Octopus Energy’s ‘time of use’ (TOU) plans are designed to help you save money, and vary as the cost of generating, transmitting and distributing electricity goes up and down with demand.
Electricity is generally cheaper when demand is low and there’s no need for expensive, carbon- intensive types of generation. The cost of transmission and distribution is also lower during these periods because there’s less load on electricity networks.
On TOU plans, you pay more for electricity during peak hours, when electricity demand is higher, like in the evening when you get home from work but less during off-peak hours: late at night when people are sleeping and overall demand for electricity is lower, in the afternoons, and throughout the weekend.
TOU rates can help lower your electricity bill, incentivising you to run your dishwasher in the morning instead of after dinner or charging your electric car overnight.
Octopus energy have three TOU rates:
And the times that these rates apply to are:
Peak — 7am to 11 am and 5pm to 9pm
Off-peak — from 11am to 5pm and 9pm to 11pm
Night — from 11pm to 7am
Off-peak — from 7am to 11pm
Night — from 11pm to 7am
As an Octopus Energy customer you can check how much power you’re using and what it’s costing you just by logging into your account on any device.
*The image shown above is an example of our online account, which is optimised for mobile devices. We are currently working on a mobile app.
Here are some other ways to make the most of TOU rates:
Run appliances at night or during off-peak hours
Clothes dryers are one of the most energy-hungry household appliances, typically using about $1 of electricity per load. Washing machines, dishwashers, and hot-water cylinders are just as hungry.
Plug in your car at night
Our night rate is good for charging anything with a battery - at half price! The cost of charging your EV, your e-bike or your lawnmower just got much cheaper.
Turn heaters on earlier
Heaters use the most power when they warm up a house from a cold start. If you set your heaters to do this before the peak time at around 7am, your house will be nice and cosy before you get up, and your heaters won't have to work as hard at the most expensive rate.
Make the most of your afternoons
Because Octopus Energy offer off-peak power between 11am-5pm, you can watch as much daytime telly as you like. Or do the laundry.
If you shift any energy-intensive tasks to Saturday and Sunday, you can save money on your monthly bill.
Batch cook some meals in the oven to store in the freezer, keep the heating on, do some DIY with power tools or trim the hedge.
Remember when Octopus peak, off-peak, and night rates apply and make the most of your major appliances when energy costs the least.