This is when every homeowner in Ireland will get €100 off their electricity bill in Government bid to tackle rising energy costs

EVERY Irish homeowner will get €100 off their electricity bill in the new year, it has been revealed.

Substantial state intervention will cost up to 170 million euros in efforts to resolve the energy cost crisis.

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The one-time bill deduction will cover the first two months of the year and will be deducted from domestic household bills in March.

Treasury Secretary Paschal Donohoe, Public Expenditure Minister Michael McGrath and Secretary for Climate Action Eamon Ryan project is currently under construction.

Funding for the energy initiative will come from Secretary Eamon Ryan’s departmental budget.

Secretary Ryan is preparing a memorandum to be presented to the Cabinet early next week, as legislation is expected to be required.

It comes as the latest figures from the CSO revealed the annual inflation rate hit a 20-year high last month.

Consumer prices rose 5.3% last month, driven by energy, transportation and rent costs.

Speaking on Newstalk breakfast, Finance Minister Pascal Donohoe believes that inflationary pressures will improve next year.

“That’s a key reason why we’ve increased the amount people pay at standard income tax rates to help deal with these challenges,” he said.

“That’s why we’ve increased the living alone allowance, the petrol subsidy, the qualifying child allowance to help those affected by this.”

TARGET MEASURES

Minister Donohoe said the €100 reduction on the bill per household was not a measure aimed at those who needed it most, but said the Government had made targeted changes to social welfare and personal tax.

He explained: “As with many things at the moment, including the decision I made about Covid support yesterday, if you are trying to act quickly you are not always You can achieve the desired goal if you have more time.

“We have always been aware that if we were to make a decision regarding how we could further support energy prices, we would try to do so in a targeted way but at the same time I know the bills This will increase. . “