Octopus has increased the payments it makes to customers who export electricity by more than a third in a bid to encourage the uptake of export tariffs.
From today (1 February) both new and existing customers of its Smart Export Guarantee (SEG) and Fixed Outgoing Octopus tariffs will be paid 36% more for the energy they export back to the grid.
SEG, which is an export only tariff, has increased from 3p to 4.1p, while Fixed Outgoing Octopus has increased from 5.5p to 7.5p.
While the majority of these customers have solar panels, the offer is also available to those who store energy in batteries and those with small turbines.
Octopus claims the move means it pays its customers more per kWh exported than any other UK energy supplier.
The supplier added that customers on its Agile Outgoing tariff are currently paid £1.28 per kWh exported at some times, where most SEG tariffs pay around 3p per kWh.
The move follows an announcement on Saturday (29 January) that the company expects to make losses of around £100 million as it absorbs the impact of wholesale price increases for its customers.
Commenting on the export tariff announcement Rebecca Dibb-Simkin, global marketing and product director at Octopus Energy Group, said: “We know the future of energy is ‘people powered’, and benefits a decentralised energy system where increasing numbers of people become generators as well as consumers.
“This helps the grid become greener, reduce our reliance on imported gas and allows regular households to directly benefit financially.
“Our smart products are an experiment in how a future energy system could work on a large scale. By increasing the payments we hope to convince more people to start producing their own energy and make the UK greener than ever before.”