A combination of an increase in the price of electricity by Electric Ireland and Prepaypower, as well as a 130% rise in the PSO levy will see almost €90 a year added to many consumers' electricity bills.
The PSO levy, or Public Service Obligation levy, is a Government levy that is charged to all electricity customers in Ireland.
The levy for last year was €38.68 a year including VAT but will rise to €88.80 for the 2020/21 period.
On top of that, Electric Ireland is set to increase its electricity prices by 3.4% from tomorrow, 1 October, while Prepaypower is set to increase its electricity prices by 2.9% from 4 October.
According to Daragh Cassidy, Head of Communications and PR at comparison and switching site bonkers.ie, people need to switch supplier regularly to ensure they are getting the best value.
"Businesses seldom reward loyalty and if you want to be on the best deal you have to shop around regularly. You can't presume that just because you’ve been with a particular supplier for several years that they’ll return the favour with cheaper prices. If anything it’s the opposite. This applies to all household bills but particularly energy," he said.
He said that's because energy companies all offer really good introductory rates to those who switch to them.
"However these discounted rates usually expire after 12 months. This means if you don’t shop around and switch again after your 12 months are up you’ll be bumped onto the supplier’s far higher standard rates and will end up paying far more each year for your gas and electricity," he said.