Octopus Energy doubles payments for solar export customers

• Now pays self-generating customers three times more per kWh than any other UK energy supplier
• As wholesale costs rise, this price change puts money back in people’s pockets

London, 20th September 2022 - Octopus Energy, the UK’s fourth largest energy supplier, today announces it is doubling its payments for households exporting solar power back to the grid in a move to help lower peoples’ energy bills this winter.

Customers on Octopus Energy’s tariff ‘Fixed Outgoing’ will see an increase in payments from 7.5p/kWh to 15p/kWh. The new rates come into effect today, and existing customers will automatically get moved onto them.

Whilst the majority of Octopus’ exporting customers have solar panels, the tariff is also available to customers who use other means to export renewable energy, including customers with batteries who store energy or small wind turbines.

Octopus has been offering the best fixed export rate in the market of any large energy supplier since February 2022 when it last upped payments for customers on its fixed export tariffs*. With the new change, Octopus is paying self-generating customers three times more per kWh exported than any other UK energy supplier (the next best tariff offers 5p/kWh).

Customers on Octopus’ unique smart export tariff ‘Agile Outgoing’ are already benefiting from much higher rates due to the tariff’s dynamic pricing which follows wholesale prices**. On average, customers on this tariff were paid 34p/kWh over the last twelve months***.

Earlier this year customers in London were even paid up to £1.29 for every kWh they send back to the grid.

Octopus Energy Group was the first company in the UK to launch a solar export tariff back in 2019, after the Government-supported Feed-in-Tariff ended. Since then, Octopus has introduced numerous smart products that incentivise export for households at peak times and reduce the UK’s reliance on gas-fired power stations.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, says: “We’re always looking at ways to put money back in people’s pockets. By doubling the payments to customers helping to grow the UK’s renewables footprint, we are doing just that.

“It has become abundantly clear that we need to wean ourselves off fossil fuels and become energy independent as a nation. While export tariffs are incredibly cost-intensive for energy suppliers, we still choose to give these best-in-market rates to turbocharge the rollout of renewables, accelerating the shift to a cheaper, cleaner energy future.”

Customers who want to sign up can find out more information here: https://octopus.energy/outgoing/

This comes as Octopus rolls out a £40 million support package to slash standing charges for households this winter. The company has already absorbed £150m of energy bills increases on behalf of its customers and recently doubled its ‘Octo Assist’ financial hardship fund in size to £15m, which has already helped over 55,000 people. Customers who are struggling to pay their bills should get in touch at hello@octoenergy.com as there are a number of ways Octopus can help based on circumstances and needs.

-ENDS-

Notes to editors:

* In February 2022, Octopus Energy upped the rates on its fixed export tariffs by 36%, making it the highest paying energy supplier for self-generated power in the UK (see press release here)

** Rates on this tariff change every 30 minutes (so 48 times a day) and can rise significantly.

*** Average ‘Agile Outgoing’ rates for the last 12 months, as of 13th September 2022.

Press Contacts

Octopus Energy Group

Christina Hess

+44 (0)20 4530 8369

christina.hess@octoenergy.com

About Octopus Energy Group

Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 14 countries, Octopus Energy Group's mission is going global.

Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £4bn portfolio of renewable energy assets throughout the continent.

All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.

For more information, check out our website.