Octopus Energy (Octopus) has announced it is doubling its payments for households exporting solar power back to the grid, to help lower peoples’ bills this winter.
Customers on Octopus’ ‘Fixed Outgoing’ tariff will see an increase in payments from 7.5p/kWh to 15p/kWh.
The new rates come into effect immediately, and existing customers will automatically get moved onto them.
Whilst the majority of Octopus’ exporting customers have solar panels, the tariff will also be available to customers who use other means to export renewable energy.
This includes customers with batteries who store energy or small wind turbines.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group, says: “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.”
Earlier this week, the UK’s fourth largest energy supplier, rolled out a £40m support package to ease standing charges for households this winter.