Flex Appeal: Octopus Energy’s New Demand Response Plan Is Huge Hit

Octopus Energy’s new smart plan feature – which automatically keeps customers’ energy bills down while balancing Texas grid demand – has proved so popular after featuring on Power To Choose that sign ups increased by more than 250%.

‘Intelligent Octopus’ automates energy use and rewards customers for using power when grid demand is low. That flexibility is vital when the Texas power grid will be under immense pressure to keep up with what is projected to be one of the hottest summers in decades.

Customers need either a wifi-enabled smart thermostat or an electric vehicle (EV) to get a discounted energy rate. Annual savings are expected to be around $360.

The supplier launched the rate on Power To Choose, the state electricity comparison website. It proved such a hit that Octopus had an unprecedented number of sign ups.

The supplier is actively contacting its customers to help them switch to the cheapest rate available. Those who can’t afford the upfront costs of a smart thermostat – which cost around $100 – are given discounted rates. Customers are provided with tailored support to help them integrate their smart devices.

Barney Thibodeaux, Octopus Energy customer from Lewisville: “I didn't have a smart thermostat when I first saw the Intelligent Octopus deal but I figured that getting one would end up paying for itself within a few months. Now I’m saving around 25-30% compared to my previous energy plan. Having a smart thermostat saves me money and time. It’s a win win. I personally found it easy to install but it's great to hear that Octopus are offering customers support if they're not very tech savvy.”

Michael Lee, Octopus Energy US CEO, said: “We’re the only energy company in Texas, in the US, in the world, that is actively urging customers to sign up for our cheapest rate. These Smart Rates are saving the grid from melting in the heat and help to put money back in the pockets of customers.”

“We are laying down a marker showing what innovation can do to create a grid of the future. Buy a smart thermostat, save yourself hundreds of dollars and play your part in moving Texas from a dumb grid to a smart low-cost grid. No other energy company or utility is offering lower rates for customers with smart thermostats or an EV.”

“This type of demand response plan must become the norm as we stop using dirty fuels and instead balance demand for cheap and abundant renewable power. Dinosaur traditional plans that lack this technology are bad for customers and won’t help us tackle future blackouts.”

Octopus Energy | https://octopusenergy.com/