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.
The switch will happen this week with those who so far combined ‘Intelligent Octopus’ for importing power with Octopus’ ‘Smart Export Guarantee’ (SEG) tariff for exporting power automatically upgraded to ‘Outgoing Octopus’ with no action required by the customers.
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.
Incentivising green tech
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 the highest paying fixed export tariff 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 amount of charge and the time they want their car back, and Octopus’ proprietary tech platform, Kraken, seamlessly charges when it’s best for the grid.
Balancing 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.”