PRESS RELEASE: Octopus Energy Grabs Top Spot in Domestic Solar Export Guarantee League Table

Solar Trade Association
Immediate Release
01 April 2019

Octopus Energy has brought the sun out for solar consumers and the UK solar industry on the first day after the closure of the UK’s Feed-In Tariff scheme. The innovative energy supply company is offering both a simple fixed payment for all surplus power exported to the grid at a fair market rate, and a ‘smart’ tariff, which will enable homes with solar and battery storage that can control when they export power to the grid to potentially benefit from even higher rates because they can export at ‘peak’ times when power is more expensive. The development will give much needed confidence back to the domestic solar market and restore the economic benefit of going solar to a good chunk of the market.

STA Chief Executive Chris Hewett said; “We are delighted for the solar industry and for the nearly two-thirds of homes in the UK that want to go solar. Full credit to Octopus who are technologically ahead of where the system is at and who are first off the mark in offering an export payment at a good market rate – indeed slightly above the previous export tariff. The “Outgoing Agile” Octopus offer also underlines the tremendous potential value of installing battery storage alongside solar.  Homes with the flexibility to control when they take power from the grid and when they put power on to the grid will be able to save and earn more. This development offers householders today a doorway into participating in the exciting clean energy grid of the future.”

The STA is tracking all and any new commercial offers for Smart Export Guarantees on its new online platform for consumers. [1] So far only Octopus Energy is offering a SEG, while a couple of other suppliers are offering trials and incentives. The rate of 5.5p/kWh on offer from Octopus is fractionally higher than the previous export tariff and constitutes a fair payment in the view of the Solar Trade Association, considering the price of electricity in several markets. The STA is monitoring the market closely for any developments and offers, and recording these in its online League Table. [2]

The Octopus offer means that people who are Home All Day – i.e. spend a lot of time at home, such as retired people, those who work from home, or who have young families, will still be able to invest in solar with a payback in around ten years.  Homes that invest in battery storage alongside solar power benefit from paying only 5% on their battery storage system, instead of 20% for retrofit systems. The new STA online platform offers advice for all steps of investing in solar and storage, including the importance of using MCS certified installers.

 

ENDS

 

Notes to editors

[1] STA’s new Advice for Households section:  https://www.solar-trade.org.uk/resource-centre/advice-tips-for-households/

[2] STA’s Smart Export Guarantee League Table: https://www.solar-trade.org.uk/resource-centre/advice-tips-for-households/smart-export-guarantee

 

For further information or to request an interview, please contact:

Name: Jack Dobson-Smith

Title: Public Affairs & Communications Officer

Main line: 0203 637 2946

 

Background on the Solar Trade Association:

The mission of the Solar Trade Association is to empower the UK solar transformation. We are paving the way for solar to deliver the maximum possible share of UK energy by 2030 by enabling a bigger and better solar industry. We represent solar heat and power plus battery storage, and have a proven track record of winning breakthroughs for solar PV and solar thermal.