Switch & Save

01/11/2024: Only 12% of households switched electricity plans in 2023, a 30% drop from the previous year.

New figures released by the Commission for the Regulation of Utilities (CRU), revealed just 294,669 customers switched in 2023, compared to 418,597 in 2022. Gas switching also dropped by 23%, with just 98,157 gas customers moving suppliers.

If customers had switched to the cheapest plan each year for the past four years, they could have saved up to €946 on electricity, €775 on gas and €2,018 on dual fuel.

30/10/2024: Avant Money is reducing mortgage interest rates on its two fixed rate mortgages.

Avant Money’s One Mortgage, which allows customers a fixed rate for the full term of the mortgage, will see rates reduced by up to 0.40% and Avant Money’s four-year fixed rate mortgage will see rates reduced by up to 0.20%.

The new rates on both mortgage products will start at 3.40% for loan to value (LTV) mortgages of less than 80%.

The new rates will apply to all mortgages drawn down from 7 November 2024.

25/10/2024: AIB bank is launching two fixed-rate green mortgage products.

The new rates are for homes with a Building Energy Rating (BER) between A1 and B3, and start from as little as 3%.

The three-year fixed rate is available for homes with a BER of A1-A3, and starts from 3%, while the two-year fixed rate - for A1-B3 rated homes - starts at 3.15%

The rates will be available to new and existing customers from Saturday, October 26th.

29/10/2024: Irish households are paying €355 more a year for electricity than the EU average.

New figures released today from the statistical agency, Eurostat, reveal we pay over 30% above average - the second highest price in the EU after Germany - while gas prices are the fifth highest in the EU.

A dispersed population, increased pressure on the grid, and a heavy reliance on imported gas are some of the reasons for Ireland’s sky-high electricity prices.

21/10/2024: The European Central Bank (ECB) has announced a further 0.25% interest rate cut, the third drop this year. The recent drops are in response to rapidly falling inflation.

The latest decrease in the ECB refinancing rate - the rate tracker mortgages are based on, takes it to 3.40%. This reduction may prompt mortgage lenders to reduce their variable and fixed rate mortgages.

14/10/2024: One in eight electricity customers (171,400) and one in four gas customers (169,000) were in arrears on their bills in July.

The figures, released today by the Commission for the Regulation of Utilities (CRU), showed the average arrears on electricity bills is €435, with gas customers owing an average of €210.

The CRU said the number of domestic electricity customers in arrears has continued to rise since the final payment of the Government’s Electricity Credit Scheme was applied to customers’ accounts in March.

The number of gas customers in arrears reached record highs (25%) in March, May and June 2024, dipping slightly to 24% in July.

The figures also revealed that 171 electricity customers and 207 gas customers were disconnected for non-payment of bills in April.

01/10/2024: The Government has announced a raft of measures to help households with their energy costs this winter.

All households will receive an energy credit worth €125 by the end of the year and another payment of €125 at the start of 2025. In addition, those on qualifying benefits and those over 70 in receipt of fuel allowance could be eligible for an extra €300 lump sum.

In other budget measures, the lower rate of 9% VAT on energy bills is set to stay for another 6 months.

03/10/2024: A raft of measures to support struggling homeowners and renters has been announced as part of Budget 2025.

In this year’s Budget, the mortgage interest tax credit (MITC) scheme has been extended for another year. This means that mortgage holders could benefit from a tax break worth up to €1,250 on their interest payments.

The Rent Tax Credit, introduced in 2022, has been increased from €750 to €1,000 or €2,000 for a couple renting.

The Help to Buy scheme for first-time buyers, due to end in 2025, has been extended until the end of 2029.