A new report has found customers could save up to €360 per year by switching from the most expensive gas and electricity companies to the cheapest.
The Commission for Energy Regulation (CER) has also found that more competition and lower wholesale prices were the main reasons for the almost 5% drop in prices in both sectors.
The report found that the difference between the highest priced standard plan and lowest priced discounted plan last year was €235 for domestic electricity and €126 for domestic gas.
Of the electricity suppliers, Electric Ireland is said to have lost the most customers last year at more than 47,500, while Bord Gáis Energy made the biggest gains with an additional 28,119 customers.
Ireland has the biggest rate of gas switching in the EU at 16%, and the second-highest electricity switching rate at 13.53%.
David Kerr is the Managing Director of Bonkers.ie, an Irish price comparison site.
He told Newstalk Breakfast that people can save significantly by switching to take advantage of the various discounts.
"The discounts last for just 12 months, and then they expire and you go on to typically standard rates," he explained.
"Now the conversation about discounts and what happens when they expire changed a little bit [...] with Electric Ireland's move. They decided they are going to decrease prices for standard customers, and then have perpetual discounts for customers who opt-in," he added.
