Octopus Energy customers can claim up to £500 to help pay their energy bills under a grant scheme

0

Octopus offers financial support to clients based on circumstances and needs

Octopus Energy has opened a £2.5m scheme to help households struggling to cope with soaring energy prices.

Register to our Money Savers newsletter

The newsletter mute the noise

Customers can apply for a grant of between £50 and £500 to help pay their energy bills (Picture: Getty Images)

Octopus has already helped 20,000 customers through its Octo Assist Fund since its launch in November last year and it is still accepting applications.

The funding comes amid soaring gas and electricity prices, with household energy bills set to rise from around £600 to millions in April.

Consultants Cornwall Insight have predicted the price cap, set by regulator Ofgem, could skyrocket from £1,277 to £1,865 in April when it is next changed.

The price cap applies to around 15 million UK households who have chosen to pay for their electricity on the open market rather than under fixed price agreements.

Dr Craig Lowrey of Cornwall Insight said: ‘It looks increasingly likely that the default summer price cap will rise by around 50% to around £1,900 for the typical user, adding more £600 extra to average annual bill.

“Assuming there are no changes to the cap delivery, we expect winter prices to rise even further to over £2,000.”

What are the criteria for applying?

Octopus did not set specific eligibility criteria, but said it could offer support based on circumstances and needs.

Customers will be asked to answer a series of questions about their financial situation and all requests will be decided on a case-by-case basis.

There is no deadline to apply and the fund will remain open until the £2.5m is depleted.

What if I am not offered financing?

Those who are not offered funding through the program may be eligible for assistance through other means, including accessing other existing funding programs.

This could include support through the government’s Warm Home Discount scheme, which deducts £140 from your electricity bill for winter 2021 to 2022.

Customers may also be eligible to claim a £25 cold weather payment or receive help from the government’s £500million Household Support Fund.

Octopus also offers customers the loan of a thermal imaging camera to detect heat leaks in the house. Steps can then be taken to make the home more energy efficient, thereby reducing costs.

If you are not an Octopus customer, it is worth contacting your energy provider to see what support is available.

A message from the editor:

Thanks for the reading. NationalWorld is a new national news brand, produced by a team of journalists, editors, video producers and designers who live and work across the UK. Learn more about who is who in the team, and our editorial values. We want to create a community among our readers, so follow us on Facebook, Twitter and instagram, and continue the conversation. You can also subscribe to our newsletters and get a selection of our best reads delivered to your inbox every day.

Share.

Comments are closed.