Irish electricity prices remain sky-high - KCLR
Irish electricity prices remain some of the highest in Europe, providing little relief to Irish consumers facing a cost of living crisis.
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on KCLR to discuss this news, as well as to provide advice to hard-pressed Irish consumers.
Listen to the interview above or look at the main points discussed below.
Main points from the interview:
- Electricity prices in Ireland are some of the highest in Europe, and even before the energy crisis, they were well above the European average.
- While prices for consumers have fallen in some parts of Europe, there has been no sign of major price decreases in the Irish market, despite tumbling wholesale prices.
- Unfortunately, the heavy discounts available 12 months ago on electricity deals are no longer available. Just last year, discounts of up to 40% were available.
- Despite this, it is still worth switching suppliers, with discounts of up to 10% still available, which could save you around €300 to €400 over the course of the year.
- Switching gas and electricity is much easier on bonkers.ie, where it is all done online and the comparison is calculated for you. All you need is an energy bill on hand to make the switch.
- If you haven’t switched other household bills in the past few years, there is a big chance that you are overpaying. Many companies will take advantage of loyal customers with more expensive rates.
- Despite the legwork needed to switch, it is worth it for the savings that could be had. This is particularly true during the cost of living crisis and high inflation.
- Home insurance costs have gone up by 20% over the past year, but insurers offer discounts to new customers, which could help offset the cost.
- Switching mortgage, while time consuming, could save people lots of money, particularly if they are on tracker or variable rates. Rates are going to continue rising and may stay high for the foreseeable future. Cashback offers from banks can help offset switching costs, and it is always worth discussing your options with your current lender.
- While inflation is reducing, it doesn’t mean prices are falling. It just means the rate of price increases is going down.
Switch to a cheaper energy deal today
It’s quick and easy to compare deals and switch gas and electricity providers on bonkers.ie.
If you’re seeking advice when it comes to switching supplier, make sure you check out our energy Quickstart Guide here.