‘Intelligent Octopus Flux’ (IOF) offers the same rate for both importing and exporting electricity, with a 21-hour off peak window priced 10 percent below Octopus Energy’s standard variable tariff ‘Flexible Octopus’ and a three-hour ‘peak’ window between 4pm and 7pm.
Customers on IOF will be able to save more than £450 a year compared to customers on ‘Flexible Octopus’ and its fixed export tariff ‘Octopus Outgoing’.
The combo import-export tariff is available to new and existing customers who have solar panels and eligible batteries installed in their homes.
This next generation tariff is powered by Kraken, Octopus’ proprietary tech platform, and optimises a home’s batteries and solar panels to better use green electrons when they are abundant and cheap.
Until now, solar and battery owners had to manually programme their tech to charge and discharge. IOF removes this hassle – allowing customers to automatically receive the best rates for both the power they use (import) and the power they sell back (export) to the grid.
Octopus has been a pioneer of smart tariffs for several years. It offers a range of different smart tariffs to suit customers’ homes and engagement with their energy use, all of which help to unlock the benefits of a renewable grid.
In 2022, the UK spent £215 million on turning wind farms off, and over £715 million on turning on gas power plants.
Improving grid flexibility through tariffs like IOF reduces the need for National Grid to pay renewable energy generators to switch off and fossil fuel power plants to switch on when the grid is under stress. This will help reduce everyone’s bills as these costs are paid for by all energy consumers.
“Octopus Energy continues to unlock a grid system that is green, cheap and easy for customers” said Alex Schoch, Head of Flexibility at Octopus Energy Group. “Next generation smart tariffs like Intelligent Octopus Flux optimise energy tech in people’s homes – passing on savings to customers while stopping the need for dirty fossil fuel plants at peak times. We’ve seen an 80 percent increase in demand for our smart tariffs since 2022, and everyone benefits. The learnings we get from managing smart tariffs teaches us how to run initiatives like ‘Saving Sessions’, where millions of energy customers were paid to use less energy at ‘dirty’ times.”
Intelligent Octopus Flux is a beta tariff and has been launched to optimise with GivEnergy batteries, however, more battery brands will be integrated this year. The waiting list is open now.
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