Octopus Energy has quietly signalled it plans to support solar and storage customers with a targeted time-of-use smart tariff which is highly impactful for those without an EV - and headline rates look good!
It's for new and existing residential customers with a Smart meter, and solar PV system at home (upto 9kw).
It is also available for those (lucky...!) Octopus Tesla Energy Plan (which is also rumoured to be ending soon).
Let's have a look at the headline rates provided by the retailer:
How will it work?
Octopus Flux is an import and export tariff optimised to give you what it claims as "the best rates for consuming and selling your energy and support the grid during peak periods."
Super cheap rates between 02:00 - 05:00 every day, when you can top up your battery with any extra energy you may need.
A peak rate between 16:00 - 19:00, the optimum time to discharge your battery and export surplus energy back to the grid.
How will this work in reality?
As it's currently closing in on winter our solar systems will start to product more over the coming months. Most homeowners with storage will be able to input the figures into their systems to set-up export during 16:00 and 19:00, especially larger solar systems. The day rates in my own case for import (34p) are currently quite close to the Flexible rate anyway (31.87p), meaning I just need to avoid buying/importing every day between 16:00 and 19:00.
Some storage systems allow you to charge from the grid at certain times, meaning you could input the import rate of 20.4p during the overnight off-peak 'cheap' time if you wanted.
For those with solar - but without storage or EV - you'll need to check the impact of having a very high import rate during the peak. The export rate of 23p during most of the day is much higher than the existing rate (SEG: 15p/kWh). As you have no ability to store the solar peak, you may find this is most beneficial in the early afternoon throughout the spring/summer period.
Importantly: This tariff is flexible, with no change fees meaning you are able to swap later if it doesn't work out for your household.
Note, this is not advice in any way. It's purely our observation. A google search often yields some good analysis and spreadsheets for Flexible, Agile and Intelligent Octopus tariffs - I am sure they will be adjusted soon with this new offering.
It's very impressive that Octopus Energy has been constantly innovating retail tariffs over the last few years - and this one is squarely aimed at the growing UK residential solar market. If you are leaving the Tesla Energy Plan soon, you have some options with this new tariff and also Intelligent Octopus (which is great for EV overnight charging).
The tariff so far had solar installers on social media scratching their heads to understand the impact for their customers. Most believe it's positive and we also agree. Well done to the team at Octopus for identifying and deliver this possible solution.
Quick request: If you are enjoying using Solar Crowd but not already on Octopus Energy, please consider using our referral link, you get the same tariffs but we both get £50 bill credit.
Sign up here: https://share.octopus.energy/nice-stone-604
You can sign up to a standard flexible tariff and easily switch to the Flux tariff once available.
Website: Octopus Flux | Octopus Energy (non-affiliate link)
Photo credits: Solar Crowd taken from Octopus website on 15th February 2023.
As this is not yet ready to purchase, rate and terms may still be clarified or adjusted.
