Yuno Energy, a new monthly bill pay service from the company behind PrePayPower, has launched today with a discounted unit rate of 38.04c per kilowatt hour, claiming to offer the cheapest rate of electricity available on the market.

The company says that customers who switch to Yuno Energy can save over €500 per year on their electricity bills, compared to the average annual cost of €1,765 for those on a 24-hour meter with average consumption.

Yuno Energy’s launch comes at a time when the consumer cost of electricity has risen by nearly a third (+31.8%) in the past year, and several energy providers have exited the Irish market.

Unlike PrePayPower, which operates on a pay-as-you-go basis, Yuno Energy will issue a monthly bill at the start of each month based on predicted energy usage by the household. Customers with a smart meter will be able to monitor and adjust their energy consumption throughout the month using the Yuno app or website.

Yuno Energy will operate independently from PrePayPower, with its own call centre open daily. The company plans to launch a major advertising campaign across television, social media and traditional media platforms to promote its new service.

Prepaypower employs more than 400 people and currently has 175,000 electricity and 60,000 gas customers in Ireland.