You could save almost €700 each year as Electric Ireland slashes their prices

Over 1.1 million homes are set to benefit as Electric Ireland have announced a second round of price reductions in electricity and gas will be seen.

The price adjustments, effective from March 1, 2024, will see an 8% reduction in residential electricity unit rates and standing charges, resulting in substantial savings of €152.78 per year on the average electricity bill.

Similarly, residential gas unit rates and standing charges will decrease by 7%, translating to €111.29 in annual savings on the average gas bill.

The latest announcement follows earlier price decreases in November 2023, resulting in a cumulative reduction of 17.2% in electricity prices and 18.2% in gas prices. This marks a significant annual saving of €364.84 and €327.97 on average electricity and gas bills, respectively.

Pat Fenlon, Executive Director of Electric Ireland, expressed the company's dedication to customer welfare, stating: "Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a 4-month period. This will mean a saving of circa €692.81 per annum."

"We are determined to offer the best value in the energy market and help our customers on the journey towards Net Zero by providing products and services which help them reduce their energy consumption and save money."

Since winter 2020, Electric Ireland has committed over €63 million to support customers. This includes €55 million given back to customers by foregoing profits in 2022, as well as a €5 million 'Electric Ireland Hardship Fund', which will continue to help those customers having difficulties paying their energy bills again this winter.

Electric Ireland offers a range of solutions to help customers with financial challenges including flexible payment plans, payment holidays, Pay As You Go (PAYG) meters, Smart Meter Plans, energy use insights and energy saving tips and advice.