It’s been almost four years since a new energy supplier entered the market in Northern Ireland, but the wait is finally over….
Share Energy went live this week and say they plan on being ‘a sustainable business that rewards customers rather than exploits them’. The supplier’s entry into the local electricity market will be welcome in offering more choice for consumers especially after two suppliers in recent years have left the market.
So, let’s take a look at who they are and what is their offer:
Who is Share Energy?
Share Energy are a locally founded energy supply business that has just launched in the NI electricity market. Although they may be a new energy supplier the people behind Share Energy have many over 50 years’ experience working across the energy market in Ireland.
What tariffs are on offer?
Share Energy offer a unit rate that is available to all customers and comes without a fixed term or exit fee. Share Energy state that they have the cheapest standard rate in the market.
They offer tariffs for bill pay and Pay as You Go across both 24hr and Economy 7.
Interestingly they also offer a ‘Share EV’ tariff which comes with a lower night rate which will be attractive for those customers with an electric vehicle who charge overnight at home.
24 Hour Meter Tariffs (Bill Pay and PaYG)
| Tariff Name | Payment & billing method | Pence per unit/kWh | Standing Charge pence per day | Annual Cost* |
| Share 24 Credit | Direct debit e-bill or postal bill | 25.290 | 13.330 | £858 |
| Share 24 Credit | Pay on receipt of bill or e-bill | 25.290 | 13.330 | £858 |
| Share 24 Keypad | Prepayment meter | 25.290 | 16.670 | £870 |
* Annual Cost based on 3,200 units/kWh
Economy 7 Meter Tariffs (Bill Pay and PaYG)
| Tariff Name | Payment & billing method | Pence per unit/kWh (Day) | Pence per unit/kWh (Night) | Standing Charge pence per day | Annual Cost** |
| Share EV | Direct debit e-bill or postal bills | 28.600 | 13.890 | 13.330 | £775 |
| Share EV | Pay on receipt of bill or e-bill | 28.600 | 13.890 | 13.330 | £775 |
| Share Eco 7 | Direct debit e-bill or postal bills | 28.600 | 17.210 | 13.330 | £818 |
| Share Eco 7 | Pay on receipt of bill or e-bill | 28.600 | 17.210 | 13.330 | £818 |
| Share Eco 7 Keypad | Prepayment meter | 28.600 | 17.210 | 16.670 | £830 |
* Annual Cost based on 3,200 units/kWh with a consumption split of 60% Day / 40% Night
Share Energy 50/50 profit share
Beyond tariffs the big offer from Share Energy is a pledge to share half its profits with customers. When you join Share Energy, you are automatically enrolled into their profit-sharing scheme and will remain eligible as long as you stay a Share Energy customer.
There is no precise figure on how much you’ll receive, since it depends on how much profit Share Energy make. As the company states ‘the more customers they have the more they can share’ and your share will be based on your consumption.
Any profits will be shared once a year – usually in July. Your share of the profits can be sent as cash to your bank account – or credit to your Share Energy account or meter. As long as you are an active customer on the date of pay out, you’re eligible to receive your share of any profits. However, the longer you’re with us the more you’ll receive.
Further details on the scheme can be found here: Share Energy – profit share explained
What we think at Power to Switch
The launch of Share Energy brings increased choice and competition to the market which is a good thing for consumers.
Over the last few years Bright Energy (Feb 2022) left the electricity supply market and Electric Ireland (May 2024) announced they will no longer supply domestic customers in NI. So, a new supplier reversing this trend is welcome.
Share Energy offers a standard variable rate tariff, so the pricing model is straightforward and easy to understand. But customers often expect promotions, discounts or other offers to attract or retain their business…however a simple, straightforward, competitive rate may work, and the 50/50 profit share is unique. Also Share Energy state that a quality customer service will be their focus. On their socials they confirm that customers will be able to ‘speak to a (local) human. Not a machine’.
The same rate applies regardless of billing method or payment option selected for bill pay tariffs. Also, customers aren’t tied into any year-long contract and no early exit fee applies.
In addition, the EV rate with a discounted night time rate will be attractive to EV owners and is priced well when compared to the market.
Winter is coming
With summer coming to end, the nights will soon start closing in and people’s thoughts will once again turn to coping with energy bills. Energy prices are likely to remain high and as we use a lot more energy over the winter months this means our energy bills will increase too.
It’s quick and easy to find a cheaper deal with Power to Switch. It’s likely you will also save money moving to a new deal. In fact, people who switched electricity supplier Power to Switch saved an average of £421.
