Octopus Energy and Government Join Forces to Cut Energy Bills with Heat Pump Initiative

2024-11-24

Octopus Energy has announced a significant initiative to help UK households save on their energy bills amid rising costs. The company, in collaboration with the Department for Energy Security and Net Zero, is set to offer £300 off annually for customers who transition from traditional gas boilers to heat pumps. This initiative comes as energy costs are expected to rise by £21, or 1.2%, later this year.

As part of the extended Warm Homes Plan, the government will provide £7,500 grants to 300,000 households across the UK to facilitate the installation of heat pumps. These pumps are designed to be more energy-efficient, potentially saving households £100 annually. Additionally, improved insulation can further reduce costs by approximately £200 per year, leading to a total possible saving of £300.

Regulatory changes will ease the installation process of heat pumps by eliminating the requirement for planning permission under certain conditions, which has previously discouraged many homeowners. Greg Jackson, CEO of Octopus Energy, highlighted that up to 34% of potential customers dropped out of the heat pump installation process due to planning concerns, emphasising the urgency of removing such barriers.

For customers, Octopus’s Cosy Heat Pump Tariff offers significant savings when compared to traditional gas boiler alternatives. On average, households could expect to pay approximately £1,391 per year with the heat pump tariff instead of £1,691 with gas boilers.

In addition to its domestic efforts, Octopus Energy is expanding its footprint in international renewable energy markets. The company has partnered with Skyborn Renewables to participate in France’s ninth offshore wind tender. This marks Octopus’s first global venture into early-stage offshore wind auctions, reinforcing its commitment to investing in renewable energy technologies, with plans to invest $20 billion globally in offshore wind projects by 2030.

These efforts align with the UK government’s goal of advancing energy efficiency and reducing reliance on fossil fuels, aiming to make Britain a leader in clean energy. The Warm Homes Plan complements broader initiatives aimed at supporting vulnerable households during challenging economic times, including a combined £120 million pledge from energy suppliers to assist customers facing financial difficulties.

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