Domestic customers will cover 55 per cent of the cost, with businesses paying the remainder.
Locals will be hit with higher electricity bills next year to help fund a major overhaul of the national power grid.
Households will initially pay an extra €1 a month before VAT, rising to as much as €1.75 if higher spending is approved by the energy regulator.
The Commission for Regulation of Utilities has cleared €13.8 billion in grid investment by ESB Networks and EirGrid, with the total potentially increasing to almost €19 billion over five years.
Domestic customers are expected to cover 55 per cent of the cost, with businesses paying the remainder.
The grid upgrade is aimed at supporting 300,000 new homes by 2030, as well as one million electric vehicles and 680,000 heat pumps.
As of July this year, over 286,000 households are in arrears on electricity payments, compared to around 200,00 last year.
A report published in October by the International Energy Agency also showed how household electricity prices in Ireland are three times higher than wholesale rates.
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