45% of Energy Cashback Participating Complexes Reduce Consumption... Participating Households Surpass 620,000

Participation Rate 43.3%, Complex 44.8% Success... Savings of 17.5% and 4.9% Respectively

Visible reductions in electricity consumption are emerging through the Energy Cashback program. 45% of complexes participating in Energy Cashback have succeeded in saving energy.

According to the Ministry of Trade, Industry and Energy on the 23rd, in the first half of 2023, a total of 41,016 households and 2,774 complexes participated in the Energy Cashback project, with 43.3% of participating households (17,765 households) and 44.8% of participating complexes (1,242 complexes) successfully reducing consumption.

Compared to the second half of last year, when 37.7% of participating households and 17.7% of complexes succeeded, the success rate has significantly increased, indicating a growing effort by the public to save energy, the ministry analyzed. Successful households reduced their consumption by an average of 17.5% compared to the past two years, while complexes reduced by an average of 4.9%. The total electricity saved by successful households and complexes amounted to 74.3 GWh, which corresponds to the amount of electricity that approximately 18,650 four-person households, each using an average of 332 kWh per month, could consume in one year.

Energy Cashback has been implemented nationwide since the second half of last year targeting individual households and apartment complexes to spread awareness of energy saving and establish a practical culture of conservation. Participants who achieve a reduction rate above the average of their region or reduce consumption by more than 3% receive a cashback of 30 KRW per kWh saved. Especially since July this year, the cashback amount has been significantly increased to a maximum of 100 KRW, drawing strong public response with new sign-ups surpassing 620,000 households.

For a four-person household with a summer monthly electricity usage of 427 kWh, joining Energy Cashback and reducing consumption by 10% would save 14,620 KRW per month (3,440 KRW cashback + 11,180 KRW reduction in electricity charges), resulting in a final bill of 65,910 KRW. This is even lower than last year’s electricity bill of 66,690 KRW per month.

Energy Cashback can be joined online through the 'Korea Electric Power Corporation Cyber Branch' and other platforms. For those who find internet use difficult, in-person registration is also available at nearby KEPCO offices.

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