Sunny money: Octopus Energy quadruples export rates for smart tariff customers
- Octopus Energy’s ‘Intelligent Octopus’ customers now able to join ‘Outgoing Octopus’
- Best-in-class export tariff ‘Outgoing Octopus’ pays customers 15p per kWh
- Average household with an EV and solar panels to earn an additional £150 a year
London, 6th September 2023 - Global energy and technology company Octopus Energy has announced a significant financial boost for customers with an electric vehicle (EV) and solar panels, allowing them to combine both their ‘Intelligent Octopus’ and ‘Outgoing Octopus’ tariffs.
Customers who so far combined ‘Intelligent Octopus’ for importing power with Octopus’ ‘Smart Export Guarantee’ (SEG) tariff for exporting power will automatically get upgraded to ‘Outgoing Octopus’.
Around 4,000 existing customers and new customers will benefit from higher payments going forward, receiving almost four times the payments than they were before - with an increased fixed rate of 15p for every kilowatt hour (kWh) of electricity they export, rather than 4.1p per kWh on the SEG.
This means an average household will earn over £150 more a year for the electricity they export.
Existing customers don’t have to do anything. The switch will happen automatically this week and all affected customers will get notified by Octopus Energy via email.
The change reflects Octopus Energy's dedication to rewarding its customers and promoting a zero-carbon future by passing on the savings of embracing green technology.
Octopus has seen a significant jump in solar export customers, with the total number of customers exporting back to the grid doubling in the last year.
The company’s ‘Outgoing Octopus’ is one of the highest paying fixed export tariffs on the market that is open to all exporting households, paying three times more per kWh than standard export tariffs.
‘Intelligent Octopus’ is the UK’s first 100% flexible charging tariff, guaranteeing customers six hours of off-peak charging at 7.5p per kWh each day. Customers simply choose the time and amount of charge they want their car back, and Octopus’ proprietary tech platform, Kraken, seamlessly charges when it’s best for the grid.
Alex Schoch, Head of Flexibility at Octopus Energy, said: "You’ll be hard pressed to drive down a residential road in the UK without seeing solar panels or an electric vehicle, and we’re keen to pass on the savings of adopting this clean, green tech for customers. We’re thrilled to be able to help cut conscientious customers' bills by more than £150, while encouraging others to become their own renewable energy generator at the same time. The more products like these that help to balance the grid, the more we can bring down bills for everyone.”
Octopus has been pioneering smart tariffs like Intelligent Octopus for several years. The energy supplier now has hundreds of thousands of customers on its smart tariffs.
Notes to Editors:
Octopus Energy Press office
About Octopus Energy Group
Octopus Energy is a global energy and technology group, driving the affordable, green energy system of the future. Its operations span 15 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £6 billion portfolio of projects – one of Europe’s largest.
Octopus serves 5.4 million customers through its retail arm, and has licensed its advanced data and machine learning platform, Kraken, to support 30 million customer accounts worldwide through licensing deals with energy companies, including 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.
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