With the PSO Levy having increased by 30%, now couldn't be a better time to switch energy providers.
The PSO levy increased by 30% on the 1st of October. The PSO Levy is charged to all electricity customers and is in place to subsidise renewable energy generation as well as peat and biomass power plants.
Give me the bad news
The new increase means that an extra €24.35 (incl. VAT) will be added to the existing annual fee, bringing the total yearly sum up to €104.74 (incl. VAT). This fee comes on top of your electricity bills and is charged to all Irish households and unfortunately, there’s no way of getting out of it.
And the good?
The good news is, even if you can’t avoid the PSO Levy, there are other ways that you can reduce your energy bills, the chief among which is, of course, to switch suppliers. With so many electricity suppliers in the market, there’s a lot of competition which is great news for customers looking for a good deal!
Why should I switch suppliers?
If you haven’t switched suppliers in the last year, you’re almost certainly on standard rates now, meaning you could save up to €175 by changing electricity suppliers today, and if you switch gas suppliers too that figure goes up to €324 (assuming you use an average amount of electricity. If you use more, you could save even more!).
We're also on our way into the winter months, which means bigger bills for most of us and not one but two suppliers have hiked their rates in the last week and it's looking like more will follow suit in the coming weeks and months... Currently, 86% of Irish households could be getting a better deal by switching every year because switching energy suppliers annually is, quite simply, the easiest and most cost-effective way to offset PSO Levy increases as well as any other price increases from your current supplier.
Is it difficult to switch suppliers?
If you haven’t switched suppliers because you think it’s a lot of hassle to do so, let me put your mind at ease.
The whole process takes just a few minutes and can be completed entirely online. You don’t even have to speak to your existing supplier or the one you want to switch over to as we take care of the awkward conversations for you! All you have to do is carry out a comparison on our Compare and Switch Electricity page, enter your MPRN, a recent meter reading, and some personal details and we’ll take care of the switch for you.