- Monday 27 July 2020
Irish Times Highlights How Switching Energy Supplier Can Save Households Hundreds
Source: The Irish Times
For decades, the Irish Times has highlighted simple ways for households to save money without sacrificing quality of life. One of the most consistent opportunities identified is switching energy supplier.
According to the paper, households that actively shop around for better electricity and gas deals could have saved more than EUR 6,000 over recent years by switching regularly.
The scale of missed savings is significant. Over a five-year period, Irish consumers are estimated to have overspent by as much as EUR 2 billion by remaining on expensive standard energy tariffs.
With approximately 1.7 million households in Ireland, and an estimated 60 per cent remaining loyal to the same suppliers, many homes are paying standard rates rather than discounted offers available to new customers.
The energy regulator estimates that households who switch energy supplier each year can reduce annual bills by around EUR 400. Multiplied across hundreds of thousands of homes, the impact is substantial.
Despite this, switching rates have declined in recent years. During the pandemic, electricity and gas switching fell to some of the lowest levels in seven years, even as household energy usage increased due to remote working and more time spent at home.
Industry experts note that while energy suppliers frequently advertise attractive introductory discounts, these typically expire after 12 months. Customers who do not switch again are moved onto much higher standard rates.
This so-called loyalty penalty means households can unknowingly pay far more than necessary for the same electricity and gas.
This challenge is what led Brendan Halpin to create WeSwitchU, a platform designed to remove the hassle from switching energy supplier.
Rather than expecting households to compare deals every year, WeSwitchU allows customers to sign up once and then tracks energy usage and market offers to identify better deals annually.
WeSwitchU operates on a transparent pricing model, charging customers a fee equal to 10 per cent of the savings achieved. No commission is taken from energy suppliers, ensuring the platform’s incentives are fully aligned with customer savings.
By analysing household-specific energy consumption, rather than relying on national averages, the platform aims to match customers with the most suitable plan for their needs, whether focused on price, sustainability, or overall value.
Switching energy supplier does not involve any wiring or meter changes, and there is no interruption to supply. The same electricity and gas continue to flow; only the company billing the customer changes.
As energy costs and carbon taxes continue to rise, regularly reviewing energy plans is becoming increasingly important for Irish households.
To learn more about how automatic switching works, visit www.weswitchu.ie.