We’re always trying to think about ways we can better serve our customers. As a forward-thinking company, we spend a lot of our time tracking the latest technology and figuring out ways to incorporate those features into our products. Here’s the result of one of our latest brainstorming sessions…MyOcto!
What is MyOcto?
Think of MyOcto as a safe-driver discount, but for energy! For instance, when you go to get car insurance, the insurance agent runs a check on your driving history and then if there’s nothing on it, you get an additional discount off your insurance premium. MyOcto works similarly by rewarding customers for using energy when there is less demand on the grid or off-peak hours (10:00 PM to 7:00 AM). Why? When we have customers that use energy at off-peak hours (we call this, “load shifting”), it helps balance the grid, ensuring that everyone has continuous access to energy! And we think customers should be rewarded for it.
How does MyOcto work?
Each customer receives a percentage off the OctoPlus 365 rate, determined by their historical energy usage. We ask customers to grant us access to analyze their energy usage, which is collected through Smart Meter Texas. We take a look at the data and figure out when a customer is using their energy throughout the day. The data is only used to determine the rate, we don’t keep it. Once we’ve taken a look, we then calculate what the discount should be. The more a customer prioritizes energy use during off-peak hours, the greater the discount! Pretty cool, right? Discounts start at 5% and can go as high as 45% off of your energy rate. And they’re specific to each customer. We consider this a completely customized product that really takes into account how each customer uses their energy.
Why are rates like MyOcto important?
When we are thinking about energy, we’re thinking about the big picture. Rewarding customers for using energy during off-peak hours encourages load shifting, which creates a more reliable Texas grid. Creating products that reward customers for how they interact with energy is key to making our energy system more efficient, reliable, and resilient. As we continue to innovate, we’ll bring more creative ideas to the table, and come up with even more ways customers can engage with their energy use — regardless of their historical usage profile. Look out for more innovative rates as we continue to expand our energy products!