Often, when shopping around for a new energy provider you can come across so many unfamiliar terms it’s hard to understand if you are being offered a great deal or not. Here is a simplified breakdown of some of the energy slang you might find:
1. Standard Daily Rate
is the standard rate you will be charged on a daily basis. This is the charge for the fixed costs associated with your gas supply.
2. Standard Variable Rate
is the single unit rate per kWh you will be charged for the amount of energy units you use.
3. Level Pay
is a payment method that helps smooth your gas costs across the year. You’ll pay a monthly amount based on your previous year’s gas usage and pay by Direct Debit. It is calculated based on the energy usage of your home over the last 12 months. Readings are still taken on a regular basis. If there is balance owed or owing on your energy bill after the year, the balance is carried over to the following year.
4. Pay As You Go
is where you buy your credit and load it onto you meter prior to using your Energy.
5. Early Exit Fee
is the amount owed by the consumer if they choose to leave a contract before the duration of the contract is up. The cost of the early exit fee is stated in the terms and conditions. It can be one fixed price or the amount owed for the rest of your contract.
6. No Minimum Term
means there is no contract length associated with the product offer. No early exiting fees will apply if you wish to switch to an alternative provider at any stage.
Here is a helpful video on understanding your gas bill:
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