Octopus Energy has announced a significant increase in export rates for its Smart Export Guarantee (SEG) customers.
The company will boost the rate from the current 4.1p per kilowatt-hour (kWh) to 15p/kWh.
This change means that individuals exporting an average of 1,500kWh to the grid will see their annual earnings rise by over £150.
It is estimated that about 4,000 existing and new customers will now receive payments that are nearly four times higher than their previous earnings.
By the end of this week, Octopus Energy will automatically upgrade the export tariff for SEG customers.
Customers need not take any action as the change will be reflected in their online accounts.
In a statement, Octopus Energy emphasised the importance of its customers in advancing towards a zero carbon future.
The energy supplier said: “By choosing Intelligent Octopus you’re part of Europe’s largest virtual power plant, meaning together we can help to dynamically balance the grid, favouring renewable energy when it’s abundant and reducing the need for heavily polluting power stations to come online.”
Alex Schoch, Head of Flexibility at Octopus Energy, said: “You’ll be hard-pressed to drive down a residential road in the UK without seeing solar panels or an electric vehicle and we’re keen to pass on the savings of adopting this clean, green tech for customers.
“We’re thrilled to be able to help cut conscientious customers’ bills by more than £150, while encouraging others to become their own renewable energy generator at the same time.”
