Last checked at 14 Feb 2023 07:00
London, 14 February 2023
Good Energy Group PLC
("Good Energy" or "the Company")
Good Energy launches smart export tariff for Feed-in Tariff customers
UK's largest voluntary Feed-in Tariff administrator is piloting smart export for FiT customers with plans to roll the service out to 80,000 customers this year
Good Energy (AIM: GOOD), the UK's largest voluntary Feed-in Tariff (FiT) administrator with over 180,000 generation customers, has launched a new smart export product for its FiT customers, which means they could earn more from the electricity they generate.
Good Energy's move into smart export marks an evolution for the business as it scales its ambition to help one million homes and businesses cut carbon from their energy and transport use by 2025. The company sees significant potential in the scalability of smart export as demand increases from consumers and businesses looking to generate their own power to reduce their costs and generate income at the same time as reducing their carbon footprint, a trend supported by increasingly affordable low-carbon technology.
Customers moving to smart export will receive payment for the actual amount of electricity they export, rather than 50 per cent of what they generate, which is the FiT scheme's standard estimate of the proportion of power customers' export. The new service means that customers that export over 50 per cent have the opportunity to earn more, making payments simpler, clearer and fairer for thousands of homes that micro-generate their own electric power through technologies such as solar panels and micro-wind turbines.
A small number of Good Energy customers took part in a pilot in December 2022, with numbers scheduled to ramp up throughout 2023. Customers will continue to receive their FiT unit rates but with the opportunity to earn more based on how much they actually export onto the grid. Good Energy plans to roll the service out to 80,000 customers by the end of 2023.
Following this launch, Good Energy plans to introduce a new market leading domestic export tariff for households in the first few months of 2023.
Good Energy is now also able to offer solar installations, alongside heat pump installations, having brought on the capability through the acquisition of Igloo Works in December 2022. Good Energy will look to scale this installation offer as part of its strategy to provide services which help homes and businesses generate, store, use and share their own power.
Nigel Pocklington, CEO, Good Energy said: "Good Energy has long been a pioneer in supporting small scale clean energy generation, and this launch continues that tradition of innovation.
"As a leading player in helping homes and businesses generate their own clean power, it's a big moment not only for Good Energy but for a future decarbonised, decentralised and digitalised electricity grid.
"The switch from deemed to actual metered export for tens of thousands of small generators, and all the data that will provide, is a huge step in making that future a reality."
Learn more about smart export here.
Register interest for Good Energy's future products and services at goodenergy.co.uk.
Enquiries
Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Director of Corporate Strategy & Investor Relations Ian Mckee, Head of Communications | Email: press@goodenergy.co.uk
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SEC Newgate UK | Email: GoodEnergy@secnewgate.co.uk |
Elisabeth Cowell / Molly Gretton | Tel: +44 (0)7900 248213 |
Investec Bank plc (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 7597 5970 |
Henry Reast / James Rudd | |
Canaccord Genuity Limited (Joint Broker)
| Tel: +44 (0) 20 7523 8000 |
Henry Fitzgerald - O'Connor / Harry Rees |
About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,700 independent UK generators.
Since it was founded over 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.
Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as the only energy supplier with Gold Standard Uswitch Green Tariff Accreditation for all tariffs.