Home Energy assets Octopus Energy increases payments for solar energy customers

Octopus Energy increases payments for solar energy customers

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Octopus Energy, the UK’s 5th largest supplier, has increased its payments for households exporting renewable energy to the grid. The company gives thousands of its self-generating customers 36% more money1 for the energy they export to the grid, with the goal of enticing more homeowners to generate electricity and to help the network become greener and more local. While the majority of export customers have solar panels, the tariff is also available to anyone who exports energy, and Octopus Energy customers include those with batteries that store energy, and even a small turbine.

Export customers benefiting from Octopus Energy’s Smart Export Guarantee (SEG) and Fixed Outgoing Octopus tariffs now benefit from the new price change from midnight on January 31st. With this change, Octopus now also pays the customers it supplies more per kWh exported than any other UK energy provider.

The increased prices are available to all new and existing customers, with the latter automatically transferred to the new rates from midnight last night. Agile Outgoing single rate customers already benefit from the rate’s dynamic pricing model which can pass on even higher wholesale prices. In today’s market, customers on this tariff are paid £1.28 per kWh exported at times, while most SEG tariffs pay around 3 pence per kWh. For more information, see the IDTechEx report on Energy harvesting from microwatt to gigawatt: opportunities 2020-2040.

Octopus Energy Group was the first UK company to launch a solar export tariff in 2019, following the abolition of the government guaranteed feed-in tariff. Since then, it has incorporated many smart products that encourage export for peak-hour households and reduce the UK’s reliance on gas-fired power stations.

Octopus Energy is the UK’s fastest growing energy supplier, already supplying 3.1 million customers since it launched on the market five years ago. Its success is built on Kraken, its cloud-based energy technology platform, which delivers operational efficiency and exceptional customer service while fostering a greener grid by unlocking smart tariffs. Its valuation recently reached around $5 billion after closing an investment round totaling $900 million.

Rebecca Dibb-Simkin, Global Director of Marketing and Products at Octopus Energy Group, comments: “We are so excited to increase payouts for our brilliant self-generating customers by 36%. We know that the future of energy is ‘powered by people’ and benefits a decentralized energy system where an increasing number of people become generators as well as consumers. This helps the grid become greener, reduces our reliance on imported gas, and enables ordinary 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 payments, we hope to convince more people to start producing their own energy and make the UK greener than ever.”

1 SEG (Export Customers Only) increased from 3p to 4.1p (36% increase), Fixed Outbound Octopus increased from 5.5p to 7.5p (36% increase)

About Octopus Energy Group

Octopus Energy Group is a global energy technology pioneer, launched in 2016 to use technology to unlock an affordable, customer-focused green energy revolution. He is part of the Octopus group, which is a certified BCorp. With operations in 13 countries, Octopus Energy Group’s mission goes global. Octopus’ home energy arm already serves 3.1 million customers with green and cheaper energy, via Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles helps make clean transport cheaper and easier, and Octopus Energy Services brings smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest renewable energy investors, managing a £3.4 billion portfolio of renewable energy assets across the continent. This is all made possible by Octopus’ technology 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 enable exceptional service and efficiency as the world evolves. to a decentralized and carbon-free energy system. This technology has been licensed to support more than 20 million customer accounts worldwide, through agreements with EDF Energy, Good Energy, E.ON energy and Origin Energy. As of 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 the Regime Investment Board pensions from Canada. Both investors back companies that promote sustainability, promote green energy and fight climate change. This was the company’s third major investment round since its market launch.

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Source and top image Octopus Energy