Pre-paid electricity meters have become more and more popular in homes throughout Dublin.
The meters are seen as the best method for people on lower incomes, with you only using the electricity that you have pre-paid for.
By that logic, it should be easier to control your electricity usage.
However, easier isn't always cheaper - especially when it comes to utility bills like electric and gas.
Are these prepaid meters actually cheaper or is it cheaper to stick to the traditional electric bill at the end of the month?
Is it actually cheaper?
Generally, no. If you've signed up for a pre-paid meter, you will be placed on the supplier's highest tariff.
Is the highest tariff that much more?
According to Moneyguideireland.com, the two companies that only offer pre-paid electricity, Pinergy and Prepay Power charge a lot more for their "standard rate."
Pinergy charges 38.25 cents per kWh which is significantly higher than Electric Irelands standard rate of 23.97 cents per kWh.
On the face of it, you may be thinking that 15 cents aren't that big of a difference.
But when you consider the annual cost, the difference between the two is startling.
Annual cost shows the true price of prepay electricity
If with Electric Ireland and consuming an average amount of electricity (4200 kWh per annum), you would pay approximately €962 over the first 12 months.
But if you were to use the same amount of electricity under Pinergy, you'd pay €2029 per year. Pinergy also include a standing service charge of €362 per year.
Meanwhile, Prepay Power would cost €1517 per annum as its standard rate is lower at 23.95c. They also charge a service/standing charge of €451 annually.
Moneyguideireland.com recommends that you should always go for the cheapest electricity offer by switching providers rather than getting a prepay meter installed.
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