Customers of the UK’s largest electricity supplier, Octopus Energy, are set for even greater savings, after the company announced major changes to its ‘Cosy Octopus’ heat pump tariff.
From the 1st July, customers can heat their homes for an average of 11p per kilowatt-hour (kWh) between 10pm and midnight, adding an evening window to the two existing off-peak rates in the morning and afternoon.
‘Cosy Octopus’ is claimed to be the UK’s cheapest smart heat pump tariff, with all three off-peak windows priced roughly 50% below the new rate on a standard variable tariff (SVT).
The new low-cost period offers more savings and flexibility for Cosy customers who often also have other clean technologies such as solar panels, batteries and EVs in their homes.
On top of the additional off-peak window, Octopus is lowering the rates across the entire tariff by 10%. An average customer on Cosy can save £315 a year on heating costs compared to a customer with a gas boiler on an SVT.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy, says: “Heat pumps are ushering in a new era in heating – helping us to end our addiction to dirty gas boilers and moving us towards a clean, cheap heating system. We’re always looking for new ways to reward customers who are choosing clean tech and, by that, are getting the country closer to a green, flexible energy system. And we’ll keep innovating relentlessly to bring the costs of green heating down even further.”
Octopus Energy has been pioneering heat pumps since 2021, investing over £50 million to accelerate its rollout and launching Britain’s first R&D centre for heat pumps in Slough. Last year the company launched its own air-source heat pump – the Cosy 6 – which is designed and manufactured in the UK.
For more information on the Cosy Octopus Octopus tariff visit octopusenergy.com/cosy.
