Octopus Energy launches new scheme to save families £420 a year

Man looking upset looking at his bills
-Credit: (Image: Getty)


An average family could save up to £420 annually under a new energy scheme. The innovative scheme introduced by Sunsave, in collaboration with energy heavyweight Octopus, removes the hefty upfront cost often exceeding £10,000 to fit solar panels, making it more accessible for a wider population.

Not only do bosses say participating households witness a reduction in their own energy costs, but they also gain the ability to sell any surplus power generated back to the National Grid via Octopus. Sunsave enthused about the deal, saying: "Monthly payments start at just £69, with zero upfront costs to install, and the average family could save 1.63 tonnes of CO2 and £420 in the first year or £51,935 over the next 25 years on their energy bills."

Importantly, the promised savings reflect the actual net advantage to families after accounting for the panel subscription fees, Sunsave say. This figure comes from the same company which has not only earned the admired 'trusted trader' recognition from consumer watchdog Which? but also boasts endorsement from the UK government.

Octopus energy van
The scheme allows families to save on their energy bills and to sell any excess electricity they generate back to the grid through Octopus -Credit:Getty

Built into the subscription is a stable, fixed monthly outlay for the entire lifespan of the solar panel system, bosses say. This arrangement shields homeowners from unpredictable spikes in energy prices while providing them clear foresight on expenses for effective budgeting, the firms say.

To further reassure its customers, Sunsave guarantees that all systems are covered for 20 years. This guarantee incorporates regular monitoring, a replacement battery when needed, and an insurance policy provided by Aviva all designed to ensure homeowner confidence and satisfaction.

Research by Sunsave found that 70% of UK households would like to install a solar system, but only 4% have done so, mainly due to the high upfront installation costs. Sunsave was founded in 2022 by two friends, Alick Dru and Ben Graves, who met at Oxford University, with the goal of simplifying the solar industry and reducing expensive installation fees amidst rising energy prices and the ongoing cost-of-living crisis.

Alick said: "Our aim has always been to make solar power accessible to everyone. For far too long households have been forced to make a choice between what's right for the environment or what's best for their finances. We've spent years researching the appetite in the UK for solar power and trialling finance models which will allow consumers to start saving money instantly. It's simple - going green shouldn't cost the earth."

Sunsave Plus offers a long-term subscription with no upfront costs, including ongoing monitoring and maintenance, provided through a 20-year guarantee to ensure the system's performance and longevity, bosses say. The company's subscription-based option is proving popular, with a waiting list of around 7,000 customers already. The subscription cost is determined by the size of the system, the customer's home, and any other green energy installations.

For instance, a family home equipped with an EV and a heat pump instead of a traditional gas boiler could see savings of £609 in the first year and a staggering £62,514 over 25 years, after accounting for Sunsave Plus payments. In contrast to many other financed solar options, such as the contentious 'Rent-a-roof' schemes, Sunsave Plus doesn't necessitate a roof lease and customers gain full ownership of their system from the moment it's installed.

Sunsafe is authorised and regulated by the Financial Conduct Authority to provide the technology on a subscription basis, the firm says. The startup was also recently awarded nearly £2 million from the UK Government's Green Home Finance Accelerator (GHFA). This funding aims to support UK-based green finance providers and other organisations in designing, developing and piloting innovative finance propositions that promote domestic energy efficiency, low carbon heating and micro-generation retrofit.