Octopus Energy customers in Texas supercharge savings with home battery program
Houston, TX – June, 25th, 2024 – Customers of Houston-based Octopus Energy will save money thanks to an innovative home battery program that rewards customers for sending power back to the grid. Intelligent Octopus for Home Batteries will deliver substantial customer savings while supporting grid stability.
This initiative enables Texas homeowners to use their batteries to support the grid based on real-time conditions. In exchange, customers supercharge their savings by getting 50% off their Octopus Energy rate when their home battery is connected to Intelligent Octopus. This allows Octopus to automatically fill the battery when the grid is in surplus from renewables and send power back to the grid when the grid is constrained.
Intelligent Octopus is an innovative consumer offering, powered by the Kraken software platform, that connects a homeowner’s electric vehicle, electric vehicle charger, smart thermostat, or, in this case, battery to the grid. Octopus Energy optimizes customers’ devices to operate when energy it’s needed, unlocking significant savings without customers having to lift a finger or compromise their comfort.
Octopus Energy covers the cost of charging the battery for energy that ends up being exported and any available energy can be dispatched to the grid when it’s needed most - for example, during extremely hot summer afternoons. Customers can connect their battery through the Octopus Energy app, where it will be continuously optimized, and will be rewarded every month with 50% off their energy rate.
Michael Lee, CEO of Octopus Energy US, said: “Intelligent Octopus for home batteries is transforming residential energy use in Texas. With ERCOT projecting demand for power will nearly double in six years, the grid can use every MW it can get. Empowering customers across the state of Texas to play a role in building a reliable grid for the future is a big opportunity. This is just a first step for millions of Texans to enjoy lower power prices while simultaneously contributing to grid stability in a major way.”
For customers who don’t yet have a battery at their house, Octopus will connect them with preferred installation partners.
The program is part of Octopus Energy’s efforts to build a more resilient, customer-centric, and greener grid. By participating, customers are helping to keep the lights on across the state and avoid rolling blackouts or grid failure during peak times.
To learn more about Intelligent Octopus for home batteries, visit online here.
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About Intelligent Octopus:
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.
About Octopus Energy:
Octopus Energy is a global energy and tech group, launched in 2016 to use technology to unlock a customer-focused and affordable green energy revolution.. With operations in 18 countries and close to 8 million customers, Octopus Energy Group's mission has gone global.
Octopus Energy entered the U.S. market in 2020, forming Octopus Energy US. In January 2024, Octopus Energy US officially entered into the Lubbock retail choice market as one of three default providers.
Octopus Energy Group is valued at approximately $9 billion and backed by global star investors, including Generation Investment Management, Canada Pensions Plan Investments Board and Galvanize.
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