Octopus boss: We've seen a 50% rise in solar panel sales since start of Iran war

The UK’s biggest energy firm has seen a 50% rise in solar panel sales after the US-Israel war with Iran pushed oil and gas prices up, its boss told the BBC.

Greg Jackson, head of Octopus Energy, described a “huge jolt” in sales of solar panels and heat pumps, as well as enquiries about electric vehicles and chargers, so far this month compared to February.

Jackson said households would “very likely” see higher energy bills from July when Ofgem’s price cap, which is currently shielding millions of households, is reset.

He told the BBC’s Big Boss Interview podcast that Octopus was staying optimistic about the impacts of the conflict, but planning on it being “more serious”.

Wholesale oil and gas prices have surged since the war broke out on 28 February, disrupting the production and transportation of energy across the Middle East.

Higher energy prices may lead to a rise in the cost of other goods around the world, but it often shows up first at the fuel pump.

Jackson said the UK had experienced a “much more dramatic increase in energy costs than we are likely to see here” after Russia’s full-scale invasion of Ukraine in 2022.

He acknowledged it “couldn’t be more confusing” for people that the price cap will lower prices for three months from April, while at the same time people are being warned the crisis will likely lead to future energy bill rises.