×
Dailystar

Switch every year to reduce energy bills - “Homes can save €300”

HARD-PRESSED home owners have been advised to switch energy providers to save cash.

 Kevin JENKINSON

HARD-PRESSED home owners have been advised to switch energy providers to save cash.

Top price-comparison firm Bonkers.ie revealed that the arrival of Energia could spark an energy price war and result in savings of €300 a year.

Bonkers.ie boss Simon Moynihan believes one-year sign-up discounts at the energy provider could save new customers up to €305 (€140 on gas and€165 on electricity).

However, he added that if Energia's standard charges are not lower than that of their competitors, after the"discount year" expires customers could switch to another company to take advantage of a new sign-up deal.

Mr Moynihan explained: "There are four domestic gas and three electricity suppliers who provide a discount period of a year when you sign up.

"After the year you go back up to the standard rates, so it is wise to keep a calendar note to remind yourself.

"It benefits people to keep an eye on what the best deals are and to switch if another supplier is cheaper."

Energia will enter the market next week following a spate of recent energy price hikes — which included a 1.7 percent rise by Electric Ireland this month.

Family

Mr Moynihan said energy prices soared recently for the third time in just over two years — increasing energy bills for the average family of four by around €475.

"If people switch now they can save an average of €270 a year on standard rates," he added.

Energia has two power plants in Huntstown, north Dublin, which are capable of providing one-fifth of the country's electricity, and they are also huge users of wind generated power.

Their parent company is Viridian, which is based in the North and owned by Bahrain investment firm Arcapita.

The company already supplies electricity to around 65,000 businesses in Ireland.

By using this website, you agree to be bound by our Terms of Use and consent to the use of cookies in accordance with our Cookie Policy.