Can you still save on winter energy bills? - KFM
Unsurprisingly, two more energy suppliers have just increased their prices once again. These latest increases will affect around 350,000 households in Ireland.
Our Head of Communications, Daragh Cassidy, appeared on KFM to discuss the latest price increases, the ongoing energy crisis and how to avail of big energy discounts.
Listen back to the interview above or take a look at the main points discussed by Daragh below.
What increases are energy customers facing?
All suppliers have been increasing prices over the past year. In fact, there have been at least 35 price hikes announced in 2021 alone. No one has got out of it unscathed, unfortunately.
Pinergy customers are looking at a 19% increase in the price of their electricity, which is pretty significant. We’ve seen increases of that size across the board. That’s going to add around €300 to the average customer’s electricity bill.
Customers of SSE Airtricity will be faced with a price increase of 9.4% for both gas and electricity. This will add an average of €115 to a household's annual energy bill.
If you look at all price increases for those two suppliers, Pinergy customers on average could expect to pay around €800 more for their electricity, while SSE Airtricity customers would likely be paying €300 more for electricity and €200 more for their gas.
Do you know why prices are on the rise? You can learn about the reasons behind the energy price hikes in this article.
Can you still save by switching energy supplier?
We’re constantly getting asked whether or not it’s still worthwhile switching. You need to remember the way the energy industry works. It’s a little bit like the broadband industry. If you switch your broadband you might get it for half price for six months. The energy market isn’t much different.
If you switch, you’ll get a discount from the main suppliers for switching. They offer discounts of up to 30-40% off standard rates to entice people to switch and they’re still offering these deals. Despite prices going up, the average customer who switches could save €600 on their annual energy bills.
If someone switched both their gas and electricity from one of the most expensive energy suppliers on the market to one of the cheapest, they could save over €1,500.
It absolutely does still pay to switch. With Covid, a lot of us are spending more time from home and are working from home, so energy usage is still going to be higher than it normally would be. Coupled with the fact that gas and electricity prices are at record levels, it’s a recipe for disaster.
How can people get big discounts?
Sometimes people ring up their existing supplier and haggle to try and get a better deal by getting an amount knocked off their unit rate.
However, the easiest thing to do is to go onto a comparison and switching website, such as bonkers.ie, and input some usage information and then you’ll see all the plans and offers available in one place.
The market is still quite competitive. There are 14 energy suppliers in the Irish market, which is a huge number for a country as small as ours. There are only around 2.2 million homes in Ireland, so it’s a small market to have that many suppliers. They all compete really aggressively for new business and they’re always offering discounts.
You can easily find the cheapest energy deal on the market and save on your household bills with our energy comparison service.
Making the switch from one provider to another is really easy and quick. It’s one of the simplest household bills to switch and can be carried out online in less than five minutes.
Better yet, you only need a few items on hand to switch, such as:
- An MPRN number if switching electricity and a GPRN number if switching gas
- A recent meter reading
- A good estimate of how much energy you use, either in euros or kilo-watt hours
- Some personal details
Looking for more information?
For more information about switching energy supplier and reducing your consumption, take a look at some of our helpful energy articles:
- Our frequently asked questions about switching energy supplier will help put your mind at ease about switching.
- Familiarising yourself with these 10 important terms will also make the switching experience easier.
- Don’t feel like switching right now? Consider adjusting your everyday habits around the home in order to save instead! Check out these 15 ways to use less electricity and save money.
Let’s hear from you!
Are you a Pinergy or SSE Airtricity customer? Would you switch provider to save? We’d love to hear your thoughts.