SSE Airtricity to increase electricity prices by 5.6% from 1 November
The increase comes to €0.90 per week for the average electricity customer.
This morning, SSE Airtricity announced it is increasing its electricity prices by 5.6% from 1 November.
This means an increase of €0.90 per week for an average electricity customer on SSE Airtricity’s 24hr SmartSaver standard tariff - which comes to €46.80 over the course of the year.
What is the reason for the price increase?
SSE Airtricity have said that increasing prices was not an easy decision - the hike is the company’s first price increase in four years.
The supplier says increases in regulated networks charges, as well as the widely-reported period of rising wholesale energy costs, are the key factors in their decision to increase prices.
Does this mean more price increases are on the way?
It’s hard to say for sure, but in the past there has definitely been a trend of suppliers taking the lead from each other when it comes to price rises and cuts.
This is bad news for anyone already struggling to meet the costs of household essentials, especially as we come into the colder winter months.
What can I do if I’m impacted by this price increase?
If you’re impacted by this price increase - or you’re just worried about the cost of your bills coming into the winter - there are a couple of things you can do to take back control.
Firstly, take some energy-saving measures at home to ensure that your home is as energy-efficient as possible. This will mean you’ll cut down on energy consumption, which should help to lower your bills.
Secondly, you need to make sure you’re paying as little as possible for the energy you do use. Energy suppliers offer valuable discounts to new customers paying by direct debit and receiving bills online, and some suppliers are offering retention discounts to their long-term customers too.
However, if you have been with the same supplier for a number of years, by far the biggest saving can be made by switching to a cheaper deal.
At the moment, the average dual fuel customer can save up to €324 by switching from typical standard tariffs to the cheapest deals on the market.
It only takes a few minutes, and all suppliers use the same network, so you won’t have any loss in service. And the savings you make could make a massive difference - particularly if more price rises are on the way.
And, remember, if you are dependent on long-term social welfare payments - such as State pension, the One-parent Family Payment, or Jobseeker’s Allowance - and are unable to provide for your own heating needs, you may be eligible for the fuel allowance, which could be a big help, too.