The move comes despite the state-owned energy company saying there were no plans to reduce what is called the microgeneration tariff rate when it announced electricity and gas price cuts in September.
It is estimated about 33,000 households sell excess electricity generated from solar panels back to Electric Ireland.
The Sustainable Energy Authority of Ireland estimates that, on average, a solar photovoltaics (PV) system can save a household between €200 and €300 a year on their electricity costs.
Electric Ireland has cut the microgeneration export tariff rate from 21c per kilowatt-hour (kWh) to 19.5c with effect from the start of this month.
The reduction means households with solar panels will now earn less from selling the excess electricity they generate to Electric Ireland than if they were with Pinergy, Energia or Flogas, according to price comparison site Bonkers.ie.
Asked about the cut, the company said: “Electric Ireland confirms that its microgeneration export tariff rate has decreased from 21c to 19.5c per kWh, effective November 1, 2024.
“The change coincides with the recent price reductions for over 1.1 million Electric Ireland residential customers.”
Electric Ireland said it was reducing prices for all residential customers by 3pc from this month, with smart-meter plan customers getting a 5pc reduction in prices.
“Electric Ireland keeps its prices under constant review and is committed to providing customers with competitive prices,” it said. “Approximately 3pc of the Electric Ireland residential customer base are microgeneration customers.”
Daragh Cassidy, of Bonkers.ie, said there was an inevitability about the reduction.
“Over the past year or so, Electric Ireland has reduced its prices three times,” he said. “Unfortunately, a consequence of falling energy prices is that microgen rates will also fall. This is Electric Ireland’s first cut to its microgen rate since the scheme was relaunched in 2022.”
In August, SSE Airtricity reduced its microgeneration rate to 19.5c, which was the last time a payment rate was cut.
Pinergy pays 25c per kWh, currently the highest in the market, according to Bonkers.ie. It is followed by Energia, paying 24c. Flogas pays 20c per kWh, with Bord Gáis Energy paying 18.5c.
Yuno Energy and Prepaypower both pay 15.89c.
