Switch & Save

05/09/2024: Electric Ireland has announced a reduction in its residential electricity and gas prices, as of 1 November 2024.

Today’s announcement will see a 3% decrease in the standard unit rate for electricity and gas and a 5% decrease for Smart Meter Tariff customers. The rate decrease will see a typical dual fuel customer save €713 (including VAT) per year.

1.1 million customers will benefit from the cuts to standard and smart meter plans, the third decrease in 12 months.

All domestic electricity and gas customers on variable rates in the Republic of Ireland will have the reduced rate automatically applied to their bills from 1 November 2024.

16/08/2024: New lender MoCo is cutting its fixed rates by up to 0.5%, from today.

The new interest rates apply to MoCo’s three and five-year fixed-term mortgages.

Depending on the loan to value, the lowest five-year rate now available is 4.05%, while the lowest three-year rate is 4.10%.

The changes are available to all new customers and any active applications that have not been drawn down yet.

02/08/2024: Households are spending €63 per week to heat and light their homes.

New survey results from the CSO revealed a 63% increase in heating and lighting costs in the past seven years, due to rising wholesale energy prices.

Overall spending in a typical household was around €1,000 a week. .

01/08/2024: The PSO Levy - a government charge all electricity customers must pay - will jump to €3.52 per month or €42.25 (including VAT) for the year 2024/2025.

The levy, which was set to a zero figure last year (1 October 2023 - 30 September 2024), is due to increase from 1 October.

The Commission for Regulation of Utilities (CRU) who set the levy, said the rise is due to a drop in wholesale energy prices.

The PSO levy ensures that renewable energy operators receive a guaranteed price for electricity.

If wholesale energy prices rise, the levy will drop. However, if wholesale prices decrease like they did this year, the PSO Levy will increase.

01/08/2024: ICS mortgages are reducing their three and five fixed mortgage rates by 0.35%.

The new rates - starting at 4.65% for new customers - will be available from 1 August, while customers on existing fixed rates will be unaffected.

29/07/2024: The number of households behind in their electricity bills has increased to 11% in April vs March.

New figures from the Commission for the Regulation of Utilities (CRU) reveal that average amount owed on an average electricity bill is €455, while an average of €240 is owed by those in arrears on their gas bill.

Just over a year ago, the average outstanding amount on a domestic electricity bill was €311, and it was €154 on gas.

This means the average electricity arrears amount has risen by 46% since then.

11/07/2024: Avant Money is now offering a new high value 4-year fixed rate for customer requiring a €1m+ mortgage.

With rates from 3.45% to 3.65%, depending on loan-to-value, the product offers favourable rates for those needing a mortgage of more than €1m.

This mortgage product does not offer the 1% cashback switcher incentive, although 1% cashback is available for other high-value fixed-rate customers who switch their mortgages.

28/06/2024: AIB is reducing its four year mortgage rate for customers borrowing €250,000 or more. The rate will be cut by 0.25% from 3 July 2024.

The new rate is also available to existing AIB mortgage customers seeking to switch. Customers who are remortgaging and meet the criteria could also benefit from AIB’s Switcher €3,000 cashback offer.

The latest decreases follow several cuts to green mortgage rates in April 2024.