Octopus Energy launches new tariff offering up to £200 savings | Personal Finance | Finance
Octopus Energy has launched a new energy tariff aimed at helping social housing tenants reduce their energy bills and encouraging landlords to invest in green technology.
The tariff, Tenant Power, is available to tenants in social, affordable, and shared ownership housing where properties are equipped with solar panels and Octopus-optimised batteries. According to the energy provider, eligible tenants could save up to £200 a year compared to the standard variable tariff, though savings depend on factors such as battery size and solar panel output.
In addition to tenant savings, the tariff allows social housing landlords, such as housing associations, to earn money from excess solar energy generated by the homes.
This surplus energy is sold back to the grid during peak times, which Octopus says can help with grid balancing and provide funding for further energy-efficient upgrades. Octopus Energy describes the tariff as the first of its kind in the UK to offer mutual benefits to both tenants and landlords through green energy technology.
The company is encouraging housing associations and local authorities to adopt the tariff to expand access to lower-cost, low-carbon energy in social housing.
Nigel Banks, Zero Bills director at Octopus Energy, said: “One of the biggest blockers to scaling green social housing has been the lack of incentives for landlords. ‘Tenant Power’ removes that barrier by giving landlords a clear return on their investment in low-carbon tech, while delivering meaningful savings for tenants.”
How does the tariff work?
This is how the tariff works, as per Octopus Energy’s website:
- The landlord installs an approved solar and battery system
- The tenant switches to Octopus and agrees to its Terms and Conditions
- The tenant gets their regular monthly bill, including the ‘Tenant Power’ discount
- A monthly report of income is shared with the landlord to invoice against.
Mr Banks added: “It’s a win-win model for both landlord and tenant, which helps accelerate the rollout of affordable, sustainable housing.”
