As you will most probably be aware, Ofgem has started 2014 with aplomb in terms of ensuring home and business energy customers are given more information regarding their bills and usage.
A big part of this was the introduction of Personal Projection and the latest instalment of our Energy Guides looks to offer some clarification regarding this and let you know just how this is calculated. Used correctly, you could well use these projections along with Love Energy Savings, to find yourself a better deal for your gas and electric.
Personal Projection & The Retail Market Review
You may well have heard about the Retail Market Review (RMR), and personal projection fits in with this nicely. Due to the fact that Ofgem is the regulatory body overseeing this energy tariff reform, they launched this review to ensure that all energy suppliers complied with the necessary changes. In addition to this, the review established exactly what was confusing business and home energy customers when it came to their bills and allowed them to compare electricity and gas prices more easily. Finally, the new requirements came into force for energy suppliers which included more transparency and the personal projection which predicted how gas and electricity costs may change over the next 12 months.
How Is Personal Projection Worked Out?
In a nutshell, this personal projection is an educated guess at how future gas and electricity costs may change over a year-long period. This better enables home and business energy customers to manage their finances and take control of their energy usage. These calculations are made taking into account the current energy tariff and factoring in any predicted price rises or reductions. So, if British Gas Energy Supplier for example, state that they will be freezing or increasing prices, this will be indicated in any consumer’s personal projection.
What If I’m On a Fixed Rate Contract?
If you have agreed a fixed term energy contract for your home and business, then you can still make use of a personal projection. It will still take into account what you energy costs would be when your fixed rate deal expires and you are rolled over onto a standard rate tariff. Of course, Love Energy Savings would always recommend that you get in touch with us before this happens so we can negotiate you a far better home or business energy deal. To do this right now just click here…
It is important to bear in mind that if this is the case then your personal projection is unlikely to be as accurate as it will be for other consumers. The reason for this is that the figure will be an amalgamation of two different plans. So, if you are on a fixed rate contract until February 2015 then your personal projection will be a certain figure until then but could well rise afterwards when you start on a standard rate energy tariff. The moral of this story? By all means use your personal projection to organise your energy consumption but be sure to take advantage of the free resources available here at Love Energy Savings to ensure you are not rolled over, that way you will not waste cash on expensive contracts.
Cheaper Energy Tariffs
Another requirement of the review and perhaps the most crucial one, is the fact that gas and electricity providers now have to display any cheaper tariffs available on your bill. Your supplier will work out that the cheapest options is for you (there is a chance you may already be on this deal) using your personal projection. Remember though, this will only be the cheapest energy contract they can offer you – not the best one on the entire market. To find this out, all you have to do is click the banner below and provide your postcode and supplier.
The state of the art technology we have here at Love Energy Savings, accompanied by our energy specialists, will then determine the very best deal for your home and/or business in the entire country. Our information is 100% accurate and remember, you will not have to do a single thing as we look after the entire process for you and never charge you a single penny!
What If The Maths Doesn’t Add Up?
Once you have completed a free energy comparison here at Love Energy Savings and the figure doesn’t match your personal projection, don’t fret. There are a number of reasons for this and we have already touched on the fact that being on a fixed term energy contract can skew these numbers.
The sheer number of different energy products out there makes the personal projection quite temperamental, but it is still a great indicator of whether you are being ripped off or not. If in doubt, just get in touch with the team here at Love Energy Savings who will provide you free and no-obligation advice when it comes to your gas and electricity bill.
If you enjoyed this energy guide, you can read lots more by heading to the Love Energy Savings Energy Help Centre. Our team of energy specialists have put together everything you need to know, from Fracking to the Retail Market Review!