Octopus Energy has introduced an enhanced offering for its customers who have both solar panels and an electric vehicle (EV).

The customers can now integrate the ‘Outgoing Octopus’ export tariff with the ‘Intelligent Octopus,’ a flexible EV charging tariff.

This integration results in a fourfold increase in the price paid to customers who use smart tariffs for exporting excess energy, providing the average household with an additional £150 in annual earnings, the company said.

The energy supplier will boost the rate from the current 4.1p per kilowatt-hour (kWh) to 15p/kWh.

This change means that individuals exporting an average of 1,500kWh to the grid will see their annual earnings rise by over £150.

It is estimated that about 4,000 existing and new customers will now receive payments that are nearly four times higher than their previous earnings.

By the end of this week, Octopus Energy will automatically upgrade the export tariff for SEG customers.

Customers need not take any action as the change will be reflected in their online accounts.

In a statement, Octopus Energy emphasised the importance of its customers in advancing towards a zero carbon future.

The energy supplier said: “By choosing Intelligent Octopus you’re part of Europe’s largest virtual power plant, meaning together we can help to dynamically balance the grid, favouring renewable energy when it’s abundant and reducing the need for heavily polluting power stations to come online.”

Alex Schoch, Head of Flexibility at Octopus Energy, said: “You’ll be hard-pressed to drive down a residential road in the UK without seeing solar panels or an EV and we’re keen to pass on the savings of adopting this clean, green tech for customers.

“We’re thrilled to be able to help cut conscientious customers’ bills by more than £150, while encouraging others to become their own renewable energy generator at the same time.”