Cosy up to more savings: Octopus Energy launches new off-peak rate for heat pump customers

Cosy up to more savings: Octopus Energy launches new off-peak rate for heat pump customers

• Octopus drops UK’s lowest heat pump tariff even further – saving customers up to £315 savings a year on heating costs compared to a gas boiler
• One-of-a-kind ‘Cosy Octopus’ heat pump tariff gets third off-peak rate window
• Customers love the tariff, with nine out of ten (93%) saying they’d like it to stay

London, 25th June 2024 - Octopus Energy, the UK’s largest electricity supplier, makes green heating even cheaper by announcing a third off-peak rate for customers on its heat pump tariff ‘Cosy Octopus’.

From the 1st July, customers can heat their homes for an average of 11p per kilowatt-hour (kWh) between 10pm and midnight, adding an evening window to the two existing off-peak rates in the morning and afternoon*.

‘Cosy Octopus’ is the UK’s cheapest smart heat pump tariff, with all three off-peak windows priced roughly 50% below the new rate on a standard variable tariff (SVT).

The addition of a new low-cost period offers more savings and flexibility for Cosy customers who often also have other clean technologies such as solar panels, batteries and EVs in their homes.

On top of the additional dip pricing window, Octopus is lowering rates across the entire tariff by 10%.

An average customer on Cosy can save £315 a year on heating costs compared to a customer with a gas boiler on an SVT**.

Customers love ‘Cosy Octopus’, with 93% saying they would be disappointed if the tariff were to be removed***.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, said: "Heat pumps are ushering in a new era in heating – helping us to end our addiction to dirty gas boilers and moving us towards a clean, cheap heating system.

“We’re always looking for new ways to reward customers who are choosing clean tech and, by that, are getting the country closer to a green, flexible energy system. And we’ll keep innovating relentlessly to bring the costs of green heating down even further.”

Octopus Energy has been pioneering heat pumps since 2021, investing over £50 million to accelerate their rollout and launching Britain's first R&D centre for heat pumps in Slough. Last year the company launched its own air-source heat pump – the Cosy 6 – which is designed and manufactured in the UK.

For more information on the Cosy Octopus Octopus tariff visit octopusenergy.com/cosy.

-ENDS-

Notes to editors

* New ‘Cosy Octopus’ average rates:

• Electricity Standing Charge: 58.03p
• Low-cost Dip Rate (between 04:00-07:00, 13:00-16:00 and 22:00-00:00): 11.099p
• Peak Rate (16:00-19:00): 32.843p
• Day Rate: 22.65p (for the rest of the day)

** This includes the savings from no longer having to pay the standing charges for gas. These are estimated savings at 3,083 kWh annual heat pump consumption and 2,700 kWh other home electricity consumption (Ofgem medium home).

*** ‘Cosy Octopus’ customer survey of 278 respondents conducted on 4 June 2024. Question: How would you feel if Octopus Cosy no longer existed?

Press Contacts

Octopus Energy Group

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.9 million households globally. Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide. For more information, check out our website.