Electric deals to light up your financial life

Keep switching provider every year – or make your own electricity.

That’s the message from our latest look at Irish energy costs that are the second highest in Europe.

Comparison sites show that Yuno has the cheapest prices for both gas and electricity – if only for year one.

That is the place to go for the savvy 15% – 30,000 electricity and 10,000 gas – customers who actually do change provider annually when that lucrative discount period is up.

But the 85% of people who never switch would be better off ignoring the discounts and getting the cheapest non-discounted deal.

And looking at the electricity market through that lens reveals an inspirational -  if also frustrating - story.

Because the cheapest non-discounted electricity prices in Ireland are provided by Community Power – which, as the name tells us, is a group of Tipperary locals who got together to make their own electricity.

And they now they sell it nationally as an energy provider who feeds into the national grid (see panel).

Community Power have an incredible story to tell – and they may point the way to cheaper deals into the future if the Government can ever get its act together when it comes to helping community groups to make their own energy.

But for now the best way to save on electricity remains the same: make sure to switch provider when your first year discount period expires.

Otherwise your bills will shoot up by a third as soon as the discount period is up – from around €1300 to nearly €2k even in the case of the cheapest provider Yuno.

The small number of switchers means the average annual electricity bill in Ireland is €1817.12, according to comparison site Selectra.

And if that sounds bloody dear – it is.

We rank dearest in Europe for electricity prices, once Government subsidies are stripped out – and second overall even with them, according to EU figures.

And our prices are set to rise further in 2025 – most likely to the dearest of all - as Government cost-of-living measures are unwound.

To reduce your electricity bills, here’s a list of the biggest energy-consuming appliances – and some tips on how to control your usage.

Cheapest deals shown for discounted rates . Based on average energy consumption. Data compiled from comparison sites Bonkers.ie and Selectra.ie. Savings are based on price difference vs the dearest provider (Pinergy).

“Who left on the immersion!?”

That dreaded question has led to untold familial conflict throughout recent Irish history..

And with good reason. Immersions are the top electricity-gobblers, according to Selectra’s study of household appliances.

They use 3kw of electricity per hour which would tot up to €2.08 per two hours of misuse.

However, thankfully these days most immersions are on ‘timers’ which means limiting usage to 2-3 hours per day (depending on your tank insulation). And that would set you back up to around €16-€22 a week depending on your tank’s insulation.

Another culprit just as bad as immersions for electricity usage is lurking in our homes.

A tumbler dryer uses even more electricity per hour (5kwH) than the dreaded immersion yet escapes most of the blame. As it doesn’t take as long to tumble-dry clothes as it does to heat water, it works out a little cheaper at €1.74 for a one-hour cycle.

Next in the household appliance ‘roll of shame’ is the dishwasher, which costs 94c to run, followed by the washing machine (56c) and television (41c).

Some appliances use a lot of electricity but are cheap to run as they only take a few minutes to do their job.

At the bottom of the table – i.e. the best value - lies the humble toaster, which costs us just 1c to turn two pieces of bread into a quick breakfast treat.

• Based on a Selectra study using a  ‘going rate’ of around 34c* per hour.

Selectra has the following tips to save us money on electricity:

Unplug "Energy Vampires":

Many devices draw power even when off or in standby (e.g. TVs and phone chargers). Turning them off can save us over €100 annually.

Use Power Strips:

Plug multiple devices into a strip so you can easily switch them all off with one button.

Switch to LED Lighting:

LEDs use up to 80% less electricity and last much longer.

Use a Smart Meter:

A smart electricity plan will generate make savings by using low-rate electricity during off-peak hours, says Selectra

Use the thermostat:

Turn down your boiler's thermostat to a comfortable 55-60ºC to save energy.

Install Water-Saving Shower Heads:

These inexpensive shower heads reduce water flow without sacrificing pressure, reducing bills.