Junior energy provider Bulb announced today that it would be raising energy prices by 5.1 per cent for its 450,000 customers after an increase in wholesale energy costs.
The Vari-Fair tariff average bill price will now be £923 per year, up from £879, which is an added £4 per month and will come into effect on 12 August this year.
This comes just after all of the Big Six energy providers announced that they would be increasing tariffs, SSE the last to do so last week, but the company's tariff still remains cheaper and there is no penalty for leaving as there is no exit fee.
Hayden Wood, co-founder of Bulb, said: “Bulb is committed to supplying energy at a fair price … When wholesale energy costs change, our tariffs does too.”
“These costs have climbed throughout 2018, and are now 21 per cent higher than they were in February. As a result, from August, our price will be going up by £4 per month for the average Bulb member.”
The company, which only gets its energy from renewable sources, will give its customers 60 days' notice, which is double what Ofgem recommends.
Bulb is a fairly new addition to the energy sector and was started in 2015 by Hayden Wood and Amit Gudka and puts its focus on clean energy and lower tariffs.
Wood continued: “Despite this rise, we remain one of the cheapest suppliers in the UK. We'll continue to deliver simpler, cheaper, greener energy for all our members.”