Sinn Féin is calling for the water metering project to end.
Leader Gerry Adams said the remaining money should be invested in water infrastructure projects in Ireland.
Mr Adams also called for the water tax to be abolished "for good".
He said: "We witnessed the rise of people power over the past 18 months, with citizens of the state coming out in their hundreds of thousands to protest against the water charges. Now we have seen people power once again at the ballot box.
"Water charges have met their end. The Right2Change platform which evolved from united protests against this unfair and regressive charges, has become a very real and very pivotal player in our political landscape. Some 400,000 people voted for Right2Change candidates. The status quo is shifting.
"Irish citizens have suffered greatly under austerity, and it is ordinary people who have borne the brunt of the excesses of the elites and the protected interests in our society.
"The people have had enough, and they have had their say. The Fine Gael/Labour coalition has been defeated. Domestic water charges should follow suit – and be abolished categorically."
(CD/JP)
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