Octopus Energy has announced it will increase its payments for households exporting renewable power back to the grid.

The UK’s fifth-biggest supplier will increase the money it gives to customers with solar panels at their homes by 36% for the energy they export back to the grid.

The move aims to encourage more homeowners to embrace renewable energy.

Rebecca Dibb- Simkin, Global Marketing and Product Director at Octopus Energy Group, commented: “We know the future of energy is ‘people powered’, and benefits a decentralised energy system where increasing numbers of people become generators as well as consumers.

“This helps the grid become greener, reduce our reliance on imported gas and allows regular households to directly benefit financially.

“Our smart products are an experiment in how a future energy system could work on a large scale.”

Last week, presenting the financial results of Octopus Energy Group, Greg Jackson, Chief Executive Officer and Founder of Octopus Energy Group said this year will be tough in energy.