Flex appeal: Octopus Energy’s new demand response plan is huge hit
Here's what you need to know:
- ‘Intelligent Octopus’ balances Texas grid in heatwave by automating energy use
- Customers rewarded with super cheap energy at times of low demand
- Octopus chief tells customers: “Get on our cheapest plan!”
July 12 2023, Houston: Octopus Energy’s new smart plan feature – which automatically keeps customers’ energy bills down while balancing Texas grid demand – has proved so popular after featuring on Power To Choose that sign ups increased by more than 250%.
‘Intelligent Octopus’ automates energy use and rewards customers for using power when grid demand is low. That flexibility is vital when the Texas power grid will be under immense pressure to keep up with what is projected to be one of the hottest summers in decades.
Customers need either a wifi-enabled smart thermostat or an electric vehicle (EV) to get a discounted energy rate. Annual savings are expected to be around $360.
The supplier launched the rate on Power To Choose, the state electricity comparison website. It proved such a hit that Octopus had an unprecedented number of sign ups.
The supplier is actively contacting its customers to help them switch to the cheapest rate available. Those who can’t afford the upfront costs of a smart thermostat – which cost around $100 – are given discounted rates. Customers are provided with tailored support to help them integrate their smart devices.
Barney Thibodeaux, Octopus Energy customer from Lewisville: “I didn't have a smart thermostat when I first saw the Intelligent Octopus deal but I figured that getting one would end up paying for itself within a few months. Now I’m saving around 25-30% compared to my previous energy plan. Having a smart thermostat saves me money and time. It’s a win win. I personally found it easy to install but it's great to hear that Octopus are offering customers support if they're not very tech savvy.”
Michael Lee, Octopus Energy US CEO, said: “We’re the only energy company in Texas, in the US, in the world, that is actively urging customers to sign up for our cheapest rate. These Smart Rates are saving the grid from melting in the heat and help to put money back in the pockets of customers.”
“We are laying down a marker showing what innovation can do to create a grid of the future. Buy a smart thermostat, save yourself hundreds of dollars and play your part in moving Texas from a dumb grid to a smart low-cost grid. No other energy company or utility is offering lower rates for customers with smart thermostats or an EV.”
“This type of demand response plan must become the norm as we stop using dirty fuels and instead balance demand for cheap and abundant renewable power. Dinosaur traditional plans that lack this technology are bad for customers and won’t help us tackle future blackouts.”
Octopus Energy Press office contact
T +1 512-826-8763
Note to editors:
Intelligent Octopus: A smart device management feature that automates customers’ energy usage and rewards them with savings for helping to balance the grid when the grid is constrained. This allows Octopus Energy to offer the cheapest electricity rates in the market by unlocking customer flexibility. Intelligent Octopus automates customers’ smart products like wifi-enabled home thermostats and electric vehicles.
- Lowering or raising the temperature of a thermostat by just a few degrees can help to decrease stress on the grid and reduce the chance of grid disruptions, like rolling blackouts, during extreme weather.
- Customers on Intelligent Octopus for electric vehicles can smart charge their EV at the greenest of times. Customers just need to plug in their EV to its home charger, tell Octopus when it needs to be charged, and go. It’s the ultimate set it and forget it charging tool. On average, customers pay about $10 a month to charge their EV with Intelligent Octopus.
- Customers who switch to Intelligent Octopus download an app, sign into it and then integrate their smart device.
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 14 countries, Octopus Energy Group's mission is going global. Octopus Energy entered the U.S. market in 2020, forming Octopus Energy US.
In December 2021, Octopus Energy Group was valued at approximately $5 billion following investments from Generation Investment Management and Canada Pensions Plan Investments Board.
