Octopus Energy says it wants to install 5,000 solar panel systems in homes this year, as it ramps up money-saving tech offerings to customers.
Starting the rollout in the Midlands and South of England, the big five energy supplier said the new scheme could create some 200 jobs and see customers save 90% on annual energy bills.
“If more homes in the UK produce clean, green solar energy, we will be able to accelerate the energy transition and bring down system prices for everybody,” said chief executive John Szymik.
“We’ll focus on reducing solar installation times down to record levels, hoping to soon make solar panels affordable for everyone.”
Solar panels typically cost £400 to £500 each, so depending on the size of a house (and how much energy it needs), a system could cost anywhere in the range of £5,000 to £11,000.
The most common domestic systems cost £6,500 and produce 4kW of electricity, according to green energy firm GreenMatch, saving customers just shy of £1,000 annually on bills.
Octopus, which recently took over Bulb's 1.5mln customers to become the UK’s third largest energy supplier after British Gas and E.ON, is adding solar panels to its ‘smart tech’ range, which also includes electric vehicle chargers, heat pumps and smart meters.
It has faced legal challenges over the takeover though, with rival firms arguing they were unaware of government support offered in the deal, which saw Bulb taken out of publicly handled administration by lone-bidder Octopus.
A judicial review planned for February will determine the outcome of the deal, potentially even seeing it reversed.