HOUSEHOLDS WILL RECEIVE €450 in energy credits over the coming winter months as part of today’s budget. 

All households will receive three credits of €150 each between the end of this year and next April.

Meanwhile a €300 lump sum payment will be made to recipients of the Fuel Allowance in the last quarter of this year. 

On top of this, an additional €200 will be paid to recipients of the Living Alone Allowance. 

The move was announced today by Minister for Public Expenditure and Reform Paschal Donohoe as part of Budget 2024.

Donohoe said he is conscious that “many people listening today are concerned about rising costs and particularly the challenges of heating and lighting their homes this winter”.

Today’s announcement is the third round of energy credits announced by government since prices spiked in 2021. 

In last year’s budget, households were given energy credits worth a total of €600.

Meanwhile, it was announced today by Minister for Finance Michael McGrath that the temporary reduction in the VAT rate on gas and electricity (from 13.5% to 9%) will remain in place for another 12 months. 

According to Minister McGrath this will save consumers an additional €90 for those on electricity and those who use gas will save an additional €62 during the 12-month extension.

Minister @mmcgrath has today announced an extension of the temporary reduction in the rate of VAT from 13.5% to 9% on the supply of gas and electricity for a further 12 months.

These reductions will remain in place until 31 October 2024. #Budget2024 pic.twitter.com/NXMhFovzti

— Department of Finance (@IRLDeptFinance) October 10, 2023

Electricity and gas prices remain high despite recent announcements of price cuts by some of the main suppliers. 

However much of these reductions, do not come into effect for customers until November. 

Last month, Taoiseach Leo Varadkar said energy companies must reduce their prices further coming into winter. 

You can find full details of today’s Budget announcement in our roundup here.