MoneyPlus Energy: What happens to your energy supply?

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Switch Plan disclaims that they are not currently in partnership with British Gas
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MoneyPlus Energy is a small energy company that unfortunately went bust in September 2021. Ofgem have therefore appointed British Gas to take over their customer base. In this article, we will cover what MoneyPlus energy customers will need to know and what their options are going forward.
Last update: August 2022

MoneyPlus Energy has Gone Bust

As as result of the UK energy crisis that is currently occurring, MoneyPlus Energy has unfortunately gone bust and is no longer trading. To help you navigate this crisis we prepared for you a guide on what to do if your energy supplier goes bust along with a page compiling all the information on the energy market crisis to ensure you stay updated on a daily basis.

As part of the MoneyPlus Group, MoneyPlus Energy had recently entered the energy market. The group has been offering financial support to its customers for over 20 years, helping them to get the best possible deals on loans, credit cards and other financial deals. Moving into the energy sector, their aim was to work in a clear and simple way to save people money.

MoneyPlus Energy aimed at keeping things very simple. That’s why they didn’t offer any specific tariffs, just wholesale energy prices with a fixed monthly management fee. MoneyPlus Energy didn’t provide any more specific services than that.


MoneyPlus Energy MoneyPlus logo
Founded 2017
Ceased Trading 2021
Number of clients 9,000
Phone number 0161 5094747
Email theteam@moneyplusenergy.com
Login https://portal.moneyplus.com/login/
Address Delphian House, New Bailey St, Salford, Manchester M3 5FS, United Kingdom


What happened to MoneyPlus Energy?

MoneyPlus Energy, despite their best efforts, has been unable to survive the competition within the UK’s energy market and have gone bust as of September 21. What this means is that MoneyPlus Energy has ceased trading and is no longer supplying energy to anyone, in fact, the energy supply of all their customers at the time of going bust have been shifted to British Gas.

What should MoneyPlus Energy customers do?

It will take some time for MoneyPlus Energy customers to be completely registered in the British Gas system as customers, and during this transition time, customers will unfortunately not be able to switch. However, this does not mean you cannot do some research and find out what supplier you might like to switch to if you do not want to have British Gas as your supplier.

To determine when you are officially in the British Gas system, we recommend you call the British Gas general service number 00 44 113 298 0900 to confirm that you’ve been recognised as a customer.

How many customers did Moneyplus Energy have?

At the moment of going bust, MoneyPlus Energy had 9,000 customers no information about the number of customers using MoneyPlus Energy. However, customer feedback was positive and they were actively seeking new customers to join their new way of providing energy.

What British Gas tariff will I be switched to?

Unfortunately, because MoneyPlus Energy’s energy supply system did not use traditional style tariffs contracts it is likely that MoneyPlus Energy customers will be switched to British Gas’s standard variable tariff. It is important to know that this tariff may be expensive, so we highly recommend that you either switch your tariff plan with British Gas or switch to a new supplier entirely.

What should I do if I want to switch suppliers?

Even though Ofgem, the governing body within the UK’s energy market, decided to transfer MoneyPlus Energy customers to British Gas does not mean that it is the best available supplier for you. You can give our resident energy experts a call today and with only a short conversation they’ll go over some of the best options for you as an energy consumer, they can walk you through the process step by step and save you a considerable amount of money every year! Give us a completely free call today at 0330 818 6223 to get started and we’ll show you how easy it is to find the right supplier for you.

Our energy experts are here to help

Free service - Available Monday to Friday from 8.30 am until 5.30 pm

Being Absorbed By British Gas

As a result of their closure Simplicity Energy customers have been transitioned to British Gas as their Energy Supplier. For sake of convenience for Simplicity Energy customers that are now getting their energy from British Gas, we have supplied information about British Gas’s most popular tariffs below.
British Gas offers a choice of tariffs that appeal to a range of different needs including one variable rate tariff, one pay as you go tariff, and four distinct fixed-rate tariffs.

British Gas Tariffs

British Gas average annual total tariff costs

Below are the average total annual costs for the more popular British Gas tariffs. These costs are based on the assumption that the household has a standard meter and the tariffs are listed as dual fuel packages, but each gas and electricity tariff is also available on its own!

Below you can find the cost information associated with these tariffs.


Plan name Tariff type Is the tariff live? Average electricity annual cost (£/year) Average gas annual cost (£/year) Average total annual cost (£/year) Exit fees (£/fuel) Green tariff**
/ Standard Variable £ 1,274.92* £ 1,481.07* £ 2,755.99* £ 75.00 ✖️
/ Fixed
12 months
£ 1,274.92* £ 1,481.07* £ 2,755.99* £ 75.00 ✖️
/ Fixed
24 months
£ 1,087.49* £ 1,481.07* £ 2,568.56* £ 75.00 ✖️
/ Green
Fixed 12
£ 1,298.93* £ 1,505.09* £ 2,804.02* £ 75.00 ✔️
/ Green
Fixed 24
£ 1,298.93* £ 1,505.09* £ $UK_NRJ_BG_DF_GF24_annualc$* £ 75.00 ✔️
/ Prepayment Variable £ 1,298.93* £ 1,505.09* £ 2,804.02* £ 75.00 ✖️

* All live tariff rates are updated weekly. Prices vary from one city to another, so we chose to display national averages.
* 2,900.00 kWh of electricity and 12,000.00 kWh of gas per year on average, according to Ofgem’s Typical Domestic Consumption Values (TDCV).
** Is a Green tariff if all the energy consumed is compensated by renewable energy injections in the grid.
Including 5% of VAT.


British Gas Variable Rate Tariffs

British Gas currently offers only one variable rate tariff, which happens to be their standard variable rate tariff. What this means, as mentioned earlier, is that the rate prices of this tariff can increase or decrease on a near-daily basis to match the ongoing costs of energy within the UK. While there is less stability with this variable rate tariff because prices can increase or decrease often, it does have no contract or exit fees, so customers are free to change their tariff plan whenever they wish without any penalty.

The costs associated with this tariff can be seen here:


Plan name Tariff type Type of fuel Is the tariff live? Standing charge (p/day) Unit rate cost (p/kWh) Average total annual cost (£/year) Exit cost (£/fuel) Green tariff**
/ Standard Variable Electricity 42.01 p* 38.67 p* £ 1,274.92* £ 75.00 ✖️
/ Standard Variable Gas 31.85 p* 11.37 p* £ 1,481.07* £ 75.00 ✖️

* All live tariff rates are updated weekly. Prices vary from one city to another, so we chose to display national averages.
* 2,900.00 kWh of electricity and 12,000.00 kWh of gas per year on average, according to Ofgem’s Typical Domestic Consumption Values (TDCV).
** Is a Green tariff if all the energy consumed is compensated by renewable energy injections in the grid.
Including 5% of VAT.


British Gas Fixed Rate Tariffs

British Gas offers 4 different fixed line tariffs at present, all of which are uniquely different to meet the needs of as many different customers as possible.

The prices for these tariffs can be found here:


Plan name Tariff type Type of fuel Is the tariff live? Standing charge (p/day) Unit rate cost (p/kWh) Average total annual cost (£/year) Exit cost (£/fuel) Green tariff**
/ Fixed
12 months
Electricity 42.01 p* 38.67 p* £ 1,274.92* £ 75.00 ✖️
/ Fixed
24 months
Electricity 42.01 p* 32.21 p* £ 1,087.49* £ 75.00 ✖️
/ Green
Fixed 12
Electricity 48.59 p* 38.67 p* £ 1,298.93* £ 75.00 ✔️
/ Green
Fixed 24
Electricity 48.59 p* 38.67 p* £ 1,298.93* £ 75.00 ✔️
/ Fixed
12 months
Gas 31.85 p* 11.37 p* £ 1,481.07* £ 75.00 ✖️
/ Fixed
24 months
Gas 31.85 p* 11.37 p* £ 1,481.07* £ 75.00 ✖️
/ Green
Fixed 12
Gas 38.42 p* 11.37 p* £ 1,505.09* £ 75.00 ✔️
/ Green
Fixed 24
Gas 38.42 p* 11.37 p* £ 1,505.09* £ 75.00 ✔️

* All live tariff rates are updated weekly. Prices vary from one city to another, so we chose to display national averages.
* 2,900.00 kWh of electricity and 12,000.00 kWh of gas per year on average, according to Ofgem’s Typical Domestic Consumption Values (TDCV).
** Is a Green tariff if all the energy consumed is compensated by renewable energy injections in the grid.
Including 5% of VAT.


British Gas Prepaid Tariffs

In addition to their variable and fixed rate tariff plans, British Gas also offers a prepaid tariff plan that allows you to ¨top-up¨ your meter with as much energy as you would like to pay. The unit rates for this tariff plan, much like the variable rate tariff, are not locked and as a result the costs of this tariff may increase or decrease to reflect the costs of energy in the UK going up or down.

Costs associated with this tariff plan can be seen here:


Plan name Tariff type Type of fuel Is the tariff live? Standing charge (p/day) Unit rate cost (p/kWh) Average total annual cost (£/year) Exit cost (£/fuel) Green tariff**
/ Prepayment Variable Electricity 48.59 p* 38.67 p* £ 1,298.93* £ 75.00 ✖️
/ Prepayment Variable Gas 38.42 p* 11.37 p* £ 1,505.09* £ 75.00 ✖️

* All live tariff rates are updated weekly. Prices vary from one city to another, so we chose to display national averages.
* 2,900.00 kWh of electricity and 12,000.00 kWh of gas per year on average, according to Ofgem’s Typical Domestic Consumption Values (TDCV).
** Is a Green tariff if all the energy consumed is compensated by renewable energy injections in the grid.
Including 5% of VAT.



British Gas Tariffs

British Gas Economy 7 Tariffs

British Gas offers a range of E7 tariffs aimed at customers who have Economy 7 meters in their houses.

As previously mentioned, these tariffs have two distinct tariffs, one for peak consumption periods and one for off-peak periods.

The prices for these tariffs can be found here:


Plan name Tariff type Type of fuel Is the tariff live? Standing charge (p/day) Day Rate (p/kWh)* Night Rate (p/kWh)p* Average total annual cost (£/year) Exit cost (£/fuel) Green tariff**
/ Economy 7 Standard Variable Economy 7 27.48 p* 22.42 p* 13.28 p* £ 639.30* £ 0.00 ✖️
/ Economy 7 Fixed 12 months Economy 7 30.78 p* 24.05 p* 12.41 p* £ 668.02* £ 40.00 ✖️
/ Economy 7 Fixed 24 months Economy 7 32.96 p* 37.52 p* 17.65 p* £ 966.40* £ 50.00 ✖️
/ Economy 7 Green fixed 12 Economy 7 33.00 p* 37.52 p* 17.65 p* £ 966.55* £ 50.00 ✔️
/ Economy 7 Green fixed 24 Economy 7 37.89 p* 37.52 p* 17.65 p* £ 984.41* £ 50.00 ✔️
/ Economy 7 Prepayment Economy 7 37.89 p* 37.52 p* 17.65 p* £ 984.41* £ 50.00 ✖️

* All live tariff rates are updated weekly. Prices vary from one city to another, so we chose to display national averages.
* 2,900.00 kWh of electricity and 12,000.00 kWh of gas per year on average, according to Ofgem’s Typical Domestic Consumption Values (TDCV).
* Assuming the average Economy 7 tariff user consumes around 58% of his energy on peak and 42% off peak.
** Is a Green tariff if all the energy consumed is compensated by renewable energy injections in the grid.


Want to learn more about different UK energy suppliers?

What tariffs did MoneyPlus Energy offer?

MoneyPlus Energy had actually done away with their past tariff system, they believed that the tariff system was overly complicated and many energy suppliers used them as a tool to take advantage of their customers. Instead, MoneyPlus Energy had gone in a different direction and actually provides energy to its customers at wholesale rates and only charges a fixed monthly management fee on top of that, what this means is that you will have two sections on your energy bill:

  1. Your energy usage.
  2. Your energy usage.
  3. A fixed monthly management fee from MoneyPlus Energy.
  4. A fixed monthly management fee from MoneyPlus Energy.

Your energy usage costs would have been broken down as follows:

  1. Wholesale costs: which is the price they have to pay to buy the energy from the provider on the wholesale market plus some additional costs all energy suppliers incur
  2. Distribution and transmission costs: the costs that are incurred to keep the energy moving around the country, including daily charges and costs per unit of energy used
  3. Metering costs: meters are owned by independent companies who charge a monthly fee for use. There are also maintenance costs to consider
  4. Tax and environmental levies: Suppliers have to pay levies on all the energy they provide to support environmental commitments

As a customer, what this meant for you is that if the wholesale costs go down, then you benefit as they pass these savings on to you. If the costs go up, then so does your bill. However, even if energy costs rise your management fee would have remained fixed and as a result will always remains the same. MoneyPlus Energy says they work hard to always get the best deals in energy, and emphasize their competitive pricing during high energy consumption periods, such as winter months when prices can go up.

What is Wholesale Energy?

Wholesale Energy is the rate that energy suppliers pay to obtain the energy that they use to power your home. Every supplier need to buy energy from a Distribution Network Operator, or DNO, who will charge them a wholesale rate for the energy. Once most energy suppliers have this energy they will then raise the price and charge their customers how they see fit.

What is MoneyPlus group?

MoneyPlus Group is one of the UK’s largest and most trusted debt solution companies. They believe in going out of their way to help customers tackle debt, and are founding members of DEMSA. They have recently branched out into other services, offering legal advice and since 2017, energy supply to homes across Britain. MoneyPlus Group is one of the UK’s largest and most trusted debt solution companies. They believe in going out of their way to help customers tackle debt, and are founding members of DEMSA. They have recently branched out into other services, offering legal advice and since 2017, energy supply to homes across Britain.

Was MoneyPlus Energy any good?

Having a background in the financial sector has helped MoneyPlus Energy to establish itself as a trusted energy supplier. But how effective have they been entering the marketplace and what do their customers think?
At the moment of going bust they had a rating of 4.6 on Trustpilot. However, as a very new player in the energy sector, this was based on very few reviews. An impressive 84% of the reviews rated them as excellent, with a further 13% giving them a score of good. Just 3% of the reviews weree negative. On reviews.co.uk, MoneyPlus energy has a rating of 4.86 from around 230 reviews. The positive feedback tends to be around the good customer service and open and honest pricing.

Call us to switch your energy supplier for free!

0330 818 6223

Available Monday to Friday from 8.30 am until 5.30 pm

FAQ

Who is MoneyPlus Energy?

Part of the MoneyPlus Group, MoneyPlus Energy has recently entered the energy market, with the aim of working in a clear and simple way to save people money on their energy bills. As wholesale energy prices are going down, MoneyPlus Energy thinks they can do things differently, offering honest and open energy supply, so you know exactly where your money is going each month.

Are Moneyplus Energy customer reviews good?

The online reviews are mostly good but as a small and newly formed energy company, they are still limited. They are rated 4.6 on Trustpilot. From just 30 reviews

Do Moneyplus Energy have smart meters?

MoneyPlus don’t currently provide any smart meter service. However, you can use their supply if you have a smart meter. You need to be aware that some of the older first generation of smart meters may lose some of their functionality if you switch but newer versions should be fine.

Is MoneyPlus Energy cheap?

MoneyPlus Energy was set up to be a cheap and transparent provider, passing on wholesale costs and low charges to the customer. They set up as an energy company that worked in a very different way, after years of experience saving consumers money in the debt and private finance industry.

Updated on 18 Aug, 2022

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Alex

Consumer Energy Expert

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Flore de Garidel

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