Tariff Information Labels (TILs) are a simple breakdown of the key details relating to energy tariffs for gas and electricity. TILs are printed on consumers’ Annual Statements and energy bills and are available to view on energy providers’ websites as of 31st March 2014.
TILs have been introduced by Ofgem to give consumers easy access to key information about their current energy tariffs, helping to develop consumer understanding of the retail energy market and encourage consumers to compare the market and make more informed decisions about their choice of energy providers. The idea being that tariff information is then visible in a standardised format for which consumers can become accustomed to and therefore help build confidence when seeking a better deal for their home energy.
Each Tariff Information Label will include the following information:
An example tariff information label is shown below:
Details will also be displayed on the estimated energy use for a typical household on the same tariff, for low, medium and high energy users, including:
By reading the Tariff Information Label on your energy bill, you can see exactly how your energy bills are calculated on a monthly and annual basis. This allows you to conveniently assess your current tariff to see how it compares with others on the market, and ensure you are benefitting from the most competitive rates available.
As your TIL will provide details of your current tariff’s end date and any applicable exit fees on your monthly bills, you can also use this information as a reminder when you are coming to the end of your tariff or are considering switching your provider.
If you have any questions about how you can use the information on your Tariff Information Label or would like to see how UKPower.co.uk could help you switch your energy provider, call 0800 320 2000 to speak to one of our experts.