People’s Energy (or The People’s Energy Company) was formed in 2017 with the aim of distributing profits to customers instead of shareholders to give back to the people. The company says 75% of its profits will be distributed to customers to keep energy costs low with the mission to end fuel poverty.
Currently, the company has over 117,000 customers and is not profitable, although has stated that it expects to be profitable in 2022. Definitely a good time to consider switching, as long as the tariff and prices make sense for you!
People’s Energy Tariffs and Prices
People’s Energy currently offers 5 tariffs, 3 of them are fixed tariffs, 1 variable and 1 pre-payment tariff. Below is a high level summary of the prices and tariffs available, however please note that these are for indicative purposes only and your actual rates will vary based on energy consumption and region.
|Plan||Tariff Type||Avergage Cost/Month||Average Cost/Year||Exit Fee (£/fuel)||Full Exit Fee|
|The People’s Tariff||Standard Variable||£90.23||£1,082.75||£0||£0|
|Standard 1 Year Fixed||1 Year Fixed Rate||£109.03||£1,308.39||£30||£60|
|Exclusive 1 Year Fixed||1 Year Fixed Rate||£104.86||£1,258.30||£45||£90|
|Standard 2 Year Fixed||2 Year Fixed Rate||£105.63||£1,267.56||£45||£90|
|The People’s Prepay||Prepayment||£94.38||£1,132.51||£0||£0|
These prices were based on the Typical Domestic Consumption Values (TDCV) defined by Ofgem where an average household uses 2,900 kwh of electricity and 12,000 kWh of gas. To see if People’s Energy is right for you, keep reading to discover customer reviews, alternatives and how to switch.
The current prices highlighted above are a bit odd as usually there’s an incentive to sign up to a fixed rate deal with lower prices instead of a variable rate where you can leave at any time without exit costs. Possibly there’s an expectation that prices will start to rise in the near future due to inflation and increases in the generation of energy.
Just to note, the general trend of energy prices has been increasing over the past few years so fixing your prices over a long period may be a good opportunity. Also, there are some energy companies that offer to pay exit fees, so if you did really want to switch there will be options available.
Trustpilot has over 8,000 reviews with 78% of them as either great or excellent and 4.1 out of 5 overall.
Many of the reviews cite quick response times and a smooth switch across from previous suppliers, often highlighting people by name which is great to see as shows people in customer support are taking ownership when dealing with problems.
For the bad reviews, a lot of them look like complex situations that have been difficult to resolve and they’ve taken a long time to get sorted. This is not the best to see, however if you do have a complex situation, such as a broken smart meter, probably best to discuss with their support team before making any commitments to switch.
In the most recent Which? survey of energy companies, People’s Energy came in 4th place out of 25, quite an impressive ranking. Outfox the Market ranked first in case you’re interested in reading their review.
Can I Switch with a Smart Meter?
For those people that already have a smart meter, you are able to switch to People’s Energy. Second generation (SMETS2) smart meters will transfer all functionality of automatically submitting readings, although if you have a first-generation smart meter, you may have to manually submit readings until it can be upgraded.
Do They Offer Smart Meters?
If you do not currently have a smart meter, People’s Energy is rolling out the second generation (SMETS2) smart meters to all customers. Definitely recommend going with a smart meter if you get the choice, no more having to manually submit your readings and each bill you receive is accurate, so you can more easily track your usage and look for efficiencies.
People’s energy strives to be an ethical company, as highlighted above their aim is to distribute 75% of the profits to help put an end to fuel poverty. They also claim that the highest earner will never earn more than ten times its lowest-paid employee to help reduce income inequality across the company. To be more open and transparent, they also publish board minutes on their website too.
|Phone Number||0131 285 5510|
|Address||Hercules House, Eskmills, Station Road, Musselburgh, EH21 7PB|
People’s Energy Alternatives
To make sure this People’s Energy review is well rounded I’ll make sure to include alternative providers that are also worth considering when choosing your new energy provider. As highlighted above, Outfox the Market came first on the Which? survey for energy companies.
Octopus Energy also frequently rank as one of the best energy companies with the lowest prices and are also excellent for those people that have the ability to restrict energy uses to certain times, such as those with electric vehdiles.
If you’re unsure which company to go for, have a read of this post where I detail exactly what to look for when finding the best energy deals to make sure you’re getting the cheapest deal that’s right for you.
How to switch to People’s Energy?
The best way to switch to any energy provider, including People’s Energy is to use a price comparison tool like Uswitch. This will then check a number of energy providers based on your area (as prices can vary by area) and give you access to a number of options quickly and easily.
Once you have chosen a supplier, you then follow the onboarding process that is usually very simple and in a few weeks, you’ll be with the new supplier.
Overall, People’s Energy is definitely a good choice for your energy provider. They have competitive tariffs, great customer reviews, are ethical and deal with complaints efficiently. One downside is that they do have quite high exit fees, their most expensive being £45 per fuel.
However, as this also fixes your energy price for two years it could save you money as the current trend of the market has regular price increases. So as long as when you sign up you compare prices with other providers and ensure they’re competitive for you, People’s Energy could be worth switching.
I’ve also started seeing a lot more advertising for People’s Energy in recent months, which shows to me they’re looking to grow, hopefully, this means more profit so they can distribute this to their customers and fulfil their aims.