In response to the ongoing cost of living crisis, Octopus Energy is extending a generous £512 credit to select customers, providing a much-needed financial lifeline as energy prices continue to climb. The energy supplier, known for its commitment to affordability, is using this initiative to help mitigate the financial pressures many households are facing.
The announcement comes at a time when the UK’s energy market is grappling with rising costs, particularly due to the recent increase in the energy price cap. With the colder months approaching, consumers are bracing themselves for higher bills.
In an effort to offset these financial burdens, Octopus Energy is not only offering customers the £512 payment but is also doubling down on its pledge to provide competitive energy tariffs and enhanced support for those struggling.
Energy Price Increases and Octopus’ Pledge to Customers
According to Octopus Energy, the energy price cap set by the regulator Ofgem will rise by approximately £3 per month for a typical household from October 1 to December 31. This increase follows a period of soaring energy prices, further deepening the strain on households already grappling with inflation and higher living costs. However, Octopus has assured customers that it will continue to offer some of the lowest standing charges in the industry, which should help mitigate the impact of the price rise.
Greg Jackson, CEO of Octopus Energy, said that the company remains the only large supplier to have avoided charging the full Ofgem price cap. He added that while gas rates are dropping slightly in many areas, electricity unit rates and standing charges are rising, meaning the average home could face a £3 rise per month. Despite this, Octopus’ discount on standing charges has saved customers millions of pounds over the past year, a move that has helped bolster its reputation for value.
Octopus Energy is offering a range of ways for customers to avoid the price hikes entirely, including through the Octopus 12M Fixed tariff, which guarantees a cheaper rate compared to the new cap. Customers are encouraged to compare their energy plans and switch to one of Octopus’ more affordable options.
Aiding Struggling Households with Targeted Support
For customers struggling to meet their energy bills, Octopus Energy is providing additional support options, including access to its support fund, standing charge assistance, and an electric blanket scheme. The company has also launched an initiative called “Rewire,” which aims to educate customers on the underlying causes of high energy prices and explore potential solutions.
As part of its customer engagement strategy, Octopus has introduced a survey where participants can share feedback on the company’s services. In exchange for their input, eight lucky respondents will receive a £512 credit to their account. This move by Octopus Energy reflects a broader trend within the energy sector, where suppliers are increasingly looking for ways to help consumers weather the storm of rising energy prices.
