Texas energy retailer Octopus Energy launches electric vehicle leasing business

Dive Brief:

Texas electricity retailer Octopus Energy has launched an electric vehicle leasing business to help residential customers acquire an EV and enroll it in a smart charging plan, the company announced Wednesday.
Reduced electricity rates are available to customers who enroll their EV and a smart thermostat in the company’s integrated demand response program called Intelligent Octopus.
EV interest in Texas is growing, and adoption across the nation is rising. According to the U.S. Department of Energy, EV sales nearly doubled from 2020 to 2021.

Dive Insight:

Electric utilities across the country are working to enable the EV transition, but Octopus Energy says its new leasing plan is one-of-a-kind.

Vehicle leases will be offered through a new U.S. business line, Octopus Electric Vehicles, which launched in Europe in 2018. Its first product is dubbed “EV Concierge.”

Octopus said its Concierge team "will provide qualifying customers white glove service, helping soon-to-be EV drivers through the entire search and vehicle leasing process, including selection and delivery of a new or used EV of their choice, installation of an EV home charger and education on best practices for EV ownership.”

“Interest in electric vehicles is at an all-time high. With Texas as the third-largest market for EVs, and a global leader in energy, we will be positioned to help customers realize vehicle and energy savings all on one bill,” said Chris George, director of Octopus Electric Vehicles’ U.S. business.

A recent survey from Consumer Reports illustrates the growing interest in going electric. About 14% of consumers said they would definitely buy or lease an electric-only vehicle if they were to get one today, compared with just 4% in a 2020 survey.

“We’ve seen that consumers are looking for experts that can offer the full EV package to guide them through their journey,” Octopus Electric Vehicles CEO Fiona Howarth said. “With more EV models entering the market every month, and innovative tariffs like Intelligent Octopus making charging your car as easy as your phone, we only expect the transition to accelerate.”

Octopus’ demand response program currently integrates EV charging and smart thermostats, but the company said in an email that it envisions “other on-bill offerings in the future.”