So Energy began taking on domestic energy customers from November 2015.
While their prices are certainly competitive, So Energy, like many of the growing number of new energy suppliers that have entered the market recently, is very much an unproven entity. However, so far they have made a promising start.
What we like about them is this.
They have a well thought through proposition, a cool domain name, a swanky looking website and some distinctive tariff names.
Most importantly, they actually raised some capital before starting the business. Since their initial £32,000 investment round they appeared to have secured additional funding of £150,000 to support growth. This gives customers some level of protection over any money in their account in the event that the company runs into financial difficulties. You would be surprised how many other small suppliers are setting up businesses with capital of only £100 (shocking fact - you can actually get an Ofgem energy supply license with starting capital of only £1 (one British Pound)).
However, if you are thinking of switching to So Energy, be aware of your first direct debit is taken on the day you come only supply and you are required to always maintain a positive credit balance in your account.
Also their "Low Price Policy" seems to be more of a goal rather than a promise.
So Energy is a very new gas and electricity supplier that entered the domestic energy supply market in November 2015. They make a number of claims about the service they plan to offer.
They state that their company is based on "simplicity, honesty and great value."
So Energy believes that "Life's too short to be trying to work out if you're paying the right amount". (Being an award winning energy price comparison website ourselves we would obviously disagree with this statement but accept that this is a matter of opinion). From their perspective it is why they claim that they are "committed to being one of the best value energy suppliers in the UK."
To support that commitment So Energy has a "Low Price Policy" which reads...
"We are committed to keeping prices low. Our promise to you is that our one fixed rate tariff will always be one of the best deals available, giving you peace of mind and ensuring great value."
"We aim to be in the cheapest 10% of all tariffs available."
All sounds good - and we don't want to be too picky - but there are a few things you should be aware of.
Firstly, the promise only applies to their one fixed tariff. Once your tariff expires (after 12 months) and you are moved to their Standard Variable Rate tariff, then the Price Promise goes.
Secondly, their promise is just a little too vague for us. In fact it is more of a "goal" than a promise. So all in all it probably sounds better than it is.
Finally, So Energy claim "Quick, simple and hassle-free switching". You can get a quote and switch to them in less than 5 minutes; you will apparently be on supply with them 21 days later. Alternatively you could try us - TheEnergyShop.com - we think we are simpler and quicker and we have won several prestigious awards which we believe support this.
The Company operates from offices in Chiswick, West London.
So Energy offers a very simple range of energy tariffs primarily targeted at customers who want to pay by Monthly Direct Debit and to manage their account online.
So Energy offers gas only, electricity only and dual fuel tariffs.
So Energy does not at present supply prepayment meter customers.
So Energy is not signed up to the Warm Home Discount scheme.
Based on our review, we award So Energy no Stars.
Our service rating is based on the proportion of switches undertaken on the The Energy Shop energy price comparison and switching platform that complete successfully first time around. As we do not deal with So Energy for customer sign-ups we have no insights into how good or bad their processes are. As such we have not awarded them a service rating. Please note that this does not necessarily mean that they are poor but, if you are switching to them, you are strongly advised to do your own due diligence.
So Energy is signed up to the Energy Switch Guarantee.
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