Octopus Energy has launched a new smart tariff, Snug Octopus, which could save customers with a storage heater £139 each year. The innovative tariff is designed specifically for storage heaters, which are typically white, wall-mounted units with a grille at the top that store heat overnight and release it during the day.
Octopus Energy, which competes with energy giants like OVO, EDF, EOn and British Gas, stated that to benefit from this cost-saving scheme, you need to be an Octopus Energy customer with a specific type of storage heater controlled by a second-generation smart meter (SMETS2) that Octopus can connect to. If you're unsure about your eligibility, the firm will run checks during the sign-up process.
Storage heaters use electricity to heat ceramic or clay bricks inside them overnight, releasing the heat gradually the next day. Homes with these heaters often have time-of-use tariffs, such as Eco-7, offering cheaper electricity rates at night.
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However, with Snug Octopus, these rates are even more affordable. The statement continues: "We're working behind the scenes to make Snug Octopus compatible with more storage heaters. In the meantime, you can still find fantastic value on all our other Octopus tariffs – our standard prices have always been cheaper than any other large supplier," reports Birmingham Live.
Octopus Energy Group's Chief Product Officer, Rebecca Dibb-Simkin, commented: "Many homes struggling with fuel costs use electric storage heaters, making them especially vulnerable to rising energy prices.
"Snug Octopus is designed to help these customers take charge of their heating, adjusting it to fit their personal needs and schedules - all while enjoying the peace of mind that comes from using energy at the cheapest and greenest times."
