Octopus Energy enters the UK solar market

Octopus Energy claims it will install 5,000 solar panels in homes this year as it increases its money-saving tech offerings for customers.

The big five energy suppliers said that the new scheme would create around 200 jobs and help customers save up to 90% annually by rolling out the scheme in the Midlands, South of England.

John Szymik, chief executive, stated that if more UK homes produce clean, green solar power, it will accelerate the energy transition, and lower system prices for everyone.

“We will focus on reducing the time it takes to install solar panels. We hope to make them affordable for all.”

The average cost of solar panels is between PS400 and PS500 per panel. This means that depending on the size of the house (and how much energy the house needs), the system could cost anywhere from PS5,000 to PS11,000.

According to GreenMatch, the most common domestic system costs PS6,500 and produces 4kW of electricity. This saves customers less than PS1,000 per year on their bills.

Octopus, the UK’s third largest supplier of energy after British Gas, E.ON and Bulb, recently added solar panels to its smart tech range. This includes heat pumps, electric vehicle chargers and smart meters.

Bulb was removed from publicly-managed administration by Octopus, a lone bidder Octopus. However, it has been challenged in court.

The outcome of the deal will be determined by a judicial review scheduled for February. It could even be reversed.

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