Octopus Energy has doubled its Fixed Outgoing tariff to help lower customers’ bills as they head into winter.
This will increase from 7.5p/kWh to 15p/kWh, with all customers on the tariff seeing their rate automatically changed from today (20 September). This includes domestic customers with solar installations that also use Octopus Energy as a supplier.
Customers on Octopus Energy’s Smart Export Guarantee (SEG) tariff will see their rate remain at 4.1p/kWh for every unit of power they export.
The increase in the Fixed Outgoing rate follows the company increasing the tariff from 5.5p/kWh to 7.5p/kWh in February amid high power prices at that point, which have continued to grow throughout the year, spurred by geopolitical volatility following the Russian invasion of Ukraine.
Whilst the majority of customers on Octopus’s Fixed Outgoing tariff have solar panels, the new rate will also apply to those on it who have battery energy storage or small wind turbines.
According to the company, it now pays self-generating customers three times more per kWh than any other UK energy supplier
“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,” said Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group.