Octopus Energy issues alert as new trial launches now – can you save money on bills? | Personal Finance | Finance
According to the energy supplier, qualifying households could save around £100 through its Saving Sessions initiative. This new energy reduction scheme has been created to mitigate the likelihood of potential blackouts this winter and save people money on their energy bills. This comes as energy bills have risen on average by 27 percent since last month despite the Government’s £2,500 price guarantee being put in place.
The scheme from Octopus Energy could help around 1.4 million smart meter customers, as well 5,000 of its business customers.
Customers are being called to reduce their energy usage during times of peak demand with the incentive of being paid to do so.
For every unit of energy which the supplier’s customers save compared to their normal usage during a specific timeframe, Octopus Energy plans to pay customers £4 on average.
This could potentially save participating customers around £100 over the course of the scheme’s winter run between November 2022 and March 2023.
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On Twitter, Octopus Energy shared details of the scheme, specifically how much people will make and at what times of day.
For today (November 15), customers will be able to save money if they reduce their energy usage between 5pm to 6pm.
Customers will be able to earn 1,800 OctoPoints, which are worth £2.25, for every unit of power cut down compared to normal times.
As well as this, the top 10 percent of savers will earn 1,000 extra OctoPoints with a random customer having the opportunity to win 400,000 OctoPoints.
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Last month, Greg Jackson, the CEO of Octopus Energy Group, outlined who this latest scheme will benefit.
Mr Jackson explained: “Let’s be very clear: this is a historic moment – we’re entering a new era of energy in which households are moving from passive offtakers to active enablers of a smarter, greener and cheaper grid.
“Instead of cutting off whole chunks of the country if we are short of gas, we can reward people for using less energy at times of peak demand.
“We were the first energy supplier to offer this service to our customers, and we hope others will follow our lead. By doing so, we can make blackouts a thing of the past, and bring costs down for everyone.”
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In order to apply for the scheme, customers need to log onto their Octopus Energy account on the supplier’s website.
On the website, the energy provider states: “It’s entirely free to get involved, your tariff and energy payments won’t change, and you can opt out any time.”
The supplier noted that it will inform customers ahead of time before a Saving Session will take place.
After a session, Octopus Energy will look at a customer’s smart meter readings to see how much they have saved.
OctoPoints can be redeemed for all variety of different rewards, including prizes, and donations to the Octo Assist fund for customers in need.
Furthermore, credit can be applied to a customer’s Octopus account if they have enough Octopoints
A customer’s OctoPoints, which they have earned through the scheme, will appear on your dashboard within 14 days.
So far, Octopus Energy believes there will be at least 12 Sessions between November and March but there is the possibility of being more.
