Octopus Energy explains meaning of key terms on your energy bill – 'can see clearly now!'

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VAT (Value Added Tax) is a type of sales tax which is added to the energy bill and is paid to the Government.

The tax is added to the price of a range of goods and services, including energy bills.

Octopus Energy recently announced an energy reduction scheme helping over a million households reduce their energy bills by £100.

The ‘Saving Sessions’ scheme will offer to pay its 1.4 million smart meter customers and around 5,000 business customers to reduce their usage during peak times.

The company has calculated for each unit of energy that customers save compared to their normal usage, it could pay customers £4 on average, saving a household £100 over the course of the winter, until March 2023.

Greg Jackson, CEO of Octopus Energy Group, comments: “This is a historic moment – we’re entering a new era of energy in which households are moving from passive offtakers to active enablers of a smarter, greener and cheaper grid.

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