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Winter is fast approaching, but the energy crisis shows few signs of slowing down.
Fuelled by an uptick in demand following the pandemic, coal trade disputes, and Russia’s invasion of Ukraine, the crisis has led to the cost of energy skyrocketing over the past year.
Although the government has introduced an annual cap limiting payments to £2,500, many people are worried that they’ll be unable to keep up with their energy bill payments this year.
Non-profit energy company Octopus Energy has decided to combat this issue by doubling their Fixed Outgoing tariff, which will provide customers with extra income to pay their bills.
Octopus Energy is a British energy company that only supplies energy from renewable sources. The Fixed Outgoing tariff is part of Octopus Energy’s Outgoing Octopus tariff, which lets customers sell their excess self-generated energy back for a profit.
Starting 20th September 2022, the rate for all customers on the tariff automatically increased from 7.5p / kWh to 15p / kWh. Whilst most customers on this tariff have solar panels, the tariff is also available to customers with solar batteries that store energy or small wind turbines. Octopus now pays self-generating customers three times more per kWh than any other UK energy supplier.
This is the second increase in Fixed Outgoing rates this year, following the rise from 5.5p / kWh to 7.5p / kWh in February.
In a statement, Octopus’ CPO Rebecca Dibb-Simkin said: “We’re always looking at ways to put money back in people’s pockets. By doubling the payments to customers helping to grow the UK’s renewables footprint, we are doing just that.
“It has become abundantly clear that we need to wean ourselves off fossil fuels and become energy independent as a nation. While export tariffs are incredibly cost-intensive for energy suppliers, we still choose to give these best-in-market rates to turbocharge the rollout of renewables, accelerating the shift to a cheaper, cleaner energy future.”
As the energy crisis continues, it is hard to predict when prices will start to go down. For now, generating their own renewable energy is just one step people can take towards easing the strain on their bank accounts this winter.
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