If you follow our blog, you’ll know that the number one piece of advice we always give to our customers when it comes to their energy bills, is to make sure to switch suppliers every year. But what’s the big deal? Why is it so important? Simple - because it pays to do so!
So how does switching suppliers every year help me save money on my bills? Let’s start with a little background info…
The Irish gas and electricity markets were fully price deregulated in 2014. Since then, we’ve seen a healthy rise in competition between energy companies, which means that there’s more choice and lower bills for households.
There are now ten energy suppliers on the Irish market but despite the high amount of choice, most people are still paying more than they have to for gas and electricity every year.
How do we know this? Well, a recent report from the Commission for Regulation of Utilities (CRU) found that 58% of electricity and 53% of gas customers have never switched suppliers since deregulation and the fact of the matter is; if you haven’t switched suppliers in the last year, let alone ever, you’re almost definitely overpaying for your energy!
How does switching every year save you money?
Many consumers are unaware that in order to drive up the competition, competing suppliers offer great, usually, contract-length discounted rates and sign-up incentives to attract new customers.
Wait, what does that mean?
What this means is that when you sign up with a new supplier you’ll usually be offered a discounted rate on your gas or electricity and these discounted rates typically last for a period of 12 months (also typically the standard length of a contract). These discounts make for some significant savings on your energy bills.
In fact, you could make an average saving of close to €300 right now by switching your gas and electricity from standard rates to the cheapest deals currently on offer.
But what are standard rates?
Standard rates refer to the rate that you fall back on once your introductory discount runs out. Most discount rates last for 12 months (although there are exceptions). This means if you haven’t switched energy plans in more than a year you are almost guaranteed to save money by switching now.
Isn’t switching a big hassle though?
Contrary to what you might expect, switching suppliers is actually a super easy process. You only need a couple of bits of info such as your MPRN or GPRN (found on the top of your energy bills) as well as a recent meter reading and then you’re ready to go!
If you’re ready to compare and switch suppliers and save nearly €300 right now, check out our price comparison and switching page.
Don’t forget to set a reminder for next year!
When you switch, make sure to set a reminder to shop around and switch again at the same time next year to ensure that you always stay on top of the best deals out there. Your pocket will thank you for it!