Octopus Energy, the UK’s 5th biggest supplier, has upped its payments for households exporting renewable power back to the grid. The company is giving thousands of its self-generating customers 36% more money1 for the energy they export back to the grid, in a move to promote more homeowners to generate power and help the grid system become greener and more local. Whilst the majority of exporting customers have solar panels, the tariff is also available for anyone who exports energy, and Octopus Energy customers include those with batteries who store energy, and even the odd small turbine.
Exporting customers on Octopus Energy’s Smart Export Guarantee (SEG) and Fixed Outgoing Octopus tariffs are now benefitting from the new price change starting from midnight on the 31st January. With this change, Octopus now pays customers who it also supplies more per kWh exported than any other UK energy supplier.
The increased prices are available to all new and existing customers, the latter of which were automatically moved onto the new rates from midnight last night. Customers on the unique Agile Outgoing tariff are already benefiting due to the tariff’s dynamic pricing model which can pass on even higher wholesale prices. In the current market, customers on this tariff are getting paid £1.28 per kWh exported at some times, where most SEG tariffs pay around 3p per kWh. For further information see the IDTechEx report on Energy Harvesting Microwatt to Gigawatt: Opportunities 2020-2040.
Octopus Energy Group was the first UK company to launch a solar export tariff in 2019, following the abolishment of the Government-supported Feed-in-Tariff. Since then, it has onboarded numerous smart products that incentivise export for households at peak times and reduce the UK’s reliance on gas-fired power stations.
Octopus Energy is the fastest growing energy provider in the UK, already supplying 3.1 million customers since launching to the market five years ago. Its success is based on Kraken, its proprietary cloud-based energy technology platform, which provides operational efficiency and outstanding customer service whilst driving a greener grid by unlocking smart tariffs. Its valuation recently reached approximately $5 billion after closing an investment round totalling $900 million.
Rebecca Dibb-Simkin, Global Marketing and Product Director at Octopus Energy Group, comments: “We are really pleased to be increasing payments for our brilliant self-generating customers by a whopping 36%. We know the future of energy is ‘people powered’, and benefits a decentralised energy system where increasing numbers of people become generators as well as consumers. This helps the grid become greener, reduce our reliance on imported gas and allows regular households to directly benefit financially. Our smart products are an experiment in how a future energy system could work on a large scale. By increasing the payments we hope to convince more people to start producing their own energy and make the UK greener than ever before.”
1 SEG (export only customers) has increased from 3p to 4.1p (36% increase), Fixed Outgoing Octopus has increased from 5.5p to 7.5p (36% increase)
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 13 countries, Octopus Energy Group’s mission is going global. Octopus’s domestic energy arm already serves 3.1 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power …….