Octopus Energy has acquired its first two own-brand wind turbines, the move is accompanied by the launch of the world’s first local time-of-use wind tariff.
The company. which has 1.8 million UK customers, has bought the turbines in Caerphilly, South Wales, and Market Weighton, Yorkshire. Each turbine can generate up to 500kW, enough to power up to 400 homes per year each.
From January 2021, local communities will benefit directly from their locally-sourced green power. The Octopus Energy ‘Fan Club’ tariff will offer households living near the turbines bespoke 100% green electricity tariffs. Octopus Energy customers who use electricity when the turbines are spinning, which is roughly 98% of the time, will profit from a 20% discount on the unit price. When the wind picks up and the turbines are producing even more green electricity, the unit price will see a price cut of 50%.
Compared to the price cap, currently set at £1,042 for a typical dual-fuel household, Octopus Energy ‘Fan Club’ customers can save up to £229 off their bills while using this new tariff.
The two turbines, named ‘#1 Fan’ and ‘#2 Fan’, are the first of many members of Octopus Energy’s ‘Fan Club’, and signal the company’s first foray into the generation market. The local generation project will be led by Octopus Energy’s director of Generation, Zoisa Walton.
Zoisa Walton comments, “Octopus Energy’s first ever own brand turbines are now on the grid, and we’ve included the UK’s first windy tariff to boot – we halve the price of your electricity whenever your turbine is spinning fast. This is the first step in a huge plan for Octopus owning its very own generation and offering local wind tariffs across the country. It means we can begin producing the clean, green power we provide to customers ourselves and incentivise customers to use energy when it’s the absolute greenest.
“By matching this generation with our proprietary agile technology, we’re unlocking exciting opportunities for the cheapest electrons to be the greenest. Soon local customers will be able to join the ‘Fan Club’ and get discount prices for windy days, helping out their pockets and the planet.”
If you want to join Octopus Energy’s ‘Fan Club’ tariff, please enter your contact details here.