SSE Airtricity has announced a 5% cut to its gas and electricity unit rates, as well as its standing charge, which will come into effect from 1st August. The price drop, which will affect its 400,000 residential customers across the country, comes on the heels of a 6% price cut announcement by Electric Ireland.

Commenting on the news, Eoin Clarke, Managing Director of independent price comparison website, says: “This is a positive move by SSE Airtricity, and follows a similar move announced by Electric Ireland in April. It’s clear that when one supplier cuts prices, it puts pressure on the others to follow suit, which is good news for consumers. These latest cuts will save the average dual fuel customer €101 per year, however customers will have to wait another two months to avail of these savings.

“But we’re still waiting on price cut announcements from the other energy suppliers. With wholesale energy prices at a five-year low, any supplier who has not cut their tariffs has some explaining to do. In the interests of their customers, we would call on all remaining suppliers to follow suit, and make cuts to their unit rates with immediate effect.

“Aside from any cuts to rates from energy suppliers, the most significant savings consumers can make is by shopping around and switching supplier. Last year, only 14% of us switched electricity supplier, and 16% switched gas supplier. There is currently a €318 difference between the standard tariff and the cheapest deal on the market. Switching only takes around 5 minutes and can save you hundreds of euro a year, so we would encourage all consumers to shop around and switch to make savings.”

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