€290,000,000 Overspend Potential on Energy Bills

Bonkers.ie, the accredited Irish energy price comparison and switching service has today issued a winter energy overspend warning having identified that customers may be spending up to €290 million more than they need to on home energy bills. With energy prices increasing for the third October in a row, Irish households are now facing into a winter of the highest ever energy bills.

At standard prices, an average after receiving big winter bills, household will now need to pay €2,177 per year for electricity and gas, an overall increase of 27% in just two years.

Despite standard energy bills hitting record levels, switching data shows that just 1 in 7 households changed energy suppliers for a better deal in the last 12 months.

With up to €257 available in savings for gas and electricity customers, bonkers.ie urges consumers to avoid being part of the €290m annual energy over- spend.

bonkers.ie is a free-to-consumer, impartial online comparison and switching service, which helps consumers compare 'digital tv, broadband & home phone, credit cards, prepaid money cards, gas & electricity prices, personal loans, savings accounts, mortgages and current accounts. Its aim is to help consumers take advantage of the best prices and services on offer from Irish suppliers.

bonkers.ie is accredited by the Commission for Energy Regulation as an impartial, accurate and independent supplier of energy price comparisons.

bonkers.ie was established in 2010 by Irishmen David Kerr and Simon Moynihan, who have a combined 15 years' experience in the price comparison space.

The site aims to give users the best experience and most accurate information of any price comparison service.

Identified - key steps for Irish households to avoid winter energy bill overspend

bonkers.ie research shows that more customers search for a better energy deal during January and February than at any other time of year, with 28% of energy searches on bonkers.ie recorded during these months.

bonkers.ie urges consumers to avoid switching in hindsight and instead be winter ready by sourcing the best deals before the cold weather kicks in and the big new year bills arrive.

With most energy discounts lasting just one year, consumers should watch for expiring deals that expose them to suppliers most expensive prices.

Better deals do not always re-quire changing supplier, and many customers can obtain better rates simply by switching tariffs with their existing company.

With 1.7 million electricity customers missing out on discounts that could save them up to€130 per year, and over half a million gas customers missing out on discounts that could save them up to €127, Irish customers could collectively save up to €290m annually by switching to the best deals available.

"Just 14% of customers switched supplier in the last year, yet 100% of discounted energy deals expire.

Paying expensive standard rates means that together, we are spending hundreds of millions more than we need to." Said Managing Director of bonkers.ie, David Kerr, adding; "Suppliers do want to pass on the savings they make through facilities like direct debit and online account management, but it's up to us to sign up for these savings. Even customers that prefer paper bills or cash payment can still save by switching away from their supplier's standard rates."

"Standard energy prices go up again this week but there are still dozens of discounted deals avail-able across all suppliers that can help households cut their bills by up to €257 per year.

I would urge all households to make sure they avoid paying expensive standard rates and help to bring down the great energy overspend.” He concluded.


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