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Gas & Electricity

Why wait until January when you could save a whole lot of money today?

Simon Moynihan

Simon Moynihan

Director

With so many things on our minds at this time of year, most of us don't think about energy switching, but did you know this is actually one of the best times of the year to switch? And the savings are the greatest they've ever been!

Soon-to-be leader of the Free World, Donald J. Trump, reckons that “global warming is based on faulty science and manipulated facts,” and he also thinks it’s a Chinese hoax.

But we think he’s WRONG! Seriously, it’s 14 degrees outside right now and there’s only a couple weeks ‘till Christmas!

Chance of snow

Despite the Summer-in-December type weather though, the Met is saying that it’s going to get much colder, and even Paddy Power has cut the odds on a White Christmas in Dublin to 7/2 this year.

And if Paddy Power thinks there’s decent chance of snow, well who are we argue?

Now is a good time to switch

It’s the looming cold weather that also means it's a really good time to switch energy suppliers and get a better deal. Sure, we we’re all working to get Christmas sorted, but signing up to a cheaper deal now – instead of waiting until January – will mean that you’re paying lower rates during the coldest months, while you’re at home the most. Which just makes sense.

Cost of waiting until the New Year

Most of us don’t though. Switching increases enormously in January because the big winter bills come in when we’re all short a few bob and we think we must do something about it. Only then do we switch, after missing out on a couple of months of savings.

Last year 23,925 households switched electricity suppliers in December, and in January 28,684 switched. Which is a 20% jump.

The previous year, 20,715 households switched in December, then in January 25,268 switched. That’s an increase of 22%. It’s a bit of a pattern and it’s similar for gas switching.

Biggest savings on electricity and gas since deregulation

This is an interesting year for energy switchers though. There has been a price war, and the savings available to customers who switch from standard price plans are now the highest they’ve ever been.

An average household paying standard electricity rates can save €226 over the next 12 months just by switching providers.

And an average household paying standard gas rates can save €161 by switching gas suppliers.

Wholesale energy prices are going up again after years of falling, and you can be sure that energy companies will pass that on to us. So why not give yourself an early Christmas present now and save €387 over the next year? That’s €32 a month for an average gas and electricity household. And even Donald Trump would acknowledge that that isn't bad for a few minutes work.

*The figures used in this blog are from the Commission for Energy Regulation's latest "Customer Switching Report for the Electricity and Gas Retail Markets" which was published today and can be seen here.

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