Octopus Energy unveils 'Snug Octopus' smart tariff to slash heating bills

Octopus Energy's new tariff aims to provide customers with control over their bills

Octopus Energy is about to revolutionise home heating with the launch of 'Snug Octopus,' the UK's first smart tariff specifically designed for traditional electric storage heaters. This innovative tariff ensures that storage heaters operate at the most cost-effective and eco-friendly times, helping to balance the energy grid while keeping users warm for less.

'Snug Octopus' offers up to six hours of affordable energy each night, timed between 12:30am and 6:30am, plus an extra hour in the afternoon for a cosy boost around dinner time. This practical setup could help average users save nearly £140 annually compared to the standard Economy 7 tariff, without the need for further investments in low-carbon technology.

Storage heaters are designed to absorb and store heat during cheaper off-peak nighttime hours, releasing it throughout the day when energy is more expensive. In the UK, approximately 1.7 million homes have these heaters, and over 180,000 housing association properties rely on them as their main source of heating, the Daily Record reports.

What sets 'Snug Octopus' apart is the level of control it gives its customers, allowing them to customise the operating times of their heaters. This makes it easy to reduce energy consumption and cost, particularly useful during milder months.

Rebecca Dibb-Simkin, Octopus Energy Group’s Chief Product Officer, has weighed in on the pressing issue, stating that "Many homes struggling with fuel costs use electric storage heaters, making them especially vulnerable to rising energy prices."

She further explained the benefits of their 'Snug Octopus' initiative: "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."

Dibb-Simkin also highlighted the advantages of smart tariffs: "Smart tariffs help 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."

For those interested in 'Snug Octopus', cutsomers are advised to sign up on the website here.