Texas REP Says, "We're The Only Energy Company That Is Actively Urging Customers To Sign Up For Our Cheapest Rate" -- EnergyChoiceMatters.com

Texas REP Says, "We're The Only Energy Company That Is Actively Urging Customers To Sign Up For Our Cheapest Rate"

Touts Success Of Plan Which Automates Energy Use, Via Smart Thermostats, EVs, For Lower Energy Rates

July 12, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Octopus Energy said today concerning its Texas retail electric plans that, "Octopus Energy’s new smart plan feature -- which automatically keeps customers’ energy bills down while balancing Texas grid demand -- has proved so popular after featuring on Power To Choose that sign ups increased by more than 250%."

Octopus Energy's previously reported "Intelligent Octopus" program, "automates energy use and rewards customers for using power when grid demand is low."

See background on Intelligent Octopus here and here

Intelligent Octopus is described as, "A smart device management feature that automates customers’ energy usage and rewards them with savings for helping to balance the grid when the grid is constrained."

"This allows Octopus Energy to offer the cheapest electricity rates in the market by unlocking customer flexibility. Intelligent Octopus automates customers’ smart products like wifi-enabled home thermostats and electric vehicles," the company said

Customers need either a wifi-enabled smart thermostat or an electric vehicle (EV) to get a discounted energy rate. "Annual savings are expected to be around $360," Octopus said

Currently on Power To Choose, in the Oncor service area, Octopus is offering a 12-month fixed rate with the following pricing, with the energy charge dependent on if the customer has a connected smart thermostat and/or EV:

The plan is 100% renewable. A $100 early termination fee applies

Octopus said that it, "is actively contacting its customers to help them switch to the cheapest rate available."

"Those who can’t afford the upfront costs of a smart thermostat -- which cost around $100 -- are given discounted rates. Customers are provided with tailored support to help them integrate their smart devices," Octopus said

Michael Lee, Octopus Energy US CEO, said, "We’re the only energy company in Texas, in the US, in the world, that is actively urging customers to sign up for our cheapest rate. These Smart Rates are saving the grid from melting in the heat and help to put money back in the pockets of customers."

"We are laying down a marker showing what innovation can do to create a grid of the future. Buy a smart thermostat, save yourself hundreds of dollars and play your part in moving Texas from a dumb grid to a smart low-cost grid. No other energy company or utility is offering lower rates for customers with smart thermostats or an EV," Lee said

"Customers on Intelligent Octopus for electric vehicles can smart charge their EV at the greenest of times. Customers just need to plug in their EV to its home charger, tell Octopus when it needs to be charged, and go. It’s the ultimate set it and forget it charging tool. On average, customers pay about $10 a month to charge their EV with Intelligent Octopus," Octopus said

"Customers who switch to Intelligent Octopus download an app, sign into it and then integrate their smart device," Octopus said

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