Energy app launches reward scheme – customers could get up to £100 free vouchers | Personal Finance | Finance
Smart meter app Loop has launched its ‘Turn Down and Save’ scheme as part of the National Grid ESO’s recently announced Demand Flexibility Service. The scheme will reward Loop customers for reducing their energy usage during peak times and could see typical customers earn up to £100 a year in Amazon vouchers.
The Turn Down and Save scheme is open to anyone with an electricity smart meter, which could extend rewards to up to 13.9 million households. More vitally, Loop’s initiative will be available to households whose energy providers aren’t offering their own DFS scheme.
The Demand Flexibility Scheme was launched by National Grid ESO at the start of the month to reward eligible households for reducing energy usage during its test sessions, paying the equivalent of £3 per kWh in credit.
However, whether or not a person can participate in the scheme depends on whether their energy provider or supplier has signed up.
Loop’s scheme is making it possible for smart meter households who’d like to participate but can’t because their provider isn’t offering it. And for those households whose supplier is participating, Loop provides an alternative way to get involved as rewards vary by provider.
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Dr Steve Buckley, head of product and data science at Loop, commented: “We’re pleased to open up the Demand Flexibility Scheme to millions of bill payers, in particular those who may not have access via their energy supplier.
“We would encourage all eligible households to get involved, as this isn’t just about the energy crisis this winter. As homes get smarter – with more large devices able to choose when they use electricity – services like DFS will allow homes to play an increasingly valuable role in balancing supply and demand.
“It’s also an example of how Loop, as a small technology business, can provide valuable services to customers that their utilities can’t or won’t. Every week we sign up thousands of new customers who can’t see their own data because their smart meters or in-home displays aren’t working correctly.
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“This limits their ability to manage their own energy use and control their spending. Standardised and simplified access to personal energy data would unlock innovation in the energy space in the same way as open banking did in financial services.
“With the backdrop of our net zero targets, this can’t come soon enough, but legislation needs to catch up and quickly.”
By reducing power during peak times, fewer expensive electricity generators will be required over that period, reducing the chance or need for potential scheduled energy blackouts.
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Another option could be to reduce energy usage, such as using a microwave instead of the oven, during the event window.
Provided that customers reduce their usage by at least 40 percent of their baseline (normal usage for the same period), people will be paid close to £3 per kWh saved. However, as mentioned, rewards will come in the form of Amazon vouchers.
Is the scheme for electricity only, or gas, or other fuels too?
According to Loop, the Turn Down and Save scheme is only available for electricity.
