Best Octopus battery storage tariff.
Battery storage is an excellent option to help reduce your energy bill. Plus if the lights go off this winter, in the form of a blackout, you will have your own power source. Battery storage can also help reduce your carbon footprint if you are able to charge when the grid is greener at night. So what’s the best Octopus Energy tariff for your home battery storage?
I have had many questions about battery storage over the last few weeks. If you are contemplating the best options for reducing your energy bills battery storage could save you serious money. However, it isn’t as straightforward as it seems. It all depends on your individual situation and the off-peak tariffs available to you.
The good news is Octopus launched a new tariff, Octopus Flux, on Valentine’s Day 2023. which is aimed at customers who have both solar power and battery storage. Yes, you will need solar as well BUT it’s a brand-new tariff that does take into account the growing interest in battery storage.
This diagram should help you better understand the concept. This is my interpretation of the Octopus Flux Tariff and not an official image from the Octopus Energy website.
In the summer, the yellow solar line will extend further, providing you with a greater chance to export energy at the peak rate while keeping your battery charged with green electrons.
What is Battery Storage and Why is it Important?
With the rising cost of energy and increasing concerns about the environment, people are looking for ways to reduce their carbon footprint. Battery storage at home is one of the most popular solutions for this problem. It allows homeowners to store excess energy generated from renewable sources such as solar panels so that they can be used when needed. This not only reduces electricity costs but also helps reduce emissions and pollution associated with traditional power plants. Battery storage also provides a backup in case of an emergency or natural disaster. With more efficient batteries becoming available, battery storage at home is becoming a viable option for many households looking to become more energy-efficient and environmentally conscious.
With the increasing demand for renewable energy sources, battery storage for home use is becoming more and more popular. Battery storage can help households save money on their electricity bills by storing energy when it is cheaper and using it when the prices are higher. It also helps reduce carbon emissions by allowing households to switch off their appliances during peak times and use stored energy instead.
Octopus Off-peak tariffs for charging battery storage.
When you invest in battery storage for your home it is quite a sizeable investment and the obvious question is when can you aim to recoup your cash. In the last few months interest in battery storage solutions for domestic use has increased dramatically. In many cases, battery storage is being sought as a solution before solar PV. The thinking, I am assuming is that the battery can be used to store cheap off-peak electricity at night which will hopefully last most of the next day avoiding paying massive energy bills.
Sadly without owning an electric vehicle tariffs are rather limited. Although there are still options and if you have both solar PV and battery storage you will be delighted to see the introduction of Octopus Flux.
A quick rundown of the Octopus time-of-use tariffs.
If you own an electric vehicle and have a smart meter then you have a variety of options to charge your new battery. If you are already on an EV tariff such as Octopus Go, Go Faster or the Intelligent tariff you can simply charge your home battery during your off-peak times. At 10p/12p per kWh off-peak the more battery storage you have the better as you can use that cheap energy during the day when prices are high.
If you don’t have an electric vehicle then sadly you can’t take advantage of these Octopus tariffs. If you have solar panels, however, battery storage would be great for storing excess solar either to use at peak times when no solar is available or for selling back to the grid. Octopus Agile is very popular with friends who have solar panels, especially in the summer months.
This TikTok was made before the launch of either the Cosy Tariff or Octopus Flux.
@sarah_go_green Battery storage can help #reduceenergybills and #offpeak Octopus tariffs are ideal. We need more #smarttariffs #electrictybill #moneysavingtips #solar ♬ original sound – sarah_go_green
If you don’t have an EV or solar panels then possible Octopus Agile may be an option but it is now capped at a whopping £1 per kWh by Octopus. It does, however, have some protection as it gets a discount under the Energy Price Guarantee. You can read more about this on my Octopus Agile review page.
The Octopus flexible tariff Economy 7 tariff is now looking more attractive since the Energy Price Guarantee. The discount means that the off-peak rate on average is around 18p per kWh which is ideal for topping up your battery storage at night. You will get 7 hours of off-peak electricity which will then hopefully see you through the rest of the day.
Cosy Octopus Tariff.
Octopus Energy launched a new smart tariff, the Cosy Octopus tariff, which has a double discounted period. You have to own an air source heat pump or have booked to have one installed in order to qualify for this tariff. It has 6 hours of off-peak electricity which is around 20p per kWh during this period. Maybe, this would be a good option if you have an ASHP and battery storage.
Is battery storage worth the investment?
Personally, I think battery storage is worth the investment. I like the idea of having my own backup in case of blackouts. It’s an expensive backup if you can’t get a cheap off-peak rate or you don’t have solar but if you plan to get an EV or solar it may be still a viable option for you. It just all depends on your personal energy use and your home setup.
The interim review from Review of Electricity Market Arrangements may also provide some opportunities for off-peak charging.
Battery storage has to be the way forward for energy security in the UK.
10th October 2022.
Updated 21/02/23
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