Octopus customers saved £4 in just one hour with new National Grid energy scheme | Personal Finance | Finance
Octopus Energy has announced that over 200,000 households took part in the first test session of the energy firm’s new energy reduction scheme. The Saving Session scheme pays households for reducing their energy usage at peak times of the day. Conducted between 5pm and 6pm on November 15, the group managed to reduce the country’s demand for energy by 108MW.
Typical bill payers joining the scheme received well over £1 for the one-hour shift, as well as saving on their energy costs.
The top 5 percent of participants earned an average of £4.27.
All earnings from the were paid in the form of ‘Octopoints’, which can be exchanged for energy account credit, cash or eventually prizes.
The savings can also be donated to the £15million ‘Octo Assist’ fund which supports people who are struggling with their energy bills.
READ MORE: I swapped my oven for a slow cooker with some surprising results
This would almost be as much as powering one of the UK’s major coal-fired power station, but without the emissions.
The energy firm said the results of this trial “demonstrated” that if just one other energy supplier delivered the same as Octopus then consumer demand could have met all National Grid’s needs for flexibility.
Alex Schoch, head of flexibility at Octopus Energy Group, said: “Giving consumers the chance to grab a bargain is a win-win-win: cleaning up the grid, cutting costs and delivering greater energy security.
“Just like the yellow label products priced to clear in a supermarket, it doesn’t need everyone to take part, but those who do get cheaper energy for themselves and drive down waste and reduce costs for everyone else too.
READ MORE: Martin Lewis says nine million Britons could slash broadband bills
During the session, Octopus Energy customers tweeted their support and shared the many different ways they were turning down their usage.
One Twitter user GazTheMedic shared that he had “good fun” during the first session as he helped his children revise their geography instead of looking at screens.
Another user @Gaz8772 said the session was a “good idea” and took his dog for a walk during the hour.
He said: “#SavingsSessions Great idea. I popped the trip switch off and took the dog for a walk – We both winning.”
The scheme is enabled by the new flexibility service the National Grid Electricity System Operator (ESO) launched this winter.
The service allows all UK energy suppliers the option to financially reward customers who reduce their electricity usage during times of peak demand.
The service gives UK energy suppliers the option to financially reward customers who reduce their electricity usage during times of peak demand.
