.
This latest announcement follows an 8% price drop that Budget Energy introduced on 1st December 2023. So taken together customers will have seen prices drop back by around £220 over the last few months.
However, although prices are moving in the right direction it’s 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. 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 around 95,000 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!
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!!!
In 2023, people who switched using Power to Switch saved £391 off the electricity bills.
For more information, advice and support on energy issues visit www.powertoswitch.co.uk or follow us on facebook or twitter
* Based on Bill Pay and Keypad Standard 24Hr tariff and 3,200 kWh annual usage
