Octopus Energy has announced the launch of a new smart tariff aimed at consumers with domestic solar and battery storage.
The company says the tariff could unlock more than £450 of savings per year for consumers and help to balance the grid.
‘Intelligent Octopus Flux’ (IOF) will offer the same rate for both importing and exporting electricity, with a 21 hour off peak window costing 10% less than Octopus Energy’s standard variable ‘Flexible Octopus’ tariff, and a three hour peak window from 4-7pm.
Octopus says this will allow customers to save more than £450 a year compared to customers on their ‘Flexible Octopus’ and fixed export ‘Octopus Outgoing’ tariff. The combination import-export tariff will be available to all Octopus customers with solar panels and eligible batteries.
The tariff is powered by Octopus’ tech platform, Kraken, which optimises a home’s batteries and solar panels to use electricity when supply is higher and cheaper.
The IOF tariff will automatically set their battery system to charge and discharge at times when they receive the best import and export rates to and from the grid. Customers previously had to do this manually.
Creating virtual power plants with battery storage increases the flexibility of the grid, and means that the National Grid ESO can avoid the cost of paying to curtail renewable generation.
Read more: SolarPowerPortal
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