With electricity prices increasing more than 2.5 times and wholesale gas prices increasing almost four times in this year alone, people have been eager to switch energy providers to try to save money.
Data from the CRU shows that a record 14.5 per cent of electricity customers and 17 per cent of gas customers changed suppliers this year. By switching from a standard tariff to a discounted rate, the CRU said a domestic customer could have saved an average of €581 for electricity last year and €316 for gas.
In addition to discounts, some suppliers also offer other incentives to new customers, such as welcome credit or vouchers. However, when this discount period ends, you’ll pay the standard rate, which is often much higher.
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Switcher.ie has a free, impartial gas and electricity comparison tool that you can use to decide who to go with. Once you’ve decided, you’ll need your most recent gas and electricity bill, your Meter Point Reference Number (MPRN) and/or GPRN, a current gas and/or electricity meter reading, and your bank details.
While it’s better to switch after the end of your discounted plan, sometimes it’s worth paying the early cancellation fee - especially if your supplier hikes prices. But if you’re living in rented accommodation and responsible for utility bills, it’s likely you can switch suppliers.
That would be more difficult if the gas and electricity you use are part of your monthly rent, because the energy account would be in your landlord’s name. Switcher.ie has a number of recommendations on how to deal with these situations. Visit their website to read more about the most painless way to switch providers.
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