Octopus Energy Launches Innovative Tariff to Help Social Housing Tenants Save on Energy Bills
A leading UK energy provider, Octopus Energy, has introduced a groundbreaking new tariff designed to help social housing tenants reduce their energy bills while encouraging landlords to invest in green technology. The tariff, known as Tenant Power, is a pioneering scheme that offers mutual benefits to both tenants and landlords, according to the company.
The Tenant Power tariff is available to tenants residing in social, affordable, and shared ownership housing that is equipped with solar panels and Octopus-optimised batteries. As reported by the Express, eligible tenants could save up to £200 per annum compared to the standard variable tariff. However, savings will depend on various factors, including battery size and solar panel output.
In addition to providing tenant savings, the tariff enables social housing landlords, such as housing associations, to earn revenue from excess solar energy generated by the homes. This surplus energy is sold back to the grid during peak times, which Octopus claims can help with grid balancing and provide funding for further energy-efficient upgrades. As stated by Octopus Energy, the Tenant Power tariff is the first of its kind in the UK to offer mutual benefits to both tenants and landlords through green energy technology.
The company is actively encouraging housing associations and local authorities to adopt the tariff to expand access to lower-cost, low-carbon energy in social housing. According to Nigel Banks, Zero Bills director at Octopus Energy, "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."
As explained by Octopus Energy, the tariff operates through a straightforward process:
- The landlord installs an approved solar and battery system.
- The tenant switches to Octopus and agrees to its Terms and Conditions.
- The tenant receives their regular monthly bill, including the ‘Tenant Power’ discount.
- A monthly report of income is shared with the landlord to invoice against.
Mr. Banks further emphasised that "It’s a win-win model for both landlord and tenant, which helps accelerate the rollout of affordable, sustainable housing." The introduction of the Tenant Power tariff by Octopus Energy marks a significant step towards making energy more affordable and sustainable for social housing tenants, while also promoting green technology investments among landlords.
The Express reports that the Tenant Power tariff has the potential to make a substantial impact on social housing, providing a much-needed solution to help reduce energy bills and support the adoption of green technology. As the UK continues to focus on reducing carbon emissions and promoting sustainable living, initiatives like the Tenant Power tariff are likely to play a crucial role in shaping the future of energy consumption in social housing.
