Millions of Brits living in social housing will benefit from cheaper energy bills under Octopus Energy‘s new scheme. Those living in council houses face some of the highest energy costs in the country because they are unable to reduce their bills through home upgrades, such as solar panels.
But thanks to Octopus Energy’s energy tariff launched specifically for social housing, millions of Brits could save hundreds of pounds a year, with tenants across North England potentially saving up to £200.
The Tenant Power scheme is in partnership with Together Housing Group, with plans to introduce it to an initial 1,500 homes, with some households already benefiting from the scheme, which is ‘Britain’s first smart energy tariff’.
Properties fitted with solar panels and battery storage allow tenants to generate their own renewable electricity, with any unused power being automatically sold back to the national grid during periods of high demand.
The energy supplier’s scheme is designed to work in the favour of both tenants and landlords, with residents paying less for their energy than they would on standard variable tariffs, reports GB News.
Nigel Banks, Zero Bills Director at Octopus Energy, told GB News: “Tenant Power is the UK’s only practical solution that ensures both tenants and landlords share in the benefits of low-carbon technology.
“By joining forces with Together Housing Group, we’re delivering affordable, greener energy to thousands of social homes, making a real impact on communities and people’s pockets.”
How it works is that the solar panels and battery systems that reduce energy use are funded and installed by landlords, e.g Together Housing. Octopus can then sell excess electricity back to the grid.
Housing associations receive payments for surplus electricity sent back to the grid, offering landlords a financial return on solar and battery installations.
The savings available to tenants will depend on the discount agreed between Octopus Energy and each housing association. This discount is applied to the standard electricity rate.
Mr Banks added: “We can effectively sell the excess energy back to the grid, enabling us to pay the landlord a return for the tech, as well as deliver the savings for the tenant. The great thing about Tenant Power is that the discount is fixed for the tenant all year round, so even in winter months when bills are typically higher, they can still benefit from the discount.”
