Electric Ireland 175 euro switching bonus

mikeybrennan

https://www.electricireland.ie/switch/new-customer/price-plans/smarter-pay-as-you-go-electricity?priceType=S&pricePlanId=45

big bonus for electric only

haven't read the smal print yet

TheDriver

Think its credit on prepay plan

cutthegrass

TheDriver wrote:

Think its credit on prepay plan

Applies to bill pay aswell - just switched from Energia. Both have roughly the same unit rate.

175 euro credit is nice as it is easy enough to switchover.

Thegalwayman

switched to this for a very low usage property. great deal for low usage but better deals out there for heavy electric users

mikeybrennan

whats the contract length?

TheDriver

Their unit rate seems high even after discount, much cheaper from BG or energia

masterboy123

What about current electric ireland customer?

CeilingFly

masterboy123 wrote: »

What about current electric ireland customer?

Ring them and ask. Panda Power had similar - I was out of contract, rang them and they gave €100 credit + reduced rates for me to fix for another 12 months.

I have all utitities & insurances for contract renewal at end of january and spend a few hours checking best deals and changing if needed each year. By keeping all renewals to a similar date it saves time and gives quite substantial savings

kn

For smaller users, like myself, who are away a fair bit then this is ideal. The €175 off will work at 4-5 months bill for me in the off peak months.

Xcellor

If you see how much electricity units you used last year multiply by unit price of all the providers add on standing charge and then subtract any cash back you'd be surprised.

With cash back in my case it was cheaper to take a higher unit price when factoring in 175 back.

Only problem is you have to switch every year but that's the same with everything these days....

TheDriver

I renewed with flogas and they dated it back to last meter reading so my electricity and gas are now 7 weeks apart

judeboy101

Does it require easy pay/level pay or what ever they are calling that scam now?

gipi

judeboy101 wrote: »

Does it require easy pay/level pay or what ever they are calling that scam now?

No, just direct debit and online billing.

kn

It was in the press during the week that they are expecting lecky prices to rise in the Autumn so locking in now is a good idea anyway.

CeilingFly

kn wrote: »

It was in the press during the week that they are expecting lecky prices to rise in the Autumn so locking in now is a good idea anyway.

Can't see any price rises as gas prices are still on the floor and dollar has weakened to $1.15

A few months ago they were thinking dollar would strengthen and that may have caused some thought of increased prices - not now though.

BAAA RAM EWE

Why is level pay a scam?

JTMan

BAAA RAM EWE wrote: »

Why is level pay a scam?

It's a way for electricity companies to hike your bill by around 20%. Granted you should get the 20% back as an 'overpayment' 1-2 years later but why pay a premium now?

With 'level pay' your supplier will add a percentage on top of your estimated annual bill to allow for "unforeseeable increases in your consumption". This amount is called a ‘tolerance’ and can be as high as 20% with some suppliers.

Unless you really really cannot manage a variable bill, you are far better off on variable rather than fixed monthly payments aka level pay.

byte

gipi wrote: »

No, just direct debit and online billing.

Direct debit for pre-pay electricity?

Genuine question, as I'm tempted to move over from PrepayPower.

JTMan

byte wrote: »

Direct debit for pre-pay electricity?

Genuine question, as I'm tempted to move over from PrepayPower.

You can't have direct debit with pre paid electricity.

bk

JTMan wrote: »

Unless you really really cannot manage a variable bill, you are far better off on variable rather than fixed monthly payments aka level pay.

But you get anything extra paid back At the end of the year, so it really isn't a scam!

If it allows you to get a cheaper unit rate or cash back, you will then have paid less over a full 12 months then you would have on the variable rate.

Also it can make budgeting easier as you know up front what you will be paying each month and nice to get the extra money back at the end of the year.

You could argue that you could save the extra money paid and gain interest on that, but interest rates on saving are so low at the moment they are largely pointless.

Again the best way to compare products is to know how much electricity you used last year and then calculate the cost for a full year of each provider taking into account unit rates and any cash backs.

Sites like bonkers.ie make these calculations easy.

Just don't forget, for best value you need to switch provider every year.

judeboy101

bk wrote: »

But you get anything extra paid back At the end of the year, so it really isn't a scam!

If it allows you to get a cheaper unit rate or cash back, you will then have paid less over a full 12 months then you would have on the variable rate.

Also it can make budgeting easier as you know up front what you will be paying each month and nice to get the extra money back at the end of the year.

You could argue that you could save the extra money paid and gain interest on that, but interest rates on saving are so low at the moment they are largely pointless.

Again the best way to compare products is to know how much electricity you used last year and then calculate the cost for a full year of each provider taking into account unit rates and any cash backs.

Sites like bonkers.ie make these calculations easy.

Just don't forget, for best value you need to switch provider every year.

Two things. Firstly you are basically giving theses companies an interest free loan which they can make massive interest on as a corporate investor. Secondly they don't make it easy to get back over payment and infact do their damndest to keep you going for second year

km79

judeboy101 wrote: »

Two things. Firstly you are basically giving theses companies an interest free loan which they can make massive interest on as a corporate investor. Secondly they don't make it easy to get back over payment and infact do their damndest to keep you going for second year

I have been been paying level pay with bord gais for last year and found it excellent
My 12 months are up and they offered me the same deal as last year but no cash back so I've switched
I'm hoping I can do level pay again with electric ireland
Each to their own but I liked knowing how much was going out each month and it was enwrally in or around the bill anyway as I chose to pay 70 a month as my bills were always on average 140 every 2 months before that

And it must be said it is a piece of cake to switch compared to insurance etc

JTMan

bk wrote: »

But you get anything extra paid back At the end of the year,

You don't always get it back after 1 year.

- You have to request a credit after 1 year, which many people do not do. The default T&C is normally " If you do not request a refund, the credit balance will be carried forward to the next year".
- Also, some providers have a 120 EUR minimum before they will give a refund credit!!
- Also, some providers insist on a meter reading before they apply the credit further delaying the process.

bk wrote: »

If it allows you to get a cheaper unit rate

You end up paying a 20% hiked unit rate for the year.

bk wrote: »

or cash back, you will then have paid less over a full 12 months then you would have on the variable rate.

It's not 'cash back'.

bk wrote: »

Also it can make budgeting easier as you know up front what you will be paying each month and nice to get the extra money back at the end of the year.

It can make budgeting more difficult for some because it effects their cash flow by paying an unnecessary 20% premium up front. The 20% premium could be used for other cash flow purposes.

bk wrote: »

You could argue that you could save the extra money paid and gain interest on that, but interest rates on saving are so low at the moment they are largely pointless.

True if you have savings. False if you do not have savings. Most people have little or no savings.

The opportunity cost is overdraft interest or credit card debt because you have less cash because you are paying a 20% premium to the electricity provider.

bk wrote: »

Again the best way to compare products is to know how much electricity you used last year and then calculate the cost for a full year of each provider taking into account unit rates and any cash backs.

Agreed but you also need to take into account the 20% premium if one is considering level pay.

bk wrote: »

Sites like bonkers.ie make these calculations easy.

Bonkers does not include cashback in their calculations. Bonkers also does not make the premium payments for level pay clear enough.

bk wrote: »

Just don't forget, for best value you need to switch provider every year.

Absolutely.

It's PAY as you go it's top up electric I moved in to my house and the electric is top up and I got my 175 credit

No bills no credit card or debit cards given

bk

I'm sorry there is a lot of nonsense being sprouted on this thread!

If you stay with the company, then the credit is carried over to the next year. And you bills are lower in year 2

If however you decide to leave for another company then they are legally required to refund you what is owed.

In the end you only pay for the units you actually use, one way or another. The Irish energy regulator has very strict rules on this.

bk

judeboy101 wrote: »

Two things. Firstly you are basically giving theses companies an interest free loan which they can make massive interest on as a corporate investor. Secondly they don't make it easy to get back over payment and infact do their damndest to keep you going for second year

It is ridiculously easy to get back, you don't even have to contact them!

Once your 12 month contract is up, simply sign up to a new company and the old company will have to automatically refund you any outstanding credit. So simple!

judeboy101

bk wrote: »

I'm sorry there is a lot of nonsense being sprouted on this thread!

If you stay with the company, then the credit is carried over to the next year. And you bills are lower in year 2

If however you decide to leave for another company then they are legally required to refund you what is owed.

In the end you only pay for the units you actually use, one way or another. The Irish energy regulator has very strict rules on this.

Giving an interest free loan to a billion euro company is not nonsense

TheDriver

Its not nonsense but you do get the money back. You also don't have to switch every year, you contact them and usually get offered a deal that's not worth switching over.

1641

judeboy101 wrote: »

Two things. Firstly you are basically giving theses companies an interest free loan which they can make massive interest on as a corporate investor. Secondly they don't make it easy to get back over payment and infact do their damndest to keep you going for second year

That is interesting. Have you any reference to what these massive interest rates might be ? I ask because because I'm seem to recall newspaper reports of corporate investors being offered zero or even negative interest rates.

km79

judeboy101 wrote: »

Giving an interest free loan to a billion euro company is not nonsense

It doesn't affect me or the bargain posted ?
I find it great for the reasons specified above

mad m

A mate of mine switched to different providers for both gas and electric. His current provider rang him and offered him a better deal, so with the cooling off period he stayed with them.

I was with Energia for couple years for dual fuel. Rang them while back to see what they would offer, it wasn't great so went with different providers today. I'm wondering now will they ring me tomorrow to offer a better deal than 24% off Electric & 22% off Gas....

TheDriver

I find dual fuel crap. Hard to beat flogas rates plus they have a retention rate which is same as new customer. Always look at rates-33% off energia is same as 24% off BG.

bk

judeboy101 wrote: »

Giving an interest free loan to a billion euro company is not nonsense

Corporate interest rates are insanely poor at the moment! Just this week, companies paid the Irish government to buy Irish loans/bonds (a negative interest rate).

If you are the type of person who changes every 12 months (and you really should be, well worth it) to the cheapest product, with cash back deals, then you are almost certainly costing them money, even with any interest they might gain from overpayments. These sort of cash back deals and low rates are typically lose leaders that they use to get people to sign up. They almost never make money off them in the first 12 months. Of course they are hoping that you forget or get lazy and stay with them longer at higher rates and they eventually make it back.

But if you are a good bargain hunter who actively switches every 12 months, then they definitely aren't making any money off you and you are the one benefiting.

I personally don't mind if it is variable or level pay, I just want the best deal. If that means taking level pay, then so be it. Even if I "overpay" 20% each month, I know Ill get that back in the end and I look at it as an investment to get the best deal, which most likely will pay me more then say the same 20% sitting in some crappy savings account paying out nothing.

TheDriver wrote: »

I find dual fuel crap. Hard to beat flogas rates plus they have a retention rate which is same as new customer. Always look at rates-33% off energia is same as 24% off BG.

Absolutely the best deal is to almost always go with two separate companies.

This year I went with Bord Gais for electricity and Electric Ireland for Gas and still got the €175 cash back from Electric Ireland for that, which was great.

Looks like the 175 only applies to the pay as you go type, and pay as you go has it's own extra standing charge of €105 annually..?


Makes it a little less worthwhile.

km79

[Deleted User] wrote: »

Looks like the 175 only applies to the pay as you go type, and pay as you go has it's own extra standing charge of €105 annually..?


Makes it a little less worthwhile.

Where are you seeing it only applies to pay as you go ?

bk

Deleted User wrote: »

Looks like the 175 only applies to the pay as you go type, and pay as you go has it's own extra standing charge of €105 annually..?


Makes it a little less worthwhile.

Definitely not true!

I'm signed up to them for Gas, I got €175 cash back and definitely not on pay as you go. You do need to sign up to level pay, but that is different to pay as you go and involves no extra standing charge.

km79

bk wrote: »

Definitely not true!

I'm signed up to them for Gas, I got €175 cash back and definitely not on pay as you go. You do need to sign up to level pay, but that is different to pay as you go and involves no extra standing charge.

Thanks
I wish people would stop posting misinformation

km79

km79 wrote: »

Where are you seeing it only applies to pay as you go ?

bk wrote: »

Definitely not true!

I'm signed up to them for Gas, I got €175 cash back and definitely not on pay as you go. You do need to sign up to level pay, but that is different to pay as you go and involves no extra standing charge.

My apologies, I am indeed wrong.

Whatever way the page loaded on my PC, it didn't load the 3 options at the top, and only displayed the PAYG banner (thats' below them). So that was the only option I seen.

I mooched at it for a few minutes and posted here. Then when i went back to the Electric Ireland home screen the next time, it loaded correctly and i seen all the options.


As an aside, I just signed up, but I don't think I'm on level pay? (I don't believe it was mentioned). Their unit prices seem unusually low so I'm sure im reading those wrong. But i havent had a good sleep and im half asleep at the moment so I am sure I am overlooking or missing some obvious things.


can anyone tell me, I've only a single meter (24 hour units), is it expensive to get it replaced with a dual meter (for night time units)? I think i'd benefit from that.

bk

Deleted User wrote: »

can anyone tell me, I've only a single meter (24 hour units), is it expensive to get it replaced with a dual meter (for night time units)? I think i'd benefit from that.

A night saver meter is free. Though they come with a higher yearly standing charge.

Why do you think it might suit you? They probably don't suit most people. They really only suit those with Electric Vehicles or immersion heaters.

bk

bk wrote: »

A night saver meter is free. Though they come with a higher yearly standing charge.

Why do you think it might suit you? They probably don't suit most people. They really only suit those with Electric Vehicles or immersion heaters.

Perhaps i wrongly understand their working, but is it not that electricity used between certain hours is 'night time' usage?

I'd be a bit of a night owl..

bk

Deleted User wrote: »

Perhaps i wrongly understand their working, but is it not that electricity used between certain hours is 'night time' usage?

I'd be a bit of a night owl..

Yes, between 11pm and 8am. But you really have to be using a lot of energy between those hours to make it worth it.

Remember it has a higher standing charging and you pay higher daytime rates then with a standard 24hour plan.

Just using your laptop a bit after 11pm and some lights on (if they are LED which they really should be, big savings there) you really don't use much power.

In order to make it worth it, you need to be putting on your washing machine, dishwasher, doing the ironing, immersion, etc. after 11pm.

Remember some of the biggest energy drains are the fridge/freezer (which is on all day), electric cookers, microwaves, electric showers, kettles.

Most people wouldn't be using those after 11pm. The general advice is that nightsaver meters only save you money if you have an EV or electric storage heaters.

bk

bk wrote: »

Yes, between 11pm and 8am. But you really have to be using a lot of energy between those hours to make it worth it.

Remember it has a higher standing charging and you pay higher daytime rates then with a standard 24hour plan.

Just using your laptop a bit after 11pm and some lights on (if they are LED which they really should be, big savings there) you really don't use much power.

In order to make it worth it, you need to be putting on your washing machine, dishwasher, doing the ironing, immersion, etc. after 11pm.

Remember some of the biggest energy drains are the fridge/freezer (which is on all day), electric cookers, microwaves, electric showers, kettles.

Most people wouldn't be using those after 11pm. The general advice is that nightsaver meters only save you money if you have an EV or electric storage heaters.

Hmm.. that's a fair point alright. The higher standing charge (assuming it's much higher) could certainly negate a lot of those 'savings' by using things after 11pm. If the standing charge wasn't far off it could be a runner, though.

Ah, either way I think I should be okay. The switch to Electric Ireland should keep me happy for a short while anyway.


I appreciate the info and advice re: the night time rates though. Certainly helped with clearing that up in my head

TheDriver

Guys, I still don't see the bargain if you're a regular user as unit rate isn't great

TallGlass

I know its not a bargain but is everyone aware that the PSO is rising in September from 80€ to 120€ ? I mean like seriously, WTF.

bk

TheDriver wrote: »

Guys, I still don't see the bargain if you're a regular user as unit rate isn't great

Depends on your usage, the cash back can mean you pay less over 12 months in total.

For instance I moved to them for Gas from a cheaper unit rate. The reason being, given that I use relatively low amount of gas (fairly energy efficient modern place), the total cost to me over 12 months including the cash back of 175 was much lower then sticking with my old supplier at the lower unit rate. Of course I'll move straight away again once the 12 month contract is up back to a lower rate product.

Best bet is to take your yearly usage if you know it, bang it into bonkers.ie and don't forget to take the 175 off the bonkers quoted rate as it doesn't include it, to see what your totally yearly cost would be with each supplier.

km79

Just got my email to log in
175 euro credit waiting in account

masterboy123

Is NightSaver for you?

As a rule of thumb, to make a saving with the day/night meter, roughly a quarter of your usage would need to be concentrated during the night-rate period - this would equate to three or four units with average usage of 14 units per day (or 5,300kWh annually).

In summers, night rate applies from 12 midnight till 9 am.

[Deleted User] wrote: »

Hmm.. that's a fair point alright. The higher standing charge (assuming it's much higher) could certainly negate a lot of those 'savings' by using things after 11pm. If the standing charge wasn't far off it could be a runner, though.

Ah, either way I think I should be okay. The switch to Electric Ireland should keep me happy for a short while anyway.


I appreciate the info and advice re: the night time rates though. Certainly helped with clearing that up in my head

masterboy123

Mine says -101€ credit. My last bill was 74€. It equates to 175€.

Does credit shows as negative balance? It appears as if i owe them 101€

km79 wrote: »

Just got my email to log in
175 euro credit waiting in account

kn

TheDriver wrote: »

Guys, I still don't see the bargain if you're a regular user as unit rate isn't great

€175 is the equivalent of around 1000 units or so. As a light lecky user as I am out/away a lot then it really works out for me as the ESB standing charge is lower as well. It might be a different scenario for heavy users with a family.

TheDriver

kn wrote: »

€175 is the equivalent of around 1000 units or so. As a light lecky user as I am out/away a lot then it really works out for me as the ESB standing charge is lower as well. It might be a different scenario for heavy users with a family.

Fair enough, I think in terms of larger family home, constant occupancy

kn

So having made the switch to EI I got a call from BG this morning offering me €150 to stay. They said I was still within the 14 day cooling off period. I declined their offer but I amazed they were that keen to keep me as my usage in the last 12 months only came to over 1100 units. Shows its well worth switching on an annual basis.