Octopus Energy has announced a groundbreaking initiative in London, addressing longstanding challenges for landlords and tenants alike. The company has launched Tenant Power, a green energy tariff that reduces electricity bills for social housing tenants by approximately £200 per year.
First Local Authority to Adopt Tenant Power
Hammersmith & Fulham Council has become the first local authority in London to implement Octopus Energy's innovative Tenant Power tariff, announced on Wednesday, May 20. This tariff is the UK's first green tech energy solution that rewards both social housing landlords and tenants, significantly lowering electricity costs for tenants.
How Tenant Power Works
For years, landlords had little incentive to invest in solar panels or batteries because tenants reaped the savings while landlords bore the costs. Tenant Power changes this dynamic. It is the UK's first green energy tariff where both parties share the financial benefits of smart energy technology.
Tenants see their electricity unit rate drop by 30 percent, saving around £200 annually compared to a standard variable tariff. Meanwhile, landlords earn revenue, making clean tech upgrades a smart long-term investment.
Expansion Plans
The first phase covers 52 homes, with installations already underway and plans to expand further. Hammersmith & Fulham council homes recently received major energy-saving improvements as part of the council's wider £10 million programme to make more than 500 homes cheaper to run and more comfortable year-round.
Octopus Energy aims to have 10,000 homes committed to Tenant Power by the end of 2026.
Quotes from Key Figures
Nigel Banks, Zero Bills Director at Octopus Energy, said: "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 Hammersmith & Fulham Council, we're delivering more affordable, greener living to social homes in London, making a real impact on communities and people's pockets."
Cllr Frances Umeh, Hammersmith & Fulham Cabinet Member for Housing and Homelessness, said: "Upgrading our homes with modern, energy-saving improvements is a practical way we can help residents cut bills and stay warm. These works will have a lasting impact by creating healthier homes and improving comfort for our residents. We're determined to make Hammersmith & Fulham the best place in Britain to live in a council home, and this programme and investment is a major step towards that goal."
Richard, a Tenant Power customer from Halifax, said: "I love that my bills are lower thanks to Octopus's 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."
