Perfect Time to Switch? Electric Ireland to Cut Electricity Rates

by Brian Flax | Oct 08, 2015

Electric Ireland has announced it will cut its electricity rates by 3 percent per unit. Standing charges will increase by 50c per month – leaving customers with a savings of around 2% off their electricity bills. The cuts will reduce the annual cost of electricity for the average customer by around €24 annually.

Minister for Energy, Alex White, T.D., “welcomed Electric Ireland’s announcement”. The rate decrease comes after meetings were held with Ireland’s electricity suppliers to ensure that reductions in the wholesale price of electricity are being reflected on consumer’s bills.

It’s still a good idea to shop around

While any price decrease is a welcomed move, Minister White still continues to encourage consumers to shop around to ensure they are receiving the best rate. It may also be a good idea to review electricity contracts and renegotiate for a better rate, especially if homeowners are no longer tied to a contract with one specific provider.

Increase your home’s energy efficiency and save even more

KORE’s Energy Efficiency Incentive with Electric Ireland continues to be made available to offset the cost of energy efficiency upgrades in the home. Eligible works include floor insulation, cavity wall insulation, internal wall dry lining, external wall insulation, attic and roof insulation, boilers and heating controls upgrades, heat pumps, solar water heating systems and a long list of other eligible measures.

Houses built before 2006 may also be eligible for SEAI’s Better Energy Homes Scheme insulation grants, which offers cash grants in addition to the discounts provided by Electric Ireland.

The discounts offered by Electric Ireland are credited to the electricity bill within a few billing cycles. For example, homeowners could save up to €1,014 on cavity wall and attic insulation by combining the Energy Efficiency Incentive with the Better Energy Homes Scheme. The home will continue to benefit from reduced energy consumption and lower energy bills long after the works are installed.

The new rates will become effective from 16th November 2015.