‘Putting money back in people’s pockets!’ Octopus Energy doubles pa…

Octopus Energy is doubling its payments to households that export energy back to the grid using renewable energy sources. The firm said the move was to help lower people’s energy bills this winter. Customers on Octopus Energy’s tariff “Fixed Outgoing” will see an increase in payments from 7.5p/kWh to 15p/kWh. Coming into effect today, Octopus Energy’s existing solar panel customers will automatically get moved onto the new rates.

The supplier also stated that the tariff is also available to customers who use other means to export renewable energy. 

These include customers with solar batteries who store energy and customers with small wind turbines. 

With the new change, Octopus Energy is paying self-generating customers three times more per kWh exported than any other UK energy supplier. 

The energy supplier stated that the next best tariff on the market currently offers 5p/kWh to those who export energy back to the grid. 

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Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group, said: “We’re always looking at ways to put money back in people’s pockets. By doubling the payments to customers helping to grow the UK’s renewables footprint, we are doing just that. 

“It has become abundantly clear that we need to wean ourselves off fossil fuels and become energy independent as a nation. 

“While export tariffs are incredibly cost-intensive for energy suppliers, we still choose to give these best-in-market rates to turbocharge the rollout of renewables, accelerating the shift to a cheaper, cleaner energy future.”

Octopus Energy last increased its export rate in February of this year, where it increased 36 percent from 3p to 4.1p.

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The energy firm stated customers on Octopus’ unique smart export tariff called “Agile Outgoing” were benefiting from much higher rates due to the tariff’s “dynamic pricing”.

This is because this tariff follows wholesale prices and the rates on this tariff change every 30 minutes, or 48 times every day.

According to Octopus, customers on this tariff, on average, were paid 34p/kWh over the last twelve months. 

Earlier this year customers in London were even paid up to £1.29 for every kWh they send back to the grid.

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Octopus Energy Group was the first company in the UK to launch a solar export tariff back in 2019, after the Government-supported Feed-in-Tariff ended. 

Today’s announcement comes as Octopus rolls out their £40million support package for customers, including standing charge reductions to all households on its Flexible Octopus tariff. 

All customers on this tariff will automatically get a four percent discount on their energy bills compared to the Ofgem price cap.

A standing charge is a daily amount that a person must pay, despite the amount of energy they use, to be connected to the grid. 

In addition, up to 100,000 Octopus customers will be able to apply for “standing charge holidays” of up to six months with this package. 

The company has also absorbed £150million worth of energy bills increases on behalf of its customers so their bills wouldn’t rise as high as the Ofgem price cap.

The supplier has also recently doubled its Octo Assist financial hardship fund in size to £15million to help its customers that are struggling or worried about paying for energy this winter.

Support includes access to existing schemes, monetary support from the fund, and payment holidays.

According to the firm, the Octoassist fund has already helped over 55,000 people.

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