Octopus Energy customers given automatic £93 with one change
The major energy supplier says a simple change can result in big savings.
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Octopus Energy customers will be given an automatic saving of £93 on their energy bills by making one simple change.
The energy supplier has said that customers who pay by Direct Debit will get cheaper tariffs and those who make the switch will make an annual saving of £93 on average. Those that don’t have a Direct Debit set up end up pay more as it creates more admin for suppliers. Octopus says it doesn’t think it’s fair to make everyone cover the extra cost so it offers a cheaper rate to customers who choose to pay by Direct Debit, which costs the firm less to manage.
Any customers that make a change to how they pay their energy bills will then have their bills automatically adjusted, making an annual saving of £93.
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The supplier explained: “A steady monthly Direct Debit is our most popular way to pay, because it allows you to spread your payments evenly across the 12 months, rather than paying less in summer and much more over the winter."
"Because this method costs us less in admin, your unit price is less, saving the average home on our variable tariff around £93 a year."
The money-saving tip comes after a hike to household energy bills from October when Ofgem raised its price cap. The cap went up 2% - or £35 - from the previous £1,720 per year for a typical household in England, Wales and Scotland to £1,755.
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The price cap limits the amount an energy supplier can charge for units of gas and electricity and it also impacts the standing charge, which is a daily cost per fuel type set by Ofgem.
The cap isn’t the absolute maximum price households will pay for energy as it is based on usage, so those that use more energy will pay more.
