Octopus Energy explains how you could save £488 on energy bills – check if you can save

Will Hodgson reveals ‘only way’ to save money on energy bills

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Many have already taken drastic cost-cutting measures, but as the energy price cap will hit £3,459 from October 1 – and is set to rise even further in 2023 – checking one is doing everything they can to save money is crucial. Octopus Energy has shared eight top money saving tips – and they could help customers with a different provider too.

The firm said they got real feedback on how useful the tips were from more than 250,000 customers, and the average customer who got involved cut bills by 12 percent.

Using the average energy prices in 2022, Octopus Energy has now calculated how much the potential savings could be.

Changing boiler’s flow temperature – £70

Top of the list is setting the boiler’s flow temperature to between 55 and 60 degrees – a money saving measure which could cut costs by £70.

On the Octopus Energy website, the firm said: “Your boiler’s flow setting controls the temperature water is when it leaves your boiler.

“Its default setting is usually too high. Turn it down a bit and your home will feel just as warm, but you could cut your energy bills by eight percent.”

The experts added: “If you have a combi boiler, we recommend setting your flow temperature to 50c for heating and 55c for hot water.

“If you have a boiler and a hot water cylinder, we recommend setting the flow temperature on your boiler to a few degrees over 60c for heating and hot water, and setting your hot water cylinder to 60c (you’ll usually find the control for your cylinder one third of the way up the tank).”

Opting to air dry – £60

Be it indoors or outdoors, deciding to dry clothes on a washing line or clothes horse could save cash. According to the Energy Savings Trust, ditching the tumble drying could save £60 a year.

However, Octopus Energy warned: “Avoid drying clothes on radiators – this makes your boiler work harder.”

Closing the gaps – £45

Putting the heating on during harsh winters is crucial, but often draughts can reduce the impact.

“Identifying and plugging up draughts around doors, windows and other gaps can help trap warmth in and make your gas spend go further,” Octopus said.

Setting the thermostat – £128

Using the thermostat as an on/off switch or boost can mean more gas is wasted, Octopus Energy said, warning: “You’ll be more comfy, more efficiently, if you set it and leave it on for while you need it.”

Furthermore, turning down the temperature by just one degree could means energy bill savings of up to £128.

Insulating the hot water tank – £35

Octopus Energy said: “To reduce heat loss and therefore keep your hot water hotter for longer, add a British Standard Jacket 80mm thick to your hot water cylinder and you could save£35 a year in the process.

“Exposed hot water pipes can also be insulated using a foam tube that covers the pipes between your hot water cylinder and boiler.”

Closing the curtains

Keep more heat inside the home by closing the curtains before it gets dark. Octopus Energy said this could mean up to a 15 percent reduction in heat loss.

Cutting shower time – £70

Shorter showers could see you slash spending – just a four minute shower could mean a typical household saves £70 a year.

Switching to LEDs – £80+

With lighting making up around 11 percent of a typical power bill, making the switch to LEDs – which use 70-80 percent less electricity – when it’s time to replace bulbs can be worthwhile.

It could save between £5 and £13 per bulb, per year, while switching off lights when leaving the room may slash costs by a further £20 per year.

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