Electric Ireland becomes third supplier to announce a price rise
Electricity prices for residential customers to rise 4% from February 2018.
Last week we had price hike announcements from SSE Airtricity and Bord Gáis Energy, and now Electric Ireland has followed suit, announcing an increase in its electricity prices for domestic customers, too.
From 1 February 2018, Electric Ireland’s electricity tariffs will go up by 4%, which means an increase of about €35 for an average Electric Ireland electricity customer.
Electric Ireland says this increase is unavoidable due to the increase in wholesale costs - the latest figures from Vayu Energy show wholesale electricity prices are up 28% year-on-year.
How can I save on my electricity bills?
Whether you’re a customer of one of the suppliers who has introduced a price hike or not, if you haven’t switched supplier in over a year, you will save by doing so.
Many people are put off switching by fear factors, such as not wanting to get tied into a contract or being unsure about the savings that can be made.
But in most cases these fears are unfounded. Energy contracts typically only last for 12 months, and all suppliers use the same pipes and cables to supply energy to your home, so you don’t need to worry about a loss in service.
Average gas and electricity users could save up to €324 by switching from typical standard tariffs to the cheapest deals in the market - and if you live in a large household with higher consumption, you can make even bigger savings.
How do I switch gas and electricity?
The switching process is really simple, and only takes a few minutes. All you need to do is:
- Find a recent energy bill and log-on to Switcher’s free gas and electricity comparison tool. Enter your basic details - such as your current supplier and your typical energy usage in kWh - and we’ll then show you the tariffs available and your potential savings.
- Review the proposed energy plans, select the one that suits you best and fill in the online application form.
- Enter a final reading of your energy meter so your old supplier can close your account and send you a final and accurate bill.
Then all you need to do is pay your final bill, and cancel your direct debit to your old supplier. Your new supplier will get in touch with a welcome pack and you’ll be all set.