Image Is switching energy supplier worthwhile if prices are increasing?
Image Daragh Cassidy
Head Writer

Having experienced a spate of recent gas and electricity price increases, we’re somewhat in the midst of an energy crisis. However despite all suppliers raising prices, there still is value to be had by switching. 

The past few months have been unprecedented for the energy industry.

Prices have risen rapidly and there’s even been talk of blackouts this winter. 

Some suppliers have raised prices fives times this year meaning some households are looking at paying over €1,000 extra for their energy over the coming year.

Electricity increase vs October 2020

Gas increase vs October 2020

Estimated increase in yearly bill*

Bord Gáis Energy

+34%

+28%

+€540

Electric Ireland

+20%

+17%

+€323

Energia

+45%

+42%

+€805

Flogas

+71%

+55%

+€1,316

Panda Power

+69%

+54%

+€1,246

SSE Airtricity

+29%

+27%

+€503

*inclusive of VAT and based on supplier's 24-hour urban rate and a household using an average amount of gas and electricity as defined by the CRU. Increase also factors in changes to daily standing charge.

Due to all the price increases, a question we’re constantly asked here at bonkers.ie is whether anyone should bother switching supplier.

What’s the point if everyone is raising prices, right?

Well, it absolutely pays to switch and you need to do it now.

Here’s why...

The way the energy industry works 

There are 14 energy suppliers in the Irish market right now and most are still competing aggressively for new business.

In order to attract new customers they offer big discounts, of up to 40% or more, to new customers to entice them to switch. However these discounts usually only last a year, at which stage you’ll be bumped onto your supplier’s much higher standard rates unless you switch again. 

So even though prices are going up, you can still save up to 40% or more on the cost of your electricity and gas by moving supplier.

For example, if you’ve been with Electric Ireland for the past few years you’re likely to be paying its standard rate of 23.97 cent including VAT for electricity.

But if you switch to SSE Airtricity, you could get a rate of just 18.58 cent. 

On the flipside, if you’ve been with SSE for the past few years, you’re likely to be paying its standard rate of 26.55 cent for electricity.

But if you switch to Electric Ireland, you could get a rate of just 17.77 cent.

In short, it pays to switch, even in a period of rising prices as you still get a great discount for doing so.

When should I switch?

A lot of people leave switching until the winter months, usually just after they’ve got ‘bill shock’ from looking at their most recent bill.

That's somewhat understandable as energy costs are usually the last thing on our minds during the warmer and brighter months. 

But it’s important to switch to a cheaper deal BEFORE the heating goes on full blast and the weather gets colder. 

If you don’t switch now, your next bill after Christmas is likely to be anywhere from 20% to 80% higher than last year. And that would put a big dent in anyone’s pocket... 

But the good news is that it’s quick and easy to switch energy supplier and it can all be done online in the space of a few minutes right here on bonkers.ie.

How to switch energy supplier

To make the switch, simply head over to our energy comparison page to review the best deals from Ireland’s 14 energy suppliers.

You’ll only need a few things on hand to switch:

  • A GPRN number if switching gas and an MPRN number if switching electricity
  • A recent meter reading
  • A good estimate of how much energy you use
  • Some personal details, such as your address and bank account information

Read our helpful guide on what you need to switch suppliers for further information.

Reduce your energy consumption

After switching supplier, the second easiest way to lower your energy bills is to try to reduce your usage. This needn’t be a huge effort or hassle, as there are lots of small everyday changes you can make around the home that will make a decent impact without leaving you sitting in a freezing cold room with the lights off.

Here are 15 of our favourite tips to help you lower your electricity consumption - some might surprise you!

You can discover more energy saving tips with our blogs and guides.

Get in touch

Will you be switching energy suppliers to save this winter? We’d love to hear from you in the comments below!

Don’t forget that if you have any switching questions you can contact us. We’re on Facebook, Twitter and Instagram.