The supplier said it would pass on savings from falling wholesale gas prices. However, it is increasing electricity prices due to higher network and policy costs.

Bulb, which has 1.6 million members in the UK and offers a single variable rate tariff, said the price changes will come into effect on 1 April for existing customers. Customers switching to Bulb will join on the new rates.

Members with typical energy use will save £78 a year on gas. For the same member, electricity rates are going up by £22. Overall, that’s a saving of £56 on their annual bill.

Members who just use electricity at home will see an increase in their annual bill.

A home with typical energy consumption will see their annual bill fall from £1,000 to £944.

Prepay members who top up for both electricity and gas will also see an overall fall in their annual bill but prepay members who only use electricity will see their bill go up.

Hayden Wood, co-founder and chief executive of Bulb, said: “Our mission is to reduce our members’ bills and cut their carbon emissions, so it’s great we’re able to cut bills for over one million homes. By having a single tariff, our members know they’re always on our best deal, whether they joined us four years ago or just signed up this week.

“The wholesale cost of gas has come down, so we’re passing those savings on to our members. Higher network and policy costs have meant we’ve had to put up our electricity prices, but most members will see their bills go down overall.”

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