New Octopus Energy smart tariff can help people with a storage heater save £139 each year

Linda Howard
·2-min read

Octopus Energy continues to innovate home heating with the launch of ‘Snug Octopus’, the UK’s first smart tariff for traditional electric storage heaters. The savvy smart tariff automatically schedules traditional storage heaters to work their magic at the cheapest and greenest times, helping to balance the grid and keep customers cosy for less.

‘Snug Octopus' offers up to six hours of cheap energy every night between 0030 and 0630, with an extra hour in the afternoon for a toasty boost at dinner time. This will allow average usage customers to save almost £140 a year compared to a standard Economy 7 tariff without needing to invest in other low carbon tech.

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Storage heaters work by storing heat generated during off-peak hours at night when energy prices are lower and releasing it throughout the day when energy costs are higher.

Around 1.7 million homes in the UK currently use storage heaters, and over 180,000 housing association homes rely on them for heating.

What sets ‘Snug Octopus’ apart is the control it offers customers, empowering them to adjust their heater’s runtime as they desire. This allows them to easily cut down their energy usage and costs whenever they want, such as during warmer months.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, said: “Many homes struggling with fuel costs use electric storage heaters, making them especially vulnerable to rising energy prices.

“Snug Octopus is designed to help these customers take charge of their heating, adjusting it to fit their personal needs and schedules - all while enjoying the peace of mind that comes from using energy at the cheapest and greenest times."

Smart tariffs are crucial for the energy transition as they enable customers to make the most of green electrons when they are abundant. Octopus Energy customers have already saved over £100 million by shifting energy usage out of peak times through smart tariffs and schemes.

Eligible customers who are interested in ‘Snug Octopus’ can sign up on the website here.

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