The PSO Levy is decreasing by 55% from 1 October - a €57 annual saving on electricity bills
This is an even bigger decrease than what was initially proposed
Earlier this summer, the CRU announced that it planned to decrease the PSO Levy for 2018/19 and now this has been confirmed - and the decrease is even more substantial than what was originally proposed.
What is the amount of the PSO Levy decrease?
From 1 October, the PSO Levy will go from €92.28 per year (€104.74 including VAT) to €41.76 per year (€47.40 including VAT), representing a saving of over €57 on all domestic customer’s annual electricity bills.
What does this mean for me?
Essentially, this means your bills will decrease marginally from 1 October - most electricity bills are bi-monthly, so you’ll see the Levy amount decrease by around €7 on each bill from then.
Unfortunately, this PSO Levy decrease follows a slew of price hikes from Irish energy suppliers, which have already started to come into effect. These increases will add up to €180 onto the average dual fuel bill, so the PSO Levy decrease is really just a drop in the ocean compared to these.
These increases are going to hit bills especially hard as we move into the colder months and are using more energy at home.
According to Eoin Clarke, Switcher.ie’s Managing Director: “With the price rises coming into effect, it’s likely that the PSO Levy decrease is not likely to even be noticed by hard-pressed consumers by the time October comes around.”
How can I save on my electricity bills?
On top of the PSO Levy decrease, you can make significant, immediate savings on your energy bills just by switching to a cheaper deal.
Despite the hikes, the average electricity customer can still save up to €156 by moving from a standard tariff to the cheapest deal on the market, and dual fuel customers can save up to €289.
Switching only takes a few minutes, so it’s well worth taking the time before the cold weather and higher energy bills start rolling in.