COVID-19 Update - Despite the current coronavirus restrictions you can still switch your energy supplier.
Want to cancel your energy plan and switch to a new supplier? Here’s what you need to know about exit fees and cancellation charges.
Early exit fees, also known as early cancellation fees or termination fees, are often added as a condition of cheaper fixed-rate energy tariffs or discounted deals.
It means you have to pay a charge for leaving your supplier early.
You will not have to pay exit fees if you are on a standard tariff which isn’t discounted.
These charges are applied to discourage you from switching to another supplier in the middle of your contract.
Most gas and electricity contracts are for 12 months (known as the ‘minimum term’), although there are some 24 month contracts on the market.
After the contract period has ended, you can switch to a new supplier without penalty.
If you’re unsure when your contract ends or whether you’re on a standard tariff, check your paper bill or online account. If you are still not sure, get in touch with your energy supplier to check.
Once you’re out of contract, you can save money by switching to a new supplier who offers a discounted rate.
If you do decide to cancel your contract within the minimum term, you’ll usually have to pay an early exit fee.
We have outlined the current early cancellation fees for each supplier.
|Supplier||Exit fee (single fuel)||Exit fee (dual fuel)|
|Bord Gais Energy||€50||€50|
|Prepay Power||€50 to remove meter and daily standing charge***|
* Glowpower also offers plans with no exit fees ** the amount you pay per month until the end of your contract *** until the end of the contract
If you haven’t changed your supplier in over a year, the chances are you’re outside your minimum term and free to switch without penalty.
Switching energy suppliers is simple and straightforward. We help with the process so it’s easier to start saving on your energy bills. It only takes a few minutes, and the average dual fuel customer could save up to €476.
All you need to do is:
Take a look at How to switch your gas and electricity for more info about switching and our helpful step by step guide.
The majority of energy tariffs in Ireland are ‘variable tariffs’ which means that fuel prices can rise or fall during the contract.
If your supplier has made a significant price hike, and you’re still in contract, it might work out cheaper to pay the exit fee and switch to a cheaper plan.
Just remember to factor the exit fee into any calculations you make when you’re comparing plans and working out your savings.
If you’re not ready to switch your supplier to save money, you can still reduce your energy bills by taking some energy-saving measures around the home.