May 26th, 2022
Trial rebate for month-to-month customers explained
For our post-paid month to month customers, we’re going to trial a rebate. We think that increased demand and limited supply are going to create high energy prices but if we are wrong, we want to pass some of those savings onto customers. Specifically, we'll give you a rebate of $0.02/kWh, explained further below.
Here's how it works:
We’ll see how often the ERCOT average statewide price* clears above $1,000. If it’s less than 8 separate 15-minute intervals (two hours total), then we’ll issue a small rebate ($0.02/kWh) for all customers who were on a month-to-month product in June AND were an Octopus customer for the entire month. Any potential rebate will be credited on their next bill towards future usage. If the average price settles for 8 intervals or more, then there will not be a rebate.
We’re working to help keep costs low for customers when we can, but we think that this summer will be expensive for electricity consumers overall. Ultimately, we need ERCOT and the utilities to accelerate their approval process for new generation. These need to be accelerated if we want to keep costs down for all Texans.
*“This refers to the real-time ERCOT hub average price.
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