It’s been a bad few weeks for energy customers, with three suppliers announcing price hikes for the first time in years. There is however, a silver lining, as the average savings figure you can make from switching gas and electricity has increased from €318 to over €360!
There’s been a lot of bad news lately concerning increasing energy prices (and just before the cold winter months too!) that have caused concern for many customers around the country. However, if you haven’t changed suppliers in the last 12 months and you’re in the market for a switch there certainly is a silver lining, as the average savings figure you can make by switching both your gas and electricity has gone up to over €360 - the highest figure we’ve seen in months!
Why are energy prices increasing?
Over the last number of months, energy customers have been dealt a series of blows. First, back at the end of the summer it was announced that wholesale gas prices had increased by 30%, then the PSO levy also increased by 30% kicking in on the 1st of October, adding about €25 extra to your annual electricity bill and then not one, not two, but three energy providers announced price hikes in the coming weeks and months.
How are savings figures calculated?
So you might be asking, where do we get the €360 figure from? Well, it’s a combination of two factors; first, we take the annual national average consumption figures for gas and electricity (11,000 kWh and 4,200 kWh respectively). Next, we use those figures to calculate the biggest savings you could make by switching your gas from our benchmark supplier (Bord Gáis Energy) and your electricity from our benchmark electricity supplier (Electric Ireland) to whatever are the cheapest corresponding suppliers at that time.
Let’s illustrate this with an example. Here’s how we get the €360 figure:
A customer with average energy consumption getting gas from Bord Gáis Energy and electricity from Electric Ireland on standard rates, will currently stand to save €360.10 switching to Flogas for gas and Energia for electricity. It’s that simple.
How can I switch?
Switching gas and electricity suppliers is a quick and painless process using bonkers.ie and should only take you a few minutes. All you’ll need to do so is your MPRN and your GPRN (which you can find at the top of any previous bills) along with a recent meter reading and you’re good to go! Here’s a quick video explaining the process.