Understanding Your Energy Bill – The Lowdown

Understanding Your Energy Bill with Wise Energy

Looking at your energy bill with a feeling of dread and confusion?

Here’s what you need to know to better understand your bill:

1. Account number. This is provided when you set up your account and is unique to you and your household. Keep this number to hand when contacting the energy company to ensure that they can identify you as quickly as possible.

2. Statement period. This will establish the time period in which you are being charged for.

3. Estimate or actual bill? Your energy supplier will state here exactly whether you are being charged for the actual household usage or an estimated amount based on your previous usage. Providing accurate and frequent meter readings will provide precise information to the supplier.

4. The tariff. This is the title of your current tariff. When changing your energy deal with a supplier, they may ask for this to establish a more competitive deal.

5. Payment. This will identify the direct debit amount being taken or the amount left to pay.

6. Account information. A breakdown of account activity, including current charges, account balance and how much you have previously paid. It also highlights any discounts or additional charges, alongside VAT. VAT is currently levied at around 5%. A more detailed account of these charges is attached to the end of your bill.

7. Energy usage. Highlights how much energy you have used within a certain period currently and compares it with last year’s bill. This is particularly useful for establishing if you need to cut down on energy consumption.

8. Other deals. Competitive tariffs often reside here, highlighting cheaper deals available to you. It may also be worth speaking with other energy suppliers to establish the cheapest and most appropriate tariff for your needs.

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