Octopus Energy suggests lowering your thermostat by 1 degree to save on energy bills, especially with the upcoming price cap increase.
Octopus Energy has revealed that its customers could cut their annual energy bills by a significant £145 just by turning down their thermostats by one degree. The top energy provider, which caters to approximately 6.8 million households across the UK, highlights that such a minor adjustment can lead to substantial savings. This advice comes at a crucial time as household bills are set to rise by 1.2% this month following the implementation of Ofgem 's new price cap .
Ofgem reviews and adjusts the price cap for households every three months, with the adjustments reflecting changes in wholesale energy costs. However, it's important to note that the cap doesn't restrict the total bill amount. Instead, it caps the maximum price suppliers can charge per kilowatt hour (kWh) of energy used, meaning higher consumption leads to higher bills. The latest price cap update for January will see an increase of £21 in the annual bills for homes in England, Scotland, and Wales, climbing from £1,717 to £1,738. This follows a previous 10% increase in October, and there is an expectation of another rise in April due to ongoing market 'turbulence' and upcoming price cap reforms. In light of these changes, Ofgem is encouraging consumers to save money by comparing offers and switching suppliers where possible. Nonetheless, simply lowering your home thermostat by one degree can also have a significant impact, potentially saving up to £145 over the course of a year, reports The Express. Octopus Energy has released some valuable advice to help households save on heating bills this winter, as they encourage maintaining a consistent temperature setting. The energy supplier advises against constantly switching the heating on and off or using it for quick bursts of warmth, emphasising that doing so can lead to greater energy wastag
Energy Bills Price Cap Ofgem Thermostat Octopus Energy
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