Budget 2024’s retention of the three electricity credits will be welcome news in all households, a Fine Gael Senator has said.
Senator Maria Byrne, the party’s Seanad spokesperson on finance, had called for the three electricity credits to be retained from last year and spread out across the colder months, so householders can have some level of certainty around their utilities budget.
“Given that we had seen wholesale electricity prices drop over the past number of months, there was some concern that these credits would not be retained in Budget 2024. Even factoring in recent wholesale price drops, they remain higher than pre-pandemic levels and electricity prices in Ireland remain among the highest in Europe.
“When we take into account the volatility of conflicts in Ukraine and Israel, we cannot predict how that may also impact on energy prices. We are a small open economy and are vulnerable to external shocks from abroad and policy shifts at home.
“That is why these three combined electricity credits of €450 remain so valuable to householders. For the coming Winter season when our need to use electricity increases, we know we can rely on these significant credits, which will come directly off our bills. People know how it works now and the sense of security it gives,” Senator Byrne added.
In addition, the VAT rate on electricity and gas is to remain at just 9% until November 2024 and those who qualify for Fuel Allowance will be getting a €300 lump sum.
“Fine Gael is committed to putting more money in people’s pockets by cutting tax and USC. This is the tenth Budget in a row this has happened to reward work and help people keep more of their hard-earned wages.
“Under Taoiseach Leo Varadkar, we are building stronger safer communities, ensuring the best start for every child and delivering for rural Ireland and farmers,” Senator Byrne concluded.