Texas Retail Provider Launches Business To Lease Electric Vehicles To Customers -- EnergyChoiceMatters.com

Texas Retail Provider Launches Business To Lease Electric Vehicles To Customers

July 6, 2022

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Octopus Energy U.S. announced today the launch of Octopus Electric Vehicles (OEV), a new business line whose inaugural product, EV Concierge, is described as, "the first-ever integrated demand response EV leasing plan offered by an energy retailer."

EV Concierge, Octopus Energy will lease to customers an EV of their choice and also, "seamlessly integrate smart charging and billing into their existing energy plan."

New and existing customers living in Texas are invited to apply for the beta leasing program.

"The Octopus Concierge team will provide qualifying customers white glove service, helping soon-to-be EV drivers through the entire search and vehicle leasing process, including selection and delivery of a new or used EV of their choice, installation of an EV home charger and education on best practices for EV ownership," Octopus said

"Core to the EV Concierge program is Intelligent Octopus, which allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus is powered through Octopus Energy’s proprietary Kraken technology platform that uses advanced data and machine learning to automate a majority of the energy supply chain," Octopus said

"Customers who lease an EV and use a smart thermostat with Intelligent Octopus will have the opportunity to take advantage of a new, discounted energy plan that is 20% to 30% lower than the average 12-month energy plan in Texas today. This reduced rate plan will launch this summer," Octopus said

Michael Lee, CEO of Octopus Energy U.S., said, “The modern retailer is here to support customers in ways beyond just selling electricity. This is especially true when it comes to emerging technologies, such as EVs, where energy retailers can maximize the value of the vehicle on the grid, including through vehicle-to-grid as this solution grows."

Octopus said, "An EV can hold enough energy storage to power a home for two to three days, offering the ability to significantly power a home during an emergency and fuel critical infrastructure despite shocks to the energy system."

Under the beta, Octopus is offering leases as follows (actual price depends on availability and driver’s credit score. Price does not include applicable fees and taxes)

2022 Tesla Model 3
• 10,000-mile lease for 3 years/36 months
• starting at $550/month*


2017 Chevy Bolt (Pre-Owned)
• 10,000-mile lease for 3 years/36 months
• starting at $302/month*

2022 Hyundai Ioniq 5
• 10,0000-mile lease for 3 years/36 months
• starting at $496/month*


2022 Ford Mustang Mach-e
• 7,500-mile lease for 3 years/36 months
• starting at $578/month*

The Texas Octopus Electric Vehicles program is modeled after a similar program in the U.K. where Octopus offers an all-in-one service where Octopus leases the cars, installs home charge points, provides specialist EV energy pricing plans, and offers access to over 250,000 public charge points across Europe via the Electric Juice Network.

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