The domestic electricity market has been getting more competitive
A new keenly priced tariff has been launched by Budget Energy called Bill Pay Budget Advantage.
At first glance though it doesn’t look much of a draw. The headline rate is not especially attractive at 18.67 pence per unit. For a typical household using 3200 units a year, that adds up to £597.44. The tariff is made even less appealing with the application of a standard charge which over the year amounts to £29.23.
So what turns this frog into a prince? It’s the offer of a £100 bonus which reduces the annual bill to just under £527.
That’s £16 cheaper than the next best available rate for credit customers which is offered by SSE Airtricity.
There are several conditions attached but perhaps the most important is that customers are responsible for redeeming the total value of the bonus available.
Budget also offers a similarly priced deal for those with a prepayment meter. For a typical household using 3200 units a year, the annual bill including the standing charge is £634. However when a £100 Welcome Credit is taken into account that reduces to £534.
On a broader note, the wholesale cost of electricity has been coming down which, all things being equal, gives suppliers scope to cut their prices. Keep checking at enirgy.info to see what new deals may be coming onto the market.
Published on 19/01/2020
