Octopus Energy has launched a third off-peak rate for its ‘Cosy Octopus’ heat pump tariff, starting from 1st July.
This new evening window, from 10pm to midnight, allows customers to heat their homes at an average cost of 11p per kilowatt-hour (kWh), supplementing the existing off-peak rates in the morning and afternoon.
The ‘Cosy Octopus’ tariff is already the UK’s lowest-priced smart heat pump tariff, with all three off-peak periods being approximately 50% cheaper than the new rate on a standard variable tariff (SVT).
The new rate provides additional savings and flexibility for customers, who often also use other clean technologies like solar panels, batteries and electric vehicles.
Additionally, Octopus Energy is reducing rates across the entire tariff by 10%.
This change means an average customer on the ‘Cosy Octopus’ tariff can save £315 a year on heating costs compared to a gas boiler user on an SVT.
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, said: “Heat pumps are ushering in a new era in heating – helping us to end our addiction to dirty gas boilers and moving us towards a clean, cheap heating system.
“We are always looking for new ways to reward customers who are choosing clean tech and, by that, are getting the country closer to a green, flexible energy system. And we’ll keep innovating relentlessly to bring the costs of green heating down even further.”
