Octopus Energy will PAY customers using electricity under certain conditions

James Rodger & Kieran Isgin
·2-min read

Octopus Energy is launching an innovative scheme that will pay customers for the electricity they use - under certain conditions.

This initiative is due to an excess of "green electricity" generated by wind farms. The company explained it would be available in its Agile tariff policy, stating: "Across the UK, whenever more electricity is generated than consumed, energy prices fall sometimes to the point where prices drop below zero, and suppliers are paid to take energy off the grid."

Octopus Energy described its 'world first' plunge pricing offer as one that "lets you take advantage of these negative price events, and get paid for the electricity you use". The company added: "With Agile, you'll get access to half-hourly energy prices, tied to the wholesale market."

Read more: Martin Lewis' asks experts how renters can get their landlords to fix black mould

However, the company warned that there's a downside to the cheap rates: "There's a flip side to the cheap rates: prices can spike at busy times, so you need to be able to use power flexibly to make the most of it. It's not every day the price goes negative just the overwhelmingly green days but rates are typically lower than a standard tariff most of the time."

One customer expressed their excitement on X, formerly Twitter, writing: "I'll take that! Negative price for using electricity right now. Price plunge this morning for @OctopusEnergy Agile customers. The reason being a surplus on the @nationalgrid from sunny and windy conditions thanks to renewables #Electricity", reports Birmingham Live.

"I was kinda gutted I'd charged the car the previous night, so I could only top it up. I asked the neighbours if they wanted to charge their cars at mine," one resident shared. "Holy wow! ! *makes note to do TONS of washing and drying and ironing and some hot drinks from 8am! " another exclaimed.

"Then with the free electric i can use my heaters and heatguns to help melt paint off doorframes to redecorate while washer and dishwasher and tumble dryer etc is all on! " a third commented.

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