How Do You Compare Electricity Prices in Ireland?

Step 1: Gather Your Data to Compare Electricity Prices

With so many electricity providers offering different deals and prices, it can be difficult to compare electricity prices effectively. The first step is always to gather the necessary figures from your bill.

What Information Do I Need to Compare and Switch?

To make the process of comparing and switching as quick and seamless as possible, ensure you have the following information to hand:

• Your Meter Point Reference Number (MPRN): This is a unique 11-digit number that identifies your connection point to the electricity network. It is always displayed prominently on your electricity bill.
• Your Latest Consumption Figures: Knowing your annual kWh usage is key to getting an accurate quote, especially for comparing discounted tariffs.
• Your Payment Preference: Most providers offer greater discounts to customers who agree to pay by Direct Debit and/or opt for e-billing (paperless billing).
• Details of Your Current Contract: Check your current contract's end date to determine if an exit fee will apply if you switch early.

Find Your Electricity Tariff Type

When comparing electricity prices, it's important to know the type of tariff you have for your home, as different tariff types might have more than one unit rate:

1. 24 Hour Meter: If you are on a standard 24-hour tariff, you will have just one unit rate on your bill.
2. Nightsaver or Night Storage: If you are on a nightsaver tariff, you will need to divide between the day and the night unit rates. If you have a night storage rate, you will have a normal day rate (like the 24-hour rate) and a lower night rate.
3. Smart Meter Tariffs: Smart meters tariffs will have three rates (T1, T2, and T3) usually with the following time frames:
   • Day rate (8 am to 5 pm & 7 pm to 11 pm)
   • Night rate (11 pm to 8 am)
   • Peak rate (5 pm to 7 pm)

Calculate Your Annual Electricity Usage

Once you know what type of tariff you are on, to compare electricity prices, you will then need to calculate your electricity usage.

You can find your electricity usage in the following ways:

1. Check Your Latest Bill: Your electricity consumption will always be on your latest bill.
2. Check Your Smart Meter: If you have a smart meter, depending on the model, you should be able to see your monthly (or even yearly) consumption.

Here are the current average consumption figures for Ireland:

Step 2: Calculate Your Estimated Annual Bill (EAB)

The EAB Formula: The Key to Accurate Comparison

The Estimated Annual Bill (EAB) is the gold standard for comparing tariffs. It is the only way to accurately compare the total cost of two different plans.

Use this formula as your reference point:

How Do I Factor in Standing Charges?

Along with charging for the electricity usage, energy companies also charge for having the electricity connected to the grid, which is called the standing charge.

In Ireland, this is usually set as a yearly lump sum that can range from €200 to €300. The standing charge is also part of the fixed costs, along with the PSO levy.

EAB Calculation Walkthrough

Let's walk through a complete EAB calculation. Say you used 3,900 kWh throughout the year on a 24hr urban standard meter, and a provider offers you a unit rate of 34.00c/kWh and a standing charge of €220/year (both excluding VAT).

Step 3: Review Offers, Terms, and Hidden Costs

Understanding Fixed vs. Variable Tariffs

How Do I Compare Dual Fuel Offers?

If your home uses both electricity and natural gas, one of the most effective ways to lower your overall energy expenditure is by securing a dual fuel package. Suppliers often offer significantly greater discounts when you bundle both services.

1. Total Combined EAB: When comparing dual fuel, you must look at the single, combined EAB provided by the supplier.
2. The Gas Component: Ensure you know your annual gas consumption in kWh. A dual fuel discount might hide a relatively expensive gas unit rate.
3. The Discount Structure: Always check that the added complexity of the discount still results in a cheaper unit rate than taking the cheapest electricity-only and gas-only deals separately.
4. Contract Terms: Be aware that a dual fuel contract ties you to the same provider for both utilities.

How Do I Compare Cashback Offers?

Many Irish electricity providers offer a one-time credit to your account when you sign up for a new plan, referred to as a cashback offer or welcome bonus.

• Focus on the Total Cost: Compare the total EAB after the cashback has been applied for the first year, but remember to recalculate your EAB for Year 2, when the cashback is no longer available.
• Check Contract Length: Some cashback offers may be tied to longer contracts (e.g., 18 or 24 months).
• Review the Fine Print: Pay attention to the fine print of the cashback offer for any extra conditions, such as requirements to pay by direct debit.

Step 4: How to Switch Electricity Providers

Once you have used the EAB formula to accurately compare electricity prices and found a suitable plan that meets your needs, the switching process itself is straightforward and quick. In Ireland, the process typically takes around 10 to 14 working days from application to completion.

The Switching Timeline

Your new supplier manages the switch end-to-end, communicating with your old supplier and the network operator. Here is what happens after you submit your application:

• Day 1-3 (Application & Confirmation): You submit your switch request. You should receive a welcome pack and contract details from your new supplier.
• Day 1-14 (Cooling-Off Period): The mandatory 14-day cooling-off period begins. You can cancel the switch at any time during this period without penalty.
• Day 14+ (Final Meter Reading & Switch): The switch is officially completed. A final meter reading is taken and sent to your old supplier for your final bill. Your new supplier's rates are now in effect.

Are There Other Resources for Comparing Electricity Prices?

• CRU-Approved Price Comparison Tool: The Commission for Regulation of Utilities (CRU) is the independent regulator of the energy market. They provide an official, independent comparison tool that consumers can use to verify offers from all regulated suppliers.
• Individual Supplier Websites: All suppliers display their current offers and tariffs on their websites, along with estimated annual bills for each tariff.

Frequently Asked Questions About Comparing Electricity Prices