Octopus Energy is pioneering the future of electric vehicle (EV) charging in the UK with the launch of its innovative vehicle-to-grid (V2G) tariff, named the Octopus Power Pack. This groundbreaking initiative is the first of its kind aimed at the mass market, offering EV drivers the enticing prospect of free charging. Operating in its beta phase, the tariff utilizes cutting-edge V2G technology in conjunction with Octopus Energy’s advanced Kraken tech platform. This combination facilitates a smart system that determines the optimal times for charging and discharging EVs to support the electricity grid effectively.
Sustainable Charging for a Greener Future
The core of the Octopus Power Pack tariff is its ability to charge vehicles using green electricity during periods of low demand and then feed energy back to the grid at times of high demand. This strategic approach not only optimizes energy use but also significantly contributes to the stabilization and greening of the power grid. For EV owners who participate in the program by plugging in their vehicles for at least 170 hours per month while staying within the 333kWh monthly usage limit (roughly equivalent to 12,000 miles annually), Octopus Energy guarantees free charging.
Significant Savings for EV Owners
The financial benefits for EV drivers under the Octopus Power Pack tariff are substantial. An average electric car owner, driving around 10,000 miles per year, could see savings exceeding £850 annually in comparison to charging with a standard variable tariff. This initiative not only incentivizes the adoption of EVs but also promotes more sustainable driving habits. The process is designed to be user-friendly, requiring minimal effort from the drivers. As long as they plug in their car for approximately six hours a day, the charging process is fully automated, ensuring that users can easily enjoy the benefits of the program.
A Vision for the Future of Energy Storage
Alex Schoch, Head of Flexibility at Octopus Energy, shared his vision for the transformative role of EVs in the energy sector. He stated, “We recently moved past a million EVs on UK roads – a major milestone – but their true power for storing energy remains untapped. Once we reach 10 million electric cars on the road, we’ll have enough storage to power the entirety of Great Britain during peak times. All our drivers have to do is plug in regularly and their charging is completely free.” This perspective highlights the potential of EVs as a key component of a flexible, green energy grid, emphasizing the importance of unlocking the capabilities of their batteries.
Encouraging Industry-Wide Compatibility and Adoption
The Octopus Power Pack tariff is specifically available to drivers with V2G-compatible EVs and charging setups, marking a step towards broader V2G adoption. Although the compatibility is currently limited to a select group of models, the push for more V2G-ready vehicles is gaining momentum. Manufacturers like Volvo are at the forefront, announcing forthcoming models equipped with this technology. Schoch’s call to action, “Now we have Octopus Power Pack, it’s over to car manufacturers to build the cars that are compatible with V2G technology,” underscores the collaborative effort required between energy providers and automobile manufacturers to fully realize the potential of EVs in energy storage and management. To see more of the latest news in future mobility, visit here.
