Saving Hundreds on Electricity Bills: My Simple Trick

As the cost of living crisis continues to affect millions of households in the UK, finding ways to save money on everyday expenses has become a top priority. For me, that meant taking a closer look at my electricity bill and making a simple change that has saved me hundreds of pounds.

The Cost of Living Crisis: A Growing Concern

The cost of living crisis is a harsh reality for many UK households, with some facing a staggering 500% increase in their energy bills due to an Ofgem price cap ’loophole’. In Edinburgh, residents of a housing scheme saw their heating and hot water bills skyrocket by over £1,200 a year. It’s a daunting prospect, but there are ways to mitigate the impact.

My Octopus Energy Bill: A Game-Changer

I recently reviewed my online Octopus energy bill and discovered a flexible rate plan that has changed the way I live. The company promotes its flexible rates, which offer lower prices for electricity at off-peak times. I opted for the Flux plan, which means using electricity between 2am and 5am costs 19.69p per kWh, compared to 45.93p/kWh during peak hours.

“I’ll often now wait until 7.01pm to start cooking dinner in my electric oven or load the dishwasher before I go to bed and set it to come on after 2am.” - Me

It’s a small change, but it’s made a significant difference. I’ve started using the timer function on my dishwasher, tumble dryer, and washing machine to delay their operation until the cheaper off-peak hours. It’s amazing how such a simple trick can add up to hundreds of pounds in savings over the year.

The Power of Agile Pricing

Octopus also offers an Agile account with ‘plunge pricing’, where households can even get paid for the electricity they use. Whenever more electricity is generated than consumed, energy prices fall, sometimes to the point where prices drop below zero, and suppliers are paid to take energy off the grid. Agile Octopus customers can take advantage of these negative price events and get paid for the electricity they use.

“Agile’s prices are often cheaper when the energy in the grid is greener, and more expensive when energy’s dirtier, usually between 4pm-7pm, when the UK’s fossil fuel generating stations have been turned on to meet high demand.” - Octopus

By shifting energy usage to access the cheapest rates, Agile Octopus customers reduce the need to burn fossil fuels during peak times and help maximize the use of green energy when it’s abundant.

Conclusion

Saving money on electricity bills requires a bit of planning and flexibility, but the rewards are well worth it. By taking advantage of flexible rates and agile pricing, I’ve managed to save hundreds of pounds on my electricity bill. It’s a small change that can make a big difference in the long run.

Saving money on electricity bills is easier than you think

The timer function on your appliances can be a game-changer

Every small change adds up to make a big difference