Your Gas and Electricity Personal Projection
The Office of Gas and Electricity Markets (OFGEM) has made several changes to energy bills in order to ensure that consumers have a good understanding about their energy costs. Energy personal projection is particularly difficult to understand for a common man, but below guidelines will make you learn about the calculations of personal projections; when you should obtain them and how you can make the most of it by switching to a more preferable gas and electricity plan.
Understanding Personal Projection
Out of many obligations that were implemented in 2014 upon energy suppliers and energy switching sites by OFGEM, Personal Projection was one of the most important tools aimed at providing consumers with information regarding the cost of their energy bills during the upcoming year, so that they could make a better choice pertaining to their current tariff plans.
Personal Projection helps to figure out a Personalised Cost Estimate on the basis of your previous energy consumption. It contains details of your energy utilisation while taking into account any discounts or charges relevant to your price plan and your method of payment.
If you are currently on a fixed tariff plan, then personal projection will enable you to check your future energy costs as your fixed price plan is close to its ending. It is important to bear in mind that personal projection estimate will vary as you approach the ending term of your fixed price plan, since it includes a combination of the remaining time on your current plan along with the time allocated for the new plan.
Use of Personal Projection in the Market
Once you have understood the concept of personal projection you can make use of it for various purposes. For once, you can utilise it to find out details about inexpensive gas and electricity plans that are offered by your supplier. Information pertaining to the lowest energy cost plans is estimated based on your personal projection, but it should be noted that the suppliers’ information is restricted to cheap energy plans they are providing and not the numerous economical energy plans that are available in the market.
You can seek out the most economical plan for yourself by browsing through different online energy comparison websites and make sure you find ones that are not biased, such as, the OFGEM-accredited websites.
How to Find the Best Energy Plan?
As mentioned previously, an impartial energy comparison online will help you calculate your personal projection, but only when you provide certain essential information. In order to get a precise comparison you will be required to give your postcode, current energy supplier’s name, existing tariff plan, and sometimes even your price plan’s ending date. Your plan’s end date, found on your energy bill, can play a very important role in determining your gas or power costs for the coming years.
Personal Projection Estimates on Bill vs Online Comparison Costs
Bear in mind that personal projection estimates and the figures you find through online comparison can differ. Why? There are many factors that affect your energy costs, such as, the time period of your tariff and even the type of tariff you are currently subscribed to.
For instance, if you have chosen the fixed price plan with a certain ending date, the projected estimate takes into consideration the remaining time in your fixed plan as well as the time you will be on the roll over plan during the next 12 months, meaning that the costs are liable to change more frequently and increase with time as you come close to the plan’s end date. On the other hand, comparison websites may or may not factor in the changes that occur in your energy consumption, owing to which, there may be differences in the figures obtained.