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illuminem summarizes for you the essential news of the day. Read the full piece on BNN Bloomberg or enjoy below
🗞️ Driving the news: UK households can potentially reduce or eliminate their energy bills by transforming into mini power plants, storing low-cost power and selling it to the grid when prices spike
• Octopus Energy Ltd. is pioneering this move with an offering that ensures zero bills for homes equipped with the necessary sustainable tech
🔭 The context: Smart export tariffs, which enable households to benefit from sending excess energy back to the grid, aren't new but they're gaining traction
• With energy bills this winter expected to be over 80% higher than in 2020, these tariffs present an enticing option for cash-strapped consumers
🌎 Why it matters for the planet: To accommodate the predicted surge in electricity demand from EVs and heat pumps by 2040, Britain must adopt more flexible clean energy solutions and reduce reliance on harmful gas-fired power plants
⏭️ What's next: Octopus Energy, which started testing its zero-bills program last year, plans to expand it to 10,000 households by 2025, partnering with homebuilders to integrate green energy tech
• However, there are risks, as the company might have to supply electricity at a loss if unexpected issues like price surges or insufficient solar energy production occur
💬 One quote: "These smart export tariffs are an important step in engaging customers in their own energy use. The main issue is aging housing stock, and energy efficiency is a low-hanging fruit that we should be investing in” (Tom Goswell, Cornwall Insight)
📈 One stat: Adapting to cheaper energy consumption times can lead to potential savings of £14 billion annually by 2040, as per Cornwall Insight
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