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Aviva Investors, a prominent global asset management branch of Aviva plc, together with Packaged Living, a leading expert in sustainable living in the UK, have joined forces with Octopus Energy, the country's top electricity provider, to introduce the innovative 'Zero Bills' energy tariff at two of their build-to-rent developments in the UK.
Octopus Energy launched the 'Zero Bills' tariff in 2022. This revolutionary offering guarantees residents zero energy bills for five years. This tariff benefits homes equipped with advanced technology such as heat pumps, battery storage, and solar panels. It operates through 'Kraken,' a technology that seamlessly integrates energy consumption with generation in real time, requiring no manual intervention from residents.
This initiative will initially benefit 48 homes across two development sites in Shenley Wood and Whitehouse Park, both in Milton Keynes. The first residences will be handed over in 2024. Research indicates that 75% of UK renters are urging landlords to adopt more sustainable practices in response to the rising cost of living.
Shenley Wood is set to offer 117 new single-family homes with two to four bedrooms alongside a range of one and two-bedroom apartments. The Whitehouse Park area, part of a comprehensive masterplan on the west side of central Milton Keynes, will feature 95 new single-family homes and is projected to ultimately include 4,400 residences, four schools, workspaces, and extensive community amenities.
Both sites are being developed with a strong emphasis on sustainability; all new homes will be fully electric, utilise air-source heat pump systems instead of traditional gas boilers, and aim for an EPC 'A' rating. Many homes will also include electric vehicle charging stations, and some will be equipped with photovoltaic panels and battery storage, making them eligible for the 'Zero Bills' tariff offered through the partnership with Octopus Energy.
Julian Cobourne, Head of Regional Investment Management at Aviva Investors, said: "We are very grateful to see homes at our residential developments being considered eligible for Octopus' innovative Zero Bills tariff. We have been clear in our desire to support the supply of new homes across the UK, which go beyond minimum standards and can actively improve energy efficiency, creating communities that are ready for the future. We hope this encourages more developers to adopt a similar approach to futureproofing UK housebuilding, minimising ongoing energy needs and costs for families, and supporting communities through the energy transition. We look forward to growing our partnership with Octopus Energy across our build-to-rent schemes."
Jonathon Ivory, CIO of Packaged Living, commented: "Not only are we committed to accelerating the pace of rental housing delivery, but we are combining this with a rigorous focus on making our homes affordable. By removing energy costs, we are able to make our communities accessible to more consumers and, in doing so, remove some of the financial insecurity that has blighted the private rented sector for far too long."
Nigel Banks, Zero Bills Homes Director at Octopus Energy, added: "Our partnership with Aviva Investors and Packaged Living is another exciting leap towards creating truly sustainable living. By eliminating energy bills, we're helping renters reduce their impact on the planet while keeping living costs down. This is what the future of renting should look like – affordable, eco-friendly, and hassle-free."
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