Octopus customers who feed energy into the grid using solar panels could earn an extra £150 a year with the new tariff
Octopus customers who feed energy into the grid using solar panels could earn an extra £150 a year with the new tariff
Octopus customers with solar panels and electric vehicles exporting to the grid could earn up to £150 a year under new plans.
Octopus Energy has announced changes to its smart and export tariffs, claiming its customers will pay four times more for the excess electricity they put into the grid.
The Smart Export Guarantee was introduced by the government in 2020 to ensure small generators get paid for the renewable electricity they export to the grid.
Octopus Energy customers who export to the grid could earn an extra £150 a year under a new tariff
Octopus Energy is one of several energy suppliers offering smart export tariffs.
The company claims that its new Outgoing Octopus tariff will be the best paying fixed export tariff on the market, open to all exporting households.
Customers using the Smart “Intelligent Octopus” tariff for the electricity they consume and the Smart Export Guarantee tariff for the electricity they export are automatically upgraded to the Outgoing Octopus tariff.
This means around 4,000 existing customers will receive 15p/kWh of electricity they export, versus the 4.1p/kWh offered under the Smart Export Guarantee tariff.
According to Octopus, this means the average household with solar panels and an electric vehicle earns over £150 a year on the electricity exported.
Existing Octopus customers will be automatically switched to the new tariff by the end of this week.
This goes hand in hand with the savings households can make by deploying smart tariffs that allow customers to access cheaper electricity at certain times of the day.
For example, the Intelligent Octopus tariff guarantees customers six hours of off-peak charging at 7.5p/kWh per day.
Alex Schoch, Head of Flexibility at Octopus Energy, said: “You’ll find it hard to drive down a residential street in the UK without seeing solar panels or an electric vehicle and we’d love to pass on the savings from introducing this clean, green technology for customers.
“We’re delighted to be able to help save conscientious customers’ bills by more than £150 while encouraging others to become their own renewable energy producer.”
“The more products like this help balance the grid, the more we can lower bills for everyone.”