The new rate is the lowest unit rate available on the market because it is 3.4% less than the prior rate. According to the corporation, the pricing is set for a whole year and won't alter regardless of what transpires in the wholesale energy markets.

Launched in August of last year, Yuno Energy is the newest electricity supplier to the Irish home market.

It has since reduced rates for new clients several times, which has resulted in price reductions from other market suppliers.

Yuno now charges 25.24 cents per kWh for electricity purchased from Yuno.

It states that the average client will pay €1,325 annually in total, which is more than €500 less than the average regular rates from other providers.

According to Yuno, this will happen when all recently declared reductions by other suppliers go into force.

This is a fixed rate deal, meaning it won't alter for the entire year, according to Cathal Fay, CEO of Yuno. "Wholesale markets have increased in the last few weeks and are still volatile, so the new rate we're announcing today might be particularly appealing to those that want to be sure they can lock in the benefits of recent price reductions."

The owners of Yuno Energy are also the ones behind PrepayPower, which is Ireland's biggest pay-as-you-go provider, serving 60,000 gas and over 180,000 electricity users. Yuno Energy is a distinct company that runs on its own and has its own app.