Over 2.2 million households, including pay-as-you-go customers, will receive the next €200 (including VAT) electricity credit payment from today. Depending on a household’s individual billing cycle, people will see the credit during January or February.
This is the second of three €200 (inclusive of VAT) electricity credits announced as part of a suite of measures under Budget 2023. The first €200 credit was applied before Christmas (November/December billing cycle); the third tranche will apply in the March/April billing cycle.
This €600 intervention followed an additional €200 (including VAT) electricity credit, that was paid out earlier in 2022.
This €600 intervention will cost over €1.2 billion. This is part of a broader €4.1 billion package of one-off measures that was announced in Budget 2023, and which is now supporting households and businesses right across the country in the midst of high energy prices, as a result of Russia’s invasion of Ukraine.
Specific arrangements for the electricity credits have been put in place for customers using prepay or pay-as-you-go meters. For example, guidance on how they can receive the credit has been given and has been communicated by suppliers.
The majority of pre-payment meters will accept the credit in full. However, there is a small population of older prepayment meters which, due to their age and inbuilt monetary limits, will require the customer to redeem their credit over three separate transactions over the space of a few days (see the Notes To The Editor section).
For tenants in rented accommodation, who pay their landlord for their electricity, the Residential Tenancies Board (RTB) is providing guidance to landlords and tenants to ensure that the credit is passed to tenants.
Commenting on the roll-out of the latest credits Minister for the Environment, Climate and Communications, Eamon Ryan TD, said: “The Government is acutely aware of recent increases in the cost of living and the impact of rising inflation right across the economy. Increased energy costs have played a significant role in this due to rising energy costs internationally and, more acutely, due to the crisis in Ukraine. We know that everyone is working as hard as they can for their families and households, and that rising costs are making it ever-more expensive to do the weekly shop, to fill the car and pay the bills — especially as we face into the New Year.
“The ESRI has found that the one-off measures we brought in, as part of Budget 2023, are insulating most households from rising prices this winter. Across Government and across our State agencies, we will continue to closely monitor the situation.”