Now the dust has settled on recent price increases we compare electricity prices available from all sources in Northern Ireland.
With five suppliers and over thirty tariffs the energy market is becoming more competitive. Price is still the main thing we tend to look for, but many suppliers are trying to attract customers by offering cashbacks, welcome credit, loyalty payments, discount vouchers and tickets for days out.
What are the cheapest deals available?
This is the most common question we get asked at ‘Power to Switch‘. To compare electricity prices we have provided two scenarios – one comparing ‘tariff rates’ only and the other comparing ‘tariff rates + cashbacks’.
Prices have been checked against all five electricity suppliers in Northern Ireland – Budget Energy, Click Energy, Electric Ireland, Power NI and SSE Airtricity.
Firstly, tariff rates only – these offers do not provide any cashbacks or welcome credit so are based on the amount you will pay for each unit of electricity used. The price (pence per kWh) and amount (units) of electricity you currently use will be set out in your electricity bill or statement.
Tariff Rates Only
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Next, we compare tariff rates and cashback offers that are also available. Only cashback payments that are automatically made to your account within the first 12 months are included i.e. you don’t have to take any additional action to avail of the offer.
Tariff Rates and Cashback
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Should I go for a ‘Tariff only’ deal or ‘tariff + cashback’ deal?
Upfront cashback offers are attractive and can encourage customers to switch. However, it’s important to consider any cashback offer against how much energy you use. To compare how this can affect your bill let’s compare SSE Airtricity ‘1 Year Home Electricity 15%’ (Discount tariff – No Cashback) with SSE Airtricity ‘1 Year Home Electricity’ (Cashback offer – £55 Welcome Credit).
Low Energy User (2,000 kWh per year).
The discount tariff costs £339.40 per year. The cashback offer costs £320.20.
(Cashback Tariff Wins: £19.20)
Medium Energy User (3,200 kWh per year).
The discount tariff costs £543.04 per year. The cashback offer costs £545.32.
(Discount Tariff Wins: £2.30)
High Energy User (4,900 kWh per year).
The discount tariff costs £831.53 per year. The cashback offer costs £864.24.
(Discount tariff Wins: £32.71)
So, deciding between a cashback or tariff rate really comes down to how much energy you use but also personal preference…some people just like to have cashbacks or credit added to their account.
What about a fixed price deal?
The Budget Energy ‘Budget Advantage’ tariff is the first time an electricity supplier in Northern Ireland has offered a fixed price deal. This is a 12 month KeyPad deal with £100 cashback.
With fixed price deals, your tariff rate is set for the period of your contract, so you won’t need to worry about rising energy costs. The price you pay for certainty with a fixed price tariff is a higher unit rate to begin with – but this may suit people who don’t mind paying a bit more to have certainty over their bills for the next year – and if electricity prices increase they will be protected as they have locked in their price.
Are there other charges to consider?
A standing charge is a fixed amount that is added on top of your tariff rate to cover an energy supplier’s fixed costs – to pay for supplying your house with power.
Although all suppliers apply this cost two suppliers, Budget Energy and Click Energy, separate this charge out and add it to your bill on top of the tariff rate you pay. On your bill or annual statement, this will be listed as a separate charge and will be quoted as a pence per day charge – the standing charge remains the same no matter how much energy you use and adds between £30 – £40 to an annual bill.
All results on ‘Power to Switch’ already include standing charges so you can be sure comparisons reflect the total cost you would pay.
Helping you decide…
At ‘Power to Switch’ we compare all tariffs, deals and offers across all electricity suppliers to make sure you find the best deal. Switching is quick, hassle-free and means you keep more money in your pocket. You don’t even have to tell your old supplier you are leaving!!!
It’s free and only takes around 3 minutes to compare electricity prices and find savings. Don’t put up with rising prices. Switch energy suppliers and start saving.
For more information, advice and support on energy issues visit www.powertoswitch.co.uk or follow us on facebook or twitter
(Prices checked and correct – 9th October 2019)
(*Budget Energy 24Hr Discount is an exclusive on-line offer only available through Power to Switch)
