Octopus Flux

Although energy prices are expected to fall this summer, bills remain as unpredictable as ever, with energy prices double what they were in 2020. The government Energy Price Guarantee which effectively subsidies the unit rate of electricity and gas is due to come to a close in June, so our energy bills will once again be subject to Ofgem's price cap.

Solar panels sand battery storage are a great way to build your grid independence so you are not at the mercy of surprise price rises over the coming years. As well as using your own power, you have the option to send power back and avoid use at peak times to maximise your savings.

Now the Tesla Energy Plan has gone, we are often asked for the best tariffs to join. Chief among the range of options to maximise your solar PV export payments is Octopus Outgoing which provides a fixed export rate of 15p / kWh. This lets you stay with a fixed day rate of circa 34p (all the following rates mentioned fluctuate slightly based on your area), without being penalised with an on-peak usage window or benefitting from an on peak window.

If you can avoid peak times with a battery or focus consumption at off peak times with an electric car, Octopus also now offer a Flux tariff. This ties your consumption tariff and export tariffs together so you pay:

What’s exciting about this tariff it that it allows you to move all your consumption to the off peak window or sell energy back to the grid at peak times at the most favourable rates using a battery. Between 4pm and 7pm you can get over 35p per kilowatt hour, while conversely you can pull in energy from the grid to charge your battery overnight at a cheaper rate of just over 20p per hour.

This would also work well if you want to charge up your electric car, but you are not able to charge it up during the day time as you are at work. You can top up the car with Flux or another EV tariff such as Octopus Go, this has a longer off peak window to get your car charged up during the night, but also a longer on peak tariff. What you want to make sure is that you do not end up dipping into the on peak usage band by using too much power at peak time or under sizing your battery storage.

Flux is a fixed version of Octopus' Agile tariff which sets new energy rates each half hour for both import and export, where you can again capitalise on differing energy rates by either importing or exporting at the right time. You can join the Agile export or import independent of each other (i.e. stick with a fixed rate 34p / kWh import), unlike this Flux tariff.

Octopus Energy along with other providers have a variety of other tariffs available to homeowners who have a solar energy system installed, so do be sure to check out the full range on their website, and keep an eye on what your energy provider is doing as new tariffs are being released all the time. As the price cap falls this year we are sure there will be much more competition from suppliers for your business!

Note these smart tariffs can come with a higher daily standing charge when compared to an import only tariff, however, this is usually only a few pence so should not stop you from swapping. You can also join these tariffs if you do not buy your energy from the same supplier, but your solar PV p/kWh rate will be much lower.

For more information on the Smart Export Guarantee (SEG) or how best to tackle your bill with solar PV, give us a call on 01189 514490 or consult our blog here: Smart Export Guarantee Tariffs: Which is the Best SEG Rate? (spiritenergy.co.uk)