Octopus Energy Launches Program to Help Electric Vehicle Drivers Save Big on Electricity Rates
- After success in the UK, EV drivers in Texas can now pair their vehicle with Intelligent Octopus to enable smart charging
- Program ushers in a new era of ultra-low electricity rates when customers adopt flexible charging for EVs
HOUSTON–(BUSINESS WIRE)–Renewable energy retailer Octopus Energy U.S. today announced Intelligent Octopus for EV, a smart-rate that will give drivers across Texas cheaper electricity rates when they smart charge their electric vehicles. Customers can now pair their EVs with Intelligent Octopus to automatically find the best, most efficient time to charge and save up to 20 percent on their monthly home electricity rate.
Starting today, Octopus Energy customers will be able to register and connect their EVs via Octopus Energy’s mobile app that responds to various grid signals. By letting Octopus Energy smart charge the vehicle, customers will get a discount off their standard electricity rate for their entire household consumption. Customers just need to set their own preferences – and Intelligent Octopus will handle the rest.
Intelligent Octopus, which is powered by Octopus Energy’s proprietary Kraken Technology, is a smart device management feature that rewards customers for helping to balance the grid when the grid is constrained, so long as your device remains connected. This allows Octopus Energy to offer the cheapest electricity rates in the market by unlocking customer flexibility.
“In the grid of the past, customers who bought the highest volume of power had the cheapest energy rates. Now that we’ve started the energy transition, those who have the most flexibility will see incredibly low electricity rates,” said Michael Lee, CEO of Octopus Energy U.S. “With smart rates like Intelligent Octopus, we can help create a virtuous circle that directly links the adoption of EVs, smart thermostats, heat pumps, solar, and batteries with the cheapest electricity rate plans.”
“EV adoption has reached 6 percent of new car sales in 2023 and shows no signs of slowing down,” said Christopher George, US EV Director of Octopus Energy U.S. “Octopus Energy helps customers choose the EV that best matches their lifestyle, helps them lease that EV on their electric bill, and get them a lower electricity rate once they’ve connected their EV with our Intelligent Octopus platform. Our full service on-bill financing solution allows for those customers who would be later adopters to accelerate into the EV journey by making it easier and cheaper because of our unique ability to pair low cost financial products with innovative rate plans.”
Already a success in the United Kingdom, Intelligent Octopus manages over 100 MW of EV charging power, which surpasses the largest battery on the UK grid. In fact, cars managed by Intelligent Octopus in the UK hold enough energy to power a city of about 300,000 people for a full hour.
Intelligent Octopus for EVs is the latest step in Octopus Energy’s mission to enable a smarter, greener future across the U.S. One of the most awarded energy retailers globally, Octopus Energy entered the U.S. market in 2020. More recently, Octopus Energy announced it will give customers the opportunity to integrate household batteries into their energy plans, which will allow Octopus Energy to build an aggregation of home batteries to create a Virtual Power Plant and further reduce the energy rates customers pay.
To learn more and sign up for Intelligent Octopus for EVs, visit https://octopusenergy.com/intelligent-octopus-ev.
About Octopus Energy
Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying around 4.9 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: octopusenergy.com.
About Octopus Electric Vehicles
Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make that switch to clean, electric transport. With over 65 electric cars now available from 28 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV.
Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 250,000 public charge points across Europe via the Electric Juice Network. All with a 5* rating on Trustpilot.
Octopus Electric Vehicles also specializes in the salary sacrifice program in the UK – an employee benefit that makes driving a brand new electric car cheaper than the gas or diesel equivalent through pre-tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the program to be simple for an employer to set up and run, and support them at every step. Drivers typically save 30% or more every month on the cost of their EV; and at zero-cost for an employer to set up, it’s great for their team, their hiring and retention, and for their sustainability goals.
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