Octopus Energy, a supplier widely celebrated as one of the best in the UK, has announced a staggering offer that could see customers reduce their electricity bills by as much as 90%. This significant saving is contingent on households installing a specific type of device.
How the Savings Work
The dramatic reduction is linked to the company's solar power initiatives. Octopus Energy states that a medium-use home equipped with a system of 10 solar panels and a 5kWh battery could see extraordinary savings. On a standard tariff with their fixed outgoing rate, the annual electricity cost could be around £81, compared to an estimated £904 for a home without solar installation. This represents a saving of £823, or 91%, off the total electricity bill.
Beyond the immediate bill savings, the company highlights additional financial benefits. Their Intelligent Octopus Flux plan could even allow customers to make a profit, potentially up to £300 per year, by selling excess electricity back to the grid.
Octopus Energy's Market Position
Octopus has built a strong reputation, winning numerous industry awards and achieving high customer satisfaction scores. The provider is noted for its commitment to renewable energy and often rewards customers who choose greener options.
While it offers some of the best prices compared to mainstream rivals like British Gas, E.ON, OVO, and EDF, the exact cost for a customer depends on their specific energy usage and chosen plan. A key differentiator is that Octopus is the only large supplier to price its standard variable tariff, Flexible Octopus, below the Ofgem Energy Price Cap.
Investment and Home Value
Understanding that the initial cost can be a barrier, Octopus offers flexible payment options. Customers can pay for their solar system in one go or spread the cost across easy monthly instalments. All installations come with a 25-year product warranty.
This investment can also boost property value. Analysis by the Department of Land Economy at the University of Cambridge suggests a 16% value uplift for new-build homes with sufficient solar and battery storage to eliminate energy bills. A separate study of over five million existing properties indicated a 2-3% value increase for homes with solar panels or heat pumps.
To get started, potential customers can enter their postcode on the Octopus Energy website to receive a tailored quote and explore estimated installation costs.
