Cut-the-Cost: Here are the best electricity reductions coming in

January means tightening the purse strings for many, but you can also save even more by switching household suppliers.

As the cost-of-living crisis continues to bite, Newstalk is here to show you the best ways to save.

Cut-the-Cost offers tips and advice on everything from broadband and streaming services, to banking, alcohol-free drinks and even how to dress warm on a budget.

A number of energy companies have announced cuts that are kicking in over the coming weeks and months.

This week we’re taking a deep dive into electricity prices and how they are dropping since December 31st.

Electric Ireland

Electric Ireland prices are to drop from March 1st.

The change will see an 8% reduction in electricity prices and a 7% reduction in gas prices
Standing charges are also being reduced by same amount
Its standard unit price will drop from 38.95 c/kWh to 35.83 c/kWh

The change is its second price cut in four months.

When both reductions are taken into account, the average household could save around €153 a year on their electricity and €111 a year on their gas.

Electric Ireland last decreased its prices in November when it cut its electricity prices by 10% and its gas prices by 12%.

It is the country’s biggest electricity supplier with over 1.1 million customers. It also has around 170,000 gas customers.

Bord Gáis Energy

A decrease in prices is coming into effect from February 29th.

The change will see a 10% reduction in electricity unit rates and a 9.5% reduction in gas unit rates
Annual standing charges will also be reduced by 8%
Its 24 hour Urban rate will drop from 40.72c/kWh to 36.65c/kWh. Its 24 hour Rural rate will fall from 40.84c/kWh to 36.75c/kWh

It’s the second time the country’s largest gas supplier has reduced its prices in four months.

When both reductions are taken into account, the average household will save around €190 a year on their electricity and €141 a year on their gas.

Bord Gáis Energy last decreased its prices in November when it cut its gas and electricity prices by 15.5% each.

Bord Gáis Energy has over 300,000 gas customers and 350,000 electricity customers.

SSE Airtricity

SSE Airtricity will see prices fall on February 1st.

The change will see a 12.8% decrease in standard electricity rates and an 11.5% decrease in standard gas rates
The reductions will mean a typical dual fuel customer can save €376.36 per year
It’s standard rate will drop from 42.46c/kWh

All domestic gas and electricity customers on a variable rate will have the reduced rate automatically applied.

This is the second decrease from SSE Airtricity in three months, with a previous price reduction of up to 12% in September.

Yuno Energy

The newest company to enter the Irish market announced this change from January 3rd.

It will see an 8% reduction in its electricity tariff
The new unit rate for electricity is 28.93c/kWh
Total cost for a typical customer will be €1,480 per year

The company has said the average total cost is more than €500 cheaper than the average standard rates from other suppliers.

Yuno Energy last cut its price in October with a 12% reduction in its unit energy cost.

The company was set up by the people behind Prepaypower – Ireland’s largest pay-as-you-go provider.

Counting expenses of an electricity bill on a smartphone calculator. Image: Sergio Monti / Alamy Stock Photo

Bonkers.ie Head of Communications Daragh Cassidy said he believes prices are still too high.

“This is obviously welcome news and yet another sign of normality returning to the energy market,” he said.

“Yes, prices are falling, but they’re falling from really high levels.

“So it’ll still be a very expensive winter to heat and light our homes.

“Looking forward, the good news is that wholesale gas and electricity prices continue to fall.”

Mr Cassidy said the reduction in standing charges is also helpful.

“These were increased hugely by all suppliers during the crisis,” he said.

“No one can avoid them, no matter how little energy they use, so it’s good to see these hikes being reversed,” he added.

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