A NEW player has entered the residential electricity market promising big discounts for householders.
Bright Energy claims it will save customers up to 23pc a year on their energy bills, equating to €225. It says it is offering 100pc green energy.
Its entry into the market means there are now 13 players in the residential supply market.
But experts have accused providers of failing to reduce their prices to reflect a collapse in wholesale costs of energy.
Bright is promising that its customers will benefit from falling wholesale costs.
It promises not to put customers on an introductory rate and then automatically move them onto a much higher tariff after a year, as other providers do.
Instead, the supplier said it will treat all customers the same.
The rate will track the wholesale market so that when prices fall, savings can be passed on to Bright’s customers quickly, it claimed.
Customers will not be tied into a long-term contract and there are no exit fees if customers decide to leave.
The company says it will offer 100pc green energy, buying it from renewable generators across State and in Northern Ireland, and on the wholesale electricity market.
Initially supplying electricity, Bright will enter the gas supply market later in the year.
Customers will be encouraged to download its app, where they can submit a meter reading and manage and track usage and costs.
David Kerr of price comparison site Bonkers.ie said Bright’s electricity pricing is competitive.
“It is aiming to be the Revolut of the energy market with a super sexy app and website. So it is going after the youth market for electricity. It is aiming to elevate the customer experience with its app,” he said.
Belfast-based Bright is the brainchild of brothers Ciaran and Stephen Devine, who founded the energy company in partnership with oil supplier the Maxol Group.
With backgrounds in investment and corporate finance, the brothers left the corporate world and launched a firm called Evermore Energy in 2010.
Ciaran Devine said: “We know that people are concerned about the impacts of climate change and want to become more sustainable.
“However, they don’t always have the time or the information to be able to do so. By providing green energy at competitive costs, Bright allows them to do that with no added expense or hassle.”
Energy providers are benefiting hugely from a collapse in wholesale energy costs at the moment, down up to 50pc in some cases.
There have been some recent price reductions in household electricity and gas prices, but these have been modest in comparison to the energy price rises over the last few years.