ENERGY PRICE WAR BONANZA FOR FAMILIES
Shop around and save as much as €340, say the fuel market experts
A NEW price war on home heating costs can save hard-pressed families as much as €340 a year, experts have revealed.
The good news comes as electricity supplier Panda Power enters the gas market promising cuts as high as 22% off standard tariffs for homeowners facing rocketing fuel bills after Storm Emma.
Price comparison website Switcher.ie welcomed the addition to the market, and its boss Eoin Clarke advised: ‘This means now is a great time for energy customers to shop around.’
The website estimates Energia’s dualfuel deal is still the cheapest around but said the added competition is expected to put pressure on other suppliers.
The Energia deal costs €1,405 for an
average household, thanks to its €50 cashback offer. However, the Panda deal comes in a close second at €1,445 for an average customer in year one.
Mr Clarke added: ‘The average dual-fuel customer can currently save up to €340 by switching from standard plans to the cheapest deals on the market, and larger households could stand to save even more.’
Panda, which is best known as a waste collector, is offering a triple electricity-gas-waste collection service for existing customers of Panda or Greenstar waste collection. Opting for this would knock a further 22% off their waste bills, it said. Panda Power has 285,000
‘It’s great to see competition’
waste customers and 25,000 electricity customers.
Its electricity and gas offer is available to all consumers, regardless of whether they are waste customers.
Switcher.ie’s Mr Clarke said: ‘Following a winter of energy price hikes, it’s great to see some more competition, as more choice can only mean better value for consumers, and it’s possible that other suppliers will respond by bringing in big discounts to compete with the new offer.
‘In the coming weeks, it’s likely that people are going to see unusually high bills for this time of year as a result of the Beast from the East and Storm Emma. This means now is a great time for energy customers to shop around.’
But he also advised customers to think carefully before opting for cashback options. ‘Make sure you think about your usage and whether or not cashback or a lower ongoing rate is more important – this may depend on the size of your household, as cashback is likely to have less of an impact if you have a higher consumption.’ And before switching, customers should get an accurate comparison based on their actual usage over the past year.
Mark Whelan of price comparison website Bonkers.ie yesterday welcomed the latest development. He said: ‘Panda Power’s entrance into the residential gas market is good news for customers, who now have more choice than ever before over who supplies their gas. 2017 was a year to forget for energy customers, with seven out of the country’s ten suppliers announcing price hikes and the Public Service Obligation Levy going up by €25. Now 2018 is off to a bad start too as thousands are bracing themselves for hefty bills following Storm Emma.’
However, he added that Panda’s ‘arrival in the gas market with a competitively priced dual-fuel deal will be welcomed by customers who are looking to offset their pending big bills and save money over the remainder of the year’.
Consumers’ Association of Ireland chief Dermott Jewell said: ‘It’s very good news because it comes at a good time when there is a serious “bill shock” coming soon because everybody’s had their heating full-on because of the recent cold weather.
‘So it’s a perfect opportunity for consumers to acknowledge they are going to take a hit now, but they can claw back some of the money if they look for a better deal.
‘It’s great to see this level of competition and the potential for savings to be made.’
Panda said its entry to the gas market required ‘significant investment and infrastructure planning’.
‘Bill shock coming soon’
IN the wake of the severe weather, many people in the coming weeks will be left counting the cost when it comes to their heating bills. Yet how can anyone – elderly or otherwise – be expected to cope if they cannot afford to heat their home properly? For families all over the country it is a basic human necessity.
The days of being held to ransom by one heating utility provider are, thankfully, now a thing of the past. Competition is the name of the game and we have all learned, to our benefit, that when it comes to deciding on utility providers it pays to shop around.
Panda was a company that originally entered the market in the waste disposal area before extending its brief to include the provision of electricity. Now, having further expanded its services to incorporate the gas market, it is heartening to see that it is offering customers a competitive fuel deal, covering both electricity and gas, or, indeed, a triple option which also includes waste.
This latest move by Panda provides even more much-needed competition in the marketplace. It’s now up to consumers to respond.