The last couple of months have not been the easiest for consumers when it comes to energy prices, as most, if not all suppliers' prices are trending in one direction and one direction only.
Electric Ireland has announced today that it's increasing both its electricity and gas prices.
The move will affect over 1.1 million electricity customers and 140,000 gas customers.
This is bad news as well considering the increasing likelihood of further increases in a no-deal Brexit scenario, as Ireland currently imports almost 90% of its total energy, the majority of which comes from the UK.
What's increasing?
Electric Ireland will increase its electricity prices by 4% and its gas prices by 4% from 1st April 2019.
This equates to an increase of €38.40 a year (incl. VAT) for electricity and €29.88 a year (incl. VAT) for gas and is based on the typical residential customer who uses 4,200 kWh per annum of electricity and 11,000 kWh per annum of gas.
Typical usage is as defined by the Commission for Regulation of Utilities (CRU).
Just one of many
It has been a rough few months in general for energy customers.
Last year we saw a raft of price hikes from the energy companies, including Electric Ireland, who last increased their prices in August.
Marguerite Sayers, Executive Director, Electric Ireland commented:
“Electric Ireland is absolutely committed to keeping energy prices as low as possible. Last November, while some other suppliers increased prices, we implemented a Winter Price Freeze to ensure we protected our customers from the impact of rising costs for as long as we could."
“However, against the backdrop of much higher wholesale energy costs, we now reluctantly have to pass on some of these higher costs to our customers from 1st April 2019. We strive to continually offer our customers the best value in the market.
We remain the only Irish supplier to offer savings of up to 8.5per cent on an ongoing basis to reward our loyal residential electricity and gas customers, which is different and we feel benefits customers more in the long run than the one-year discount model for new customers favoured by many of our competitors."
For a more detailed explanation as to why prices are continuing to rise, check out this guide we wrote last summer.
How can I offset the price increases?
There are two ways you can offset the price increases and save money on your energy bills:
- Pay less for your energy by switching to a cheaper supplier
- Use less energy by monitoring your consumption and energy efficiency
Switching suppliers is the quickest and easiest way to save money.
Most of Ireland’s energy suppliers offer heavily discounted rates to new customers. However, these deals usually expire after 12 months. At this stage, if you don’t switch, your supplier will revert your plan to standard pricing and you’ll pay more for the exact same service.
So, if you remember to switch suppliers every year, you’ll ensure that you’re always on a discounted rate, which means you’ll never pay over the odds for your energy and you’ll always get the very best value for your money. No brainer, right?
Right now you could save €357 a year on average on your energy costs just by comparing and switching your gas and electricity suppliers. So why not give it a go with our energy price comparison service.
Another way to lower your energy bills is to consume less. You can do this by figuring out which appliances in your home use the most energy and then looking for ways to reduce your consumption.
Using smart thermostat and heating control systems like the Hive, Nest and Climote are great for this and will provide you with valuable insights into your energy usage, where you can achieve savings as well as allowing you to control your heating from outside the home.
Get in touch
Are you an Electric Ireland customer? How do you feel about today's announcement? Get in touch and let us know your thoughts.
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