“The next stage in the energy industry’s ongoing commitment to being open, transparent and fair to customers has arrived. There are now three new comparison tools which will make it easier for customers to find the best deal and manage their energy use.
“Energy companies will produce the Tariff Comparison Rate, the Tariff Information Label and the Personal Projection. This follows the reduction in the number of tariffs and simplification of tariffs, all of which are making energy simpler, clearer and fairer for customers.”
The new comparison tools are:
- Tariff Comparison Rate
The new Tariff Comparison Rate or “TCR”, which is a bit like the APR for interest rates, will help you to compare tariff prices at a glance. The TCR is measured in pence per kilowatt hour (p/kWh) and based on an average energy user.
- Personal Projection
The new Personal Projection will be used to estimate what you will pay on a tariff based on your own usage or your supplier’s best estimate of it. You will get a Personal Projection on your bills. It will also be used for quotes.
- Tariff Information Label
A new Tariff Information Label will be produced for every tariff to allow customers to easily understand key facts about their tariff and compare it with others. The label will be on suppliers websites and annual summaries, and a short form on bills.
Get more information on the wensite.