Octopus Energy has announced it will add domestic solar photovoltaic (PV) to its home energy tech installation portfolio, to help customers cut down on energy costs.
Customers who use the company to install solar will have access to the two Octopus export tariffs: the ‘Agile Outgoing’, which matches a consumer's half-hourly prices with day-ahead wholesale rate, or ‘Fixed Outgoing’ which guarantees 15p/kWh for every unit exported back to the grid.
Octopus Energy said the customers combining solar panels, a solar battery and the ‘Agile Outgoing’ tariff (which allowed customers to receive an average of 34p/kWh from September 2021 to September 2022) could save up to 90% on their electricity bills compared to households using a standard variable tariff.
The new service will launch across the Midlands and the South, with the intention of expanding nationwide within the year.
Rollout is expected to begin quickly, as Octopus targets 5,000 installations this year.
By adding solar panels to its offering, the company is supporting homes become ‘Zero Bills’ properties, which is an Octopus certification given to households that do not need to pay any energy bills.
The scheme’s initial pilot was trialled with ilke Homes in Essex, where 22 eligible houses were sold alongside the option of becoming ‘Zero Bills’.
Octopus aims to increase the number of ‘Zero Bills’ homes to 10,000 by 2030.
“Given the success we have had in scaling and installing huge swathes of smart, green home energy tech, we are champing at the bit to begin installing the last piece of the puzzle, solar photovoltaic,” said John Szymik, CEO at Octopus Energy Services.
“If more homes in the UK produce clean, green solar energy, we will be able to accelerate the energy transition and bring down system prices for everybody by lowering system costs.
“In true Octopus style, we’ll focus on reducing solar installation times down to record levels, hoping to soon make solar panels affordable for everyone.”
Octopus is also growing across the energy sector, including growth in the electric vehicle (EV) market; last December the company announced a new partnership with car manufacturer, Stellantis offering six of its brands - Peugeot, Citroen, Fiat, DS, Jeep and Alfa Romeo – the Octopus EV bundle.
Within the domestic energy field the company is also expanding its presence in the heat pump space, signing a strategic partnership with Lloyds Banking Group and Halifax in November.
And beyond the home, Octopus Energy has continued to advance in the large-scale renewables space, for example launching its Octopus Energy Development Partnership in 2022, a £185 million (€220 million) renewable fund to progress the green energy revolution in the UK.