Octopus Energy relaunches ‘popular’ savings scheme for customers | Personal Finance | Finance

Octopus has announced plans to relaunch its “popular” Savings Sessions scheme, offering rewards for customers who shift their energy usage from peak times. Exclusive to Octoplus members, participants can enjoy free power with the provider during hour-long slots, which will usually be held in the early afternoon. The scheme will go live from next week.

Nearly one million eligible customers from last year have been automatically opted in, and new customers can sign up through the Octopus Energy app or online. After signing up, participating customers will receive notifications from Octopus the day before a Saving Session takes place, informing them of the timeslot they can capitalise on free electricity.

The Saving Sessions are uncapped, meaning customers with electric cars and heat pumps can take advantage of the freebie to the fullest extent.

According to the provider, customers will be billed for the electricity they normally use during these sessions, but any extra electricity will be completely free.

Customers will also be able to track their savings in real time through a new dashboard on the Octopus app and website.

Rebecca Dibb-Simkin, chief product officer at Octopus Energy, said: “Calling all spenders and savers, grab your kettles and get those toasters ready cause we’re bringing back ‘Saving Sessions’.

“This time, we’re chuffed to offer even more fun, flair and fabulous prizes. It’s a brilliant way to show just how smart tech and green energy can work hand-in-hand – and make saving money feel like winning the jackpot!”

Alongside free over-average electricity, customers will also be offered the chance to work together to unlock “collective milestones for the first time”.

By hitting targets, customers will be given opportunities to participate in prize draws and unlock “triple-length” sessions, during which they can get free electricity for even longer.

Eligible customers are those with working smart meters who are signed up to the Octoplus loyalty scheme.

To work out customers’ average usage, Octopus said it will use historical smart meter readings from the specified time of day. If the Session is on a weekday, the calculation will look at half-hourly usage over the last 10 weekdays.

If the Session is at the weekend, then it will look at half-hourly usage over the last four weekend days. The figure is then used as a baseline – any power used above that baseline will be free.

Find out more about the scheme, or sign up, here.