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. At there moment there is no specific Octopus Energy battery storage tariff.
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.
Octopus Off-peak tariffs for charging battery storage.
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 7.5p 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.
In an ideal world, you would use your EV as battery storage but for now, vehicle to grid is limited
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. I know Octopus Agile is very popular with friends who have solar panels!
@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 is now looking more attractive since the Energy Price Guarantee. The discount means that even though the day rate is higher than 34p on the Economy 7 version of the Octopus flexible tariff the off-peak rate on average is around 15p per kWh which would be ideal for topping up your battery storage.
Update – 13th December 2022 – 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.
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.