God. I almost missed this one. Was sitting at my kitchen table yesterday scrolling through emails when I spotted this little gem from EDF. Free electricity?! In THIS economy? I nearly spat out my coffee.
What's Actually Going On Here?
Starting tomorrow (May 18th), EDF is rolling out what they're calling their "Sunday Saver Challenges" - essentially giving customers up to 16 hours of free electricity every Sunday. The deal runs for four consecutive Sundays: May 18, May 25, June 1, and June 8.
Here's the catch though... you needed to have signed up between April 28 and May 4. I know, I know. I'm telling you this NOW. Sorry about that.
But don't slam your laptop shut just yet!
EDF apparently launches these challenges pretty regularly, so keep an eye on your inbox and MyAccount page. I've set a calendar reminder on my phone to check every Monday morning now - not making that mistake again.
How Does This Actually Work? (Because Nothing's Ever Simple)
The whole scheme revolves around shifting your energy usage away from peak hours (4pm-7pm) during weekdays. The more you shift, the more free electricity you earn for Sunday.
For example, if you move 50% of your peak usage to other times, you can snag a full 16 hours of free electricity the following Sunday. That credit gets automatically added to your account.
My neighbor tried this last month and said she just did all her laundry and dishwashing after 7pm. Her teenage son wasn't thrilled about having to wait until 8pm for dinner, but hey... free electricity!
The Smart Meter Situation
You'll need a smart meter that can send readings every half hour. If you've got one already, make sure it's set up for 30-minute reads. Just log into edfenergy.com/myaccount/login, head to "About Me," find "Smart Meter Preferences," and select teh half-hourly option.
According to EDF, Sunday Saver participants have already earned more than six million free hours since last year - worth about £1.6 million. Not too shabby.
Wait... Other Energy Companies Are Doing This Too?!
Turns out EDF isn't the only one playing Santa Claus with electricity. Back in 2018, I was paying through the nose for energy and now companies are practically throwing it at us. What changed?
E.ON Next is giving customers free electricity on every bank holiday until March 2026. The next one's coming up on May 26th (Spring Bank Holiday). They reckon it'll save households about £3.50 per bank holiday - roughly £21 over a year. Better than nothing, I suppose.
To get this deal, you need their Pledge tariff, which is fixed for a year and tracks below the Ofgem price cap (currently £1,849 annually for average households).
Ovo's Jumping on the Bandwagon
Ovo Energy is offering two hours of free electricity weekly throughout summer (May 5 to August 31) for customers signed up to their Ovo Beyond rewards program.
You get to choose when to use your free hours from several time slots:
- 9am-10am on weekdays
- 1pm-2pm on weekdays
- 9pm-10pm on weekdays
- 10am-12pm Sundays
They're also running this "Power Move" thing where you can win up to £2,000 of free energy if you use 85% or more of your energy during off-peak times. Five lucky customers win the top prize, 300 get £50, and 26,695 receive £2 of free energy.
I spent $4K on a new heat pump last year, and now I'm kicking myself for not waiting to pair it with these kinds of offers. Timing is everything, isn't it?
Scottish Power's Weekend Special
Scottish Power has this "Power Save" scheme giving half-price electricity between 11am and 4pm every Saturday and Sunday. You need to register as a Power Saver to get half the cost refunded.
They occasionally launch random Power Saver events during the week too. My sister-in-law got one last month adn said she did three loads of laundry back-to-back. Her response: "My utility room was like a sauna, but worth it!"
The Octopus Approach
Octopus Energy does things a bit differently. Their "Octoplus" members get free electricity sessions when wholesale prices drop below zero. These sessions last an hour, and customers receive credits for using MORE electricity than usual.
Listen. This is basically being paid to use electricity. What a time to be alive.
All customers with smart meters get an alert the day before a session. Then you can go wild charging gadgets, cooking, whatever. Any extra electricity beyond your normal usage gets credited back.
The Painful Context
These freebies come after energy bills jumped from £1,739 to £1,849 last month - a 6.4% increase adding £111 annually to household bills. This hit 22 million households across England, Scotland and Wales not on fixed tariffs.
And just to twist the knife, council tax and car bills also went up at the same time. Poor timing doesn't begin to cover it.
If you're struggling (and who isn't these days?), you might qualify for free boilers, energy bill discounts, or energy grants. Worth checking out.
I feel like I've become that friend who's obsessed with saving money on utilities. My partner says I talk about smart meters more than I talk about our relationship... which is probably fair.
But when you've seen your bills triple over five years, you get a bit fixated.
Anyway. Set yourself a reminder to check for these offers regularly. Your future self will thank you.
Frequently Asked Questions
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
How can I start saving for retirement?
To start saving for retirement, begin by establishing clear retirement goals and determining how much you need to save. Contribute to employer-sponsored retirement plans, such as a 401(k), and consider opening an Individual Retirement Account (IRA). Regular contributions and taking advantage of compounding interest can significantly boost your retirement savings over time.
What are the risks associated with investing in the stock market?
Investing in the stock market involves several risks, including market volatility, economic downturns, and company-specific factors that can lead to losses. Investors may also face liquidity risk, where they cannot sell an investment quickly without incurring a loss. Diversification and thorough research can help mitigate these risks.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
Statistics
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- According to a Gallup poll, 56% of Americans report that their financial situation is better than it was a year ago.
- As of 2021, the average American household had approximately $8,400 in credit card debt, according to Experian.
- According to a survey by the Financial Industry Regulatory Authority (FINRA), about 66% of Americans could not correctly answer four basic financial literacy questions.
- According to the Federal Reserve, approximately 39% of Americans do not have enough savings to cover a $400 emergency expense.
External Links
How To
How To Plan for Major Expenses
Planning for major expenses requires careful thought and budgeting. Start by identifying upcoming significant costs, such as home repairs, medical expenses, or a new vehicle. Research the estimated costs associated with these expenses, and create a timeline for when the payments will be due. Develop a savings plan by determining how much you need to set aside each month to meet your goal by the target date. Consider using a high-yield savings account to earn interest on your savings. Regularly review and adjust your plan as needed, ensuring you stay on track to meet your financial obligations without incurring debt.
Did you miss our previous article...
https://hellofaread.com/money/sweet-tooth-alert-bms-nostalgic-candy-tubs-now-a-quid
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