The CER's latest report shows only 19% of us are availing of electricity discounts
This means over 80% of electricity customers are missing out on hundreds of Euro in potential savings
The CER’s latest Retail Markets Report came out last week.
Standard v Discounted electricity tariffs
The report shows that 81% of Irish customers are on standard electricity tariffs, which have the highest unit rates. This really highlights how many of us are missing out on hundreds of Euro worth of savings by not availing of discounts in the market.
According to the report, the average electricity customer who was on a standard plan between April and June was paying between €1,124 and €1,228 per year for their electricity, while discounted electricity plans started at just €967.
And, in fact, the savings are even greater now, since Energia launched its Clever Electricity (32% discount) tariff in September. This plan will cost the average electricity customer just €919.30 per year.
Standard v Discounted gas tariffs
The numbers are slightly better for gas, with just over 30% of us availing of discounted tariffs. However, that still means a whopping 70% of gas customers are missing out on savings.
For the period reviewed in the report, the average gas customer on a standard tariff was paying between €938 and €960 per year for their gas, while the discounted plans started at just €782.
Gas and electricity prices are decreasing
It’s also clear from the report that unit rates for both standard and discounted gas and electricity plans are on a downward trend.
However, there is still a huge variation in price between different suppliers, which means that if you want to save money on your energy bills, the best way to do so is to compare plans and switch provider.
At the moment, the average dual fuel customer can save up to €318 by moving from standard tariffs to the cheapest deals on the market - and switching only takes around 5 minutes!