Cutting your power billLast updated on 09/10/2018
New electricity tariffs came into force on Monday. One supplier hiked its prices by over 18%. So which companies are now offering the best deals.
It’s not an easy calculation given the introduction of standing charges last summer by Budget Energy.
The enirgy.info calculator has factored in these new fees so that you don’t have to add them on to work out what you will pay for a year’s supply of electricity.
The calculator doesn’t however take account of bonuses which can make a significant difference to your annual bill.
This is the subject of much debate. One reason why enirgy.info doesn’t include them in the display of annual costs is that often a bonus can largely be wiped out by an exit charge if you leave the contract early.
That is not to suggest you shouldn’t consider bonuses in your decision to stay or switch. Some of them are quite juicy. Electric Ireland offers up to £50 to new customers depending on the deal they pick. Budget Energy also has a £50 credit giveaway to switchers. SSE Airtricity gives £20 to new keypad customers.
The biggest supplier Power NI doesn’t do bonuses but it offers discounts to keypad users which depend on how much you spend on an individual purchase. They can be quite attractive.
So who is the cheapest supplier for average consumption? It depends on whether you are a keypad or a credit customer and whether you’re prepared to pay by direct debit or cheque, online or post. SSE Airtricity followed by Power NI are the cheapest for online billing and direct debit . However factor in bonuses and Electric Ireland and Budget Energy come out tops. Leaving aside minor cost differences, three suppliers share top billing on keypad for average consumption: Electric Ireland, Click Energy and Budget Energy. However if you are prepared to spend at least £50 on a purchase, Power NI is marginally the cheapest. Take bonuses into account and Budget Energy and Electric Ireland are the cheapest
Just input your choices and check out the annual bills not forgetting to read the associated information which will tell you about bonuses, exit fees and other considerations.
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