Octopus Energy Launches UK's First Mass Market V2G Tariff, Offering Free EV Charging and £850+ Savings
Octopus Energy has introduced the UK's first mass market vehicle-to-grid (V2G) tariff, Octopus Power Pack, offering electric car drivers free charging and potential savings of over £850 a year. This innovative service, launched by Octopus Energy, harnesses the power of electric vehicles (EVs) to balance the grid and could significantly impact the UK's energy landscape.
The Octopus Power Pack tariff utilises V2G technology and Octopus Energy's Kraken platform to manage charging and discharging, ensuring that electric cars are charged when energy demand is low and powering the grid during peak times. Once there are ten million electric cars on the road, they could potentially supply the entire country's power needs during peak hours.
Alex Schoch, Head of Flexibility at Octopus Energy, believes that the true potential of EVs for power remains untapped. The Octopus Power Pack tariff guarantees free charging for electric car drivers, with potential savings of over £850 a year compared to a standard variable tariff.
While the Octopus Power Pack is currently limited to a few V2G compatible electric car models and chargers, car manufacturers like Volvo have committed to releasing V2G-ready models in the near future. Be.EV is also expanding its network, aiming to install over 1,000 charging stations across the UK to make life easier for EV users by providing accessible and widespread power points.
With over 200,000 customers signed up to its EV optimised tariffs, Octopus Energy is leading the way in harnessing the power of electric vehicles for a more sustainable and efficient energy future. As V2G technology becomes more widespread, it could significantly impact the UK's power landscape, potentially powering the entire country during peak times with electric cars alone.
