Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
Iresa Energy is a gas and electricity supplier based in Nottingham. They launched in March 2016 and passed their CME (Controlled Market Entry) in August 2016.
Our research of Iresa including looking at customer comments and reviews has led us to form the opinion that you are currently better off staying away from Iresa for the time being. The general consensus is that they have grown quicker than they can handle, with a number of customers reporting unprecedented wait times when dealing with customer service. Alongside this, there have been problems switching to them, credit not being returned and meter readings being recorded incorrectly.
Iresa reviews on Facebook are showing an average of 1.4 stars out of 348 reviews. Is that the sound of alarm bells ringing? It should be!
There’s understandably an overwhelming tone of reviewers feeling sorry for the customer service team as management appears to have underestimated their popularity/demand. To many business owners this would appear to be a good problem to have, but the sheer volume of customers who are now waiting for replies to their queries, assistance and significant refunds, means that customers are now suffering from this explosion in popularity.
Iresa Energy Prices
The reason for Iresa’s initial growth appears to be due to their cheap prices as indicated by a number of reviews saying there were substantially cheaper than other suppliers.
It’s not always the case but it looks like you get what you pay for with Iresa Energy and you need to ask yourself if it is worth the potential aggravation of dealing with non-existent customer service and a whole host of problems when other long standing suppliers are out costing an extra £10 per month potentially.
The cost of Iresa’s energy would end up seeing the average household paying ~£931 per year for gas and electricity in London. London is the cheapest area with the price going up to £1016 for South West England. According to Iresa’s price saving table you could save as much as £347 per year if you opted for Iresa over the Big 6 suppliers.
Iresa’s Finance Review
As you can see from their most recent filing on Companies House, Iresa has shareholders funds of minus £89,167.
What does that mean? Well it’s not unusual for a new company to have negative shareholder funds as there are obviously a number of costs as a business grows. However, that figure is important for anyone considering switching to Iresa on the basis that if for any reason they did shut down you may end up losing any money you have with them. When you take into consideration that so many reviews point to customers not receiving refunds and credits in a timely fashion, it’s further adding to this risk of customers losing money.
What should you do?
If you are/were considering switching to Iresa and are now (wisely) having second thoughts, our advice is to hop on over to our energy comparison tool and find a trusted, more well-established supplier for the time being.
At Quote Goat, we love entrepreneurs and new challenger businesses and therefore hope to be able to re-review Iresa in the coming months once they have hopefully found a way to deal with what would clearly be a very popular energy supplier. We wish them all the best with this.
Iresa Energy Review
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