Over two million electricity accounts will receive the credit, which will be added to bills from April.
The move is being brought in to counter the rising cost of electricity, which is expected to be further impacted by Russia's invasion of Ukraine.
The scheme required the drafting of new legislation which was "fast-tracked" by the Office of the Attorney General and the Oireachtas. President Higgins's signature was the last detail required to make it official.
Electricity customers will see the credit applied automatically to their accounts. Those who use prepay cards will see the credit applied to their cards.
Those using hardship prepay meters will be required to make three separate top-ups of €10 each. The first two top-ups will see €90 credit added each time, with €20 added on the third top-up.
The government has said that in the case of tenants who pay their electricity costs through their rent, it's expected that "landlords will pass on the credit to their tenants."
Should a dispute arise between landlords and tenants over this matter, the Department of the Environment says "tenants and landlords are encouraged to try and resolve the matter together first, by keeping lines of communication open. In the event that the dispute cannot be resolved between the parties, the matter may be referred to the RTB’s free mediation service, where an independent mediator helps both parties to come up with a solution that is mutually beneficial."
