Octopus Energy has announced a groundbreaking initiative for households in Wales, reducing energy bills by £200 a year. The company's Tenant Power tariff has arrived in Wales, specifically targeting social homes and promising significant savings for tenants.
First Housing Association to Adopt Tenant Power
United Welsh has become the first housing association in Wales to roll out Octopus Energy's innovative Tenant Power tariff. This tariff is described as the UK's first green tech energy tariff that benefits both social housing landlords and tenants. It is expected to slash electricity bills for social housing tenants by approximately £200 annually.
How Tenant Power Works
The tariff rewards landlords for investing in green home upgrades, such as solar panels and batteries, while directly reducing tenants' bills. Octopus Energy aims to have 10,000 homes committed to Tenant Power by the end of 2026.
Nigel Banks, Zero Bills Director at Octopus Energy, stated: “Solar panels and batteries should be a no-brainer for social housing – but until now the economics haven’t worked well enough. Tenant Power solves this by cutting tenants’ bills while giving social housing landlords a return for investing in green tech. By partnering with United Welsh, we’re delivering more affordable, greener living to social homes in Wales, making a real impact on communities and people’s pockets.”
United Welsh's Commitment
Richard Mann, Group Chief Executive at United Welsh, commented: “At United Welsh, we are committed to providing high-quality homes and supporting residents with the cost of living. Investing in low carbon technologies like solar panels and batteries helps residents to lower their energy bills in the long-term, while supporting the drive towards decarbonisation. In the last four years, supported by the Welsh Government’s Optimised Retrofit Programme, we have invested over £14 million to improve the energy efficiency of our homes through measures such as new insulation, efficient heating systems and renewable energy installations. Initiatives such as the Tenant Power tariff are an innovative way to fund more property upgrade work while residents benefit from lower bills.”
Customer Testimonial
Richard, a Tenant Power customer from Halifax, shared his experience: “I love that my bills are lower thanks to Octopus’ initiatives – the process was quick and easy and it really makes a huge difference. It's a bonus knowing I’m making the most of the sunshine with solar panels, and doing something good for the planet too.”
Octopus Energy competes with other major suppliers like British Gas, EDF, EON, Ovo, and Scottish Power. This new tariff is part of a broader effort to make green energy more accessible and affordable for social housing residents across the UK.
