Octopus Energy offers grants up to PS500 to assist customers with financial difficulties due to a increase in energy prices.

To help struggling households cope with rising energy bills, the energy provider has created a PS2.5million scheme.

Customers can apply for grants between PS50 to PS500 to help pay for gas or electricity.

Octopus has helped over 20,000 customers since November 2013 when it launched its Octo Assist Fund. Applications are still being accepted.

This funding comes amid rising gas and electricity prices. In April, household energy bills are expected to increase by approximately PS600 for millions.

Consultants Cornwall Insight forecasted that the price cap set by Ofgem could rise from PS1,277 in April to PS1,865 in May, when it will be subject to change.

The price cap is applicable to approximately 15 million British households that have chosen to purchase electricity on the open-market rather than under fixed prices.

Dr Craig Lowrey from Cornwall Insight stated: “It looks increasingly likely that the summer default tariff cap would increase around 50% to approximately PS1,900 per user, adding over PS600 on an average yearly bill.

“We predict winter prices will rise to PS2,000 if there is no change in delivery of the cap.

What are the requirements to apply for Octopus Energy grant funding?

Octopus does not have any eligibility criteria. However, it stated that it can provide support based upon circumstances and needs.

Customers will be asked a series questions about their financial situation. All applications will be considered on a case by case basis.

The deadline for applying is not set and the fund will continue to be open until the PS2.5million runs out.

You can apply online by filling in the Octopus financial support form .

What happens if funding is not available?

People who do not receive funding through the scheme might be offered assistance in other ways, such as access to existing funding programs.

You could also get support through the Warm Home Discount scheme by the government, which will deduct PS140 from your winter electricity bill between 2021 and 2022.

Customers might also be eligible for a PS25 cold-weather payment or help from the PS500million Household Support Fund.

Octopus also offers to lend customers a thermal imaging camera to locate heat leaks in their homes. The house can then be made more efficient and thus reduce costs.

It is worthwhile to contact your energy supplier if you are not an Octopus customer.