Is now a good time to switch energy supplier? - Drivetime
With the cost of living sky-high due to inflation, many households nationwide are reviewing their bills to determine what they can save money on in 2023.
Daragh Cassidy appeared on Drivetime to discuss whether now is a good time to switch energy provider and to answer listeners’ questions.
Listen back to the interview above or check out the main points discussed below.
Main points from the interview
- All energy suppliers have raised their prices over the past year, on the back of astronomical wholesale prices.
- Despite prices increasing, switching suppliers is still worthwhile as you can get a discount of between 5-10%. These discounts have come down in recent months, but by switching and availing of a discount, you could still save hundreds on your annual energy bills.
- It’s quick and easy to switch and will only take a few minutes.
- It’s important to note that at the moment, switching times are a bit slow due to the high level of people switching. As well, some of the main energy suppliers have had to take on additional customers after multiple energy providers left the market last year.
- It’s probably a lot easier to switch online, either through bonkers.ie or on a supplier’s website. It may take a while to get through if you ring suppliers directly.
- If you switch and you have some of the Government’s electricity credit left on your account, you’ll receive a closing bill from your old supplier and any remaining credit will be used to pay this.
- If after your closing bill there is still credit left on your account, this will be refunded to you through the same method in which you pay your bills, e.g. to the current account you use for direct debit payments.
- The second credit is in the process of being paid out at the moment.
- When it comes to smart meters, once these are activated, you can’t go back to a standard tariff, like you would have with a 24-hour meter.
Energy switching tips and saving advice
You can use our free energy price comparison tool to compare deals from Ireland's main energy suppliers and switch provider.
Find out all you need to know about the comparison and switching process in our Quickstart Guide.