When switching electricity providers, or choosing for the first time, the incredible number and variety of plans available can be confusing and intimidating.

Electricity plans these days come in many different forms based on the type of meter you have, the different time-of-use tariffs, how customers are billed, fixed or variable prices, and more.

Here we break down the different types of plans available to customers, and how they best relate to your electricity needs.

Types of Electricity Plans

Standard and Smart Meters

The type of electricity plan a customer can get is limited by the type of meter they have. Standard meters, either digital or analog, record the amount of electricity being used in your house but don’t do anything with that data. A standard meter will have either one display, or two for day and night usage.

It’s up to the owner or resident of the property to submit readings from the meter to the electricity company to get accurate bills, or else they will send estimated bills.

Standard Meters are limited to 24hr or Day/Night electricity plans, as they cannot record time of use more accurately.

Smart meters are digital meters which take regular readings and submit them to the electricity provider. This removes the need for users to take readings and allows for more accurate bills.

Smart meters enable homeowners to avail of 24hr, Day/Night, Day/Peak/Night, or Day/Peak/Night/EV plans with a wider range of tariffs available for different times of the day.

Discounted Electricity Rates

Switching your electricity plan each year is critical to make sure you are on the lowest possible tariffs.

It’s free to switch and it can save you thousands.

Varieties of Electricity Tariffs

There is a wide range of electricity plans available with different tariffs for the time in which electricity is used along with other factors. Plans with multiple brackets for different prices will typically be more expensive during times when the most electricity is used, and offer cheaper rates during hours of lower demand.

A 24hr electricity plan is self-explanatory. The customer has a single electricity rate and pays the same price per unit of electricity no matter the time of day or night.

The tariff per unit of electricity for 24hr plans typically falls somewhere between the Day and Night unit price of other plans.

Also known as Nightsaver plans, these will consist of two separate tariffs for electricity usage. There is one price for electricity used during the day, and another lower tariff for electricity consumed during the night.

Night rates are from 11pm – 8am during the winter months (end of October to the end of March) and 12am – 9am in Summer (start of April to end of October).

Day/Night/Peak electricity plans, also frequently known as Time-of-Use Tariffs, are similar to Day/Night plans with the added Peak category during the daytime.

During Peak hours, from 5pm – 7pm, these plans charge a much higher price per kWh of electricity used. Outside of Peak hours normal Day prices are charged before and after, and night hours remain the same.

The distinguishing characteristic of Night Boost or EV electricity plans is an extremely discounted unit rate offered in the early hours of the morning. 

For anywhere from 2 – 6 hours lasting between 2am and 6am in the morning these plans offer extremely discounted rates. They are often called EV plans because they are advertised as a cheap way to charge electric vehicles overnight.

Night Boost plans may be paired with either a single rate for all other hours, similar to a 24hr plan, a Day/Night rate, or Day/Night/Peak tariffs depending on the providers.

Weekend Discount Electricity Plans do exactly that, they offer discounted electricity during weekend hours. This may be defined as Friday night to Monday morning, or more narrowly as Saturday morning until Sunday evening.

The cheaper prices may also vary between a specific discount on regular day/night tariffs, or simply applying a specific rate for the defined weekend hours.

Another discount plan offering customers the chance for completely free electricity on one day of the weekend. The hours of which will depend on the specific plan.

Choosing the Right Electricity Tariff

The most important thing to consider when looking at different electricity plans is how they match your electricity usage and financial needs. There is no point getting a Night Boost plan if you don’t use any electricity late at night, or a weekend discount plan if you consume most electricity during the week.

Before switching plans it would be advisable to get a breakdown of how and when electricity is used in your home to find a tariff which suits your needs.

Variable or Fixed Rate Plans

Electricity Plans typically come in one of two categories, variable or fixed rate plans. Either of those can encompass 24hr, Nightsaver, or Smart plans.

They are fairly self-explanatory. In fixed rate plans the electricity rates paid by a customer are locked in place for the duration of the contract period. In variable rate plans the rates may increase or decrease during the contract as set by the supplier.

There are different benefits and costs associated with both fixed and variable plans.

Fixed Rate Plans
Pros
  • Rates are typically cheaper than variable plans
  • Allows for a more accurate assessment of the year ahead.
Cons
  • Not able to avail of reductions in rates
  • Standing charge can be larger than for variable rates
Variable Rate Plans
Pros
  • Rates may be reduced by supplier
  • Lower standing charges
  • Discounts are more common with new plans
Cons
  • Rates may go up as well as down
  • Prices tend to be higher than fixed rates

Green Electricity Plans

As people are becoming more conscious of how their electricity is generated, some providers may advertise specific Green electricity plans. These intend to guarantee that all of the electricity a customer uses was generated from renewable sources such as wind or solar power.

Dual Fuel Plans

Providers such as Bord Gáis or Flogas, which offer both electricity and gas, also advertise Dual Fuel plans. These combine electricity and gas into a single plan, and may offer better rates or added discounts compared to just purchasing electricity on its own.

Electricity Plan Billing

There are multiple ways to receive the bill for your electricity plan and multiple ways in which it can be paid. These will affect the price of your electricity, and which plans are available.

Typically, electricity providers offer better discounts for customers who avail of direct debit payments on online billing to reduce paper and hassle. Some plans may only be available to people who go with one of both of those options.

Other electricity providers may offer options for postal billing and payment on receipt of the bill, but these are becoming more expensive options on the whole.

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Pay as You Go Electricity

A small segment of the market is for Pay-as-You-Go Electricity, which allows customers to top up their meter as they choose rather than paying monthly or bimonthly bills. This different payment option may fall into any of the existing categories for time of use electricity tariffs.

Pay as You Go Electricity

FAQs

Though close to 2 million households in Ireland have smart meters installed, it is not a legal requirement. However, it will allow for more accurate billing and some plans are only available for smart meters.

No, getting a smart meter does not mean that you have to change electricity plans, but it will make more plans available.

All electricity related products are charged 9% VAT. This includes the rates for the electricity itself, the PSO Levy, and the Standing Charge which together make up an electricity bill.

Discounts offered by electricity suppliers are applied to the rates which they charge per unit of electricity.

There isn’t one clear cut answer for who offers the cheapest electricity. This will depend on the pattern of individual households’ electricity consumption and other factors.

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