Benefits of solar battery storage on Octopus Flux
When you have solar PV panels it is important to shop around for the right energy tariffs to make sure you are getting the best rates for exporting electricity to the grid. But if your solar PV system includes battery storage then you may want to look for a tariff that will reward you for having battery storage too.
What should you look for in an export tariff?
When you have a solar PV system you will need to find an export tariff to benefit from the earnings of exporting the electricity you generate to the grid. This is also known as the Smart Export Guarantee tariff. Most of the larger suppliers are obligated to provide this and some smaller suppliers also offer it out of choice.
The most favourable tariffs are offered to existing customers, but you can separate your export tariff from your supply tariff if you want to. You should look at the rates based on being a customer or non-customer and the length of the term offered.
What energy tariffs are available for solar PV systems with battery storage?
One of the most beneficial tariffs we have found for those with solar PV and battery storage is the Octopus Flux tariff. This tariff is designed specifically for customers with solar PV and battery storage and offers 100% renewable energy.
About the Octopus Flux tariff
Octopus Flux provides both an import and export tariff and they offer competitive rates for selling your energy at peak periods to support the grid.
This is a new and experimental product from Octopus that is trying to understand how domestic battery storage can assist the national grid in meeting peak demands flexibly, by reducing the call for grid electricity during peak hours, and rewarding the export of solar-generated electricity at these times.
The tariff is open to anyone with solar PV and battery storage as long as you have a smart meter. They can work with you to get a smart meter installed if you don’t have one. You will also need to switch your energy supply to Octopus to access this tariff.
What are the benefits of a tariff like Octopus Flux?
The key benefit of Octopus Flux is that you can use your battery storage to earn money, in addition to the money you are saving from using the electricity generated from your solar PV system.
The key is that the tariff is split into different price periods, and you can manage your import and export to maximise your returns. Both the import and export rates vary depending on the time of the day, which is determined by the demand on the grid. The lowest rates are during the night at 2am and 5am, and the highest rates are at peak demand hours between 4pm and 7pm.
Your solar PV system generates electricity during daylight hours when there is typically less demand for electricity in the home, which is why many people are combining battery storage into their systems to allow them to use the electricity themselves when they return in an evening.
For example, at the time of writing Octopus Flux’s import rate between 2am and 5am is 13.85p/kWh and their export peak rate is 23.63p/kWh between 4pm and 7pm, so you can gain 9.78p/kWh buying and selling electricity using your battery storage.
Your solar PV system would be generating electricity during the day, at which time the export rate is 15.51p/kWh and the import rate is 23.08p/kWh, so you are also making significant savings using the electricity generated by the system.
It is also worth noting that if you export any of your generated electricity during the day, it is worth more than the imported electricity rate between 2am and 5am (15.51p/kWh against 13.85p/kWh) so if the battery is full you will still generate more income by exporting excess electricity.
Learn more about the Octopus Flux tariff here, and if you are considering solar panels with battery storage, get in touch with us using the form below!
