Kraken’s Power: How Octopus Energy’s Tech Can Lower Your Bills

Octopus Energy, the UK’s largest energy provider, has announced that customers can save an average of £93 per year by switching to Direct Debit payments. This change allows customers to spread their payments evenly across 12 months, rather than paying less in summer and more in winter. According to Octopus Energy, customers without Direct Debit arrangements end up paying more due to the extra administrative work required.

Why Direct Debit Payments Save You Money

Octopus Energy’s decision to offer discounted tariffs to Direct Debit customers is based on the reduced administrative costs associated with this payment method. By opting for Direct Debit, customers can benefit from lower unit prices, resulting in significant savings over the course of a year. The company’s spokesperson explained that a steady monthly Direct Debit is their most popular payment method, as it enables customers to manage their payments more effectively.

Benefits of Direct Debit Payments

Here are some key benefits of switching to Direct Debit payments with Octopus Energy:

• Average annual savings of £93: By switching to Direct Debit, customers can enjoy significant savings on their energy bills.
• Evenly spread payments: Direct Debit allows customers to spread their payments across 12 months, making it easier to manage their finances.
• Reduced administrative costs: Octopus Energy saves on administrative costs, which are then passed on to customers in the form of discounted tariffs.

Recent Price Cap Changes

The announcement from Octopus Energy comes after Ofgem lifted its price cap, resulting in a 2% increase in household energy bills. The new price cap stands at £1,755 per year for a typical household in England, Wales, and Scotland. While this increase may seem significant, customers can still save money by switching to Direct Debit payments.

How to Make the Switch

Customers who want to take advantage of the discounted tariffs can simply update their payment method to Direct Debit. Once the change is made, their bills will be automatically recalculated, reflecting the savings. Octopus Energy’s website provides more information on how to make the switch and start saving on energy bills.

Energy Savings Tips

In addition to switching to Direct Debit payments, there are several other ways customers can save money on their energy bills. Some tips include:

• Reducing energy consumption: Simple actions like turning off lights and electronics when not in use can make a big difference.
• Using energy-efficient appliances: Replacing old appliances with energy-efficient models can help reduce energy consumption.
• Improving home insulation: Proper insulation can help retain heat and reduce energy bills.

By taking advantage of the discounted tariffs offered by Octopus Energy and following these energy-saving tips, customers can enjoy significant savings on their energy bills

Save £93 on Your Energy Bills: The Simple Switch to Direct Debit

Octopus Energy, the UK’s largest energy provider, has announced a straightforward way for customers to save an average of £93 per year on their energy bills. The key to unlocking these savings lies in switching to Direct Debit payments. This simple change can make a significant difference in household finances, especially with the recent increase in the energy price cap.

The Benefits of Direct Debit Payments

Octopus Energy’s decision to offer discounted tariffs to customers who pay by Direct Debit is rooted in the reduced administrative costs associated with this payment method. By opting for Direct Debit, customers can help streamline the payment process, reducing the workload for the energy supplier. This, in turn, allows Octopus Energy to pass the savings on to its customers.

How Much Can You Save?

According to Octopus Energy, customers who switch to Direct Debit payments can expect to save an average of £93 per year. This amount is calculated based on the difference between the standard tariff and the discounted Direct Debit rate. For households looking to reduce their energy expenses, this saving can be a welcome relief.

The Recent Price Cap Increase

The announcement from Octopus Energy comes on the heels of a 2% increase in the energy price cap, which took effect in October. This rise, equivalent to £35 per year for a typical household in England, Wales, and Scotland, brings the average annual energy bill to £1,755. While the price cap increase may seem modest, it still represents an additional strain on household budgets.

Why Direct Debit Makes Sense

Octopus Energy’s emphasis on Direct Debit payments is not just about reducing administrative costs; it’s also about providing customers with a convenient and predictable way to manage their energy expenses. With a steady monthly Direct Debit, customers can spread their payments evenly across the year, avoiding unexpected spikes in their bills.

How to Make the Switch

For existing Octopus Energy customers, switching to Direct Debit is a relatively straightforward process. Customers can log in to their online account or contact the company’s customer service team to set up Direct Debit payments. Those considering switching to Octopus Energy from another provider can also explore the Direct Debit option as part of the sign-up process.

Additional Tips for Saving on Energy Bills

While switching to Direct Debit payments can certainly help reduce energy bills, there are other steps households can take to minimize their energy expenses. Some of these include:

• Improving Home Energy Efficiency: Investing in energy-efficient appliances, insulation, and double glazing can significantly reduce heat loss and lower energy bills.
• Using Smart Meters: Smart meters provide real-time information on energy usage, helping households identify areas where they can cut back.
• Comparing Energy Tariffs: Regularly reviewing and comparing energy tariffs can ensure households are on the most cost-effective plan for their needs.

By taking advantage of the Direct Debit discount and implementing other energy-saving strategies, households can better navigate the challenges of rising energy costs and keep their bills in check.

About Octopus Energy and Kraken

Octopus Energy’s innovative approach to energy supply has been powered by its technology arm, Kraken. Kraken’s cutting-edge platform has enabled Octopus Energy to grow rapidly while maintaining high levels of customer service. With over 9 million customers worldwide, Octopus Energy continues to push the boundaries of what is possible in the energy sector