Octopus Energy has announced it is doubling its payments to customers exporting solar power to the grid.
From Tuesday (20 September), customers on its Fixed Outgoing tariff will see their payments rise from 7.5p/kWh to 15p/kWh. The supplier said the new rate is three times higher than the next best offer from any of its rivals.
Although the majority of its export customers have solar panels, Octopus said the tariff is also available to households with other means of exporting renewable energy such as battery storage or small wind turbines.
The company noted that customers on its smart export tariff Agile Outgoing, which tracks wholesale prices, are already benefitting from much higher payments, receiving an average rate of 34p/kWh over the last 12 months.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group, 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.”