Octopus entered the energy market to provide affordable eco-friendly energy and have carved out a popular niche, growing by 30,000 customers a month and supplying their energy to 1.5 million UK customers. 9 out of 10 customers rate them as 5* on Trustpilot. In this article, I review switching to Octopus Energy also provide a £50 referral code (disclaimer: £50 goes to me).
What is Octopus Energy?
Founded by Greg Jackson, Octopus Energy is an environmentally friendly energy UK supplier. Octopus Energy have supplied gas and electricity since 2016 and are the only supplier to be recommended by consumer champion, Which? every recent year. Octopus Energy is part of the Octopus Group which incorporates Octopus Energy, Octopus Healthcare, Octopus Investments, Octopus Property, Octopus Ventures and Octopus WealthRenewable energy is their standard and they provide 100% green electricity. They pride themselves on being no more expensive than their competitor’s non-green tariffs, which sounds promising. On top of that are creating 1,000 more UK jobs, which should be good for the economy.
Octopus Energy tariffs
It’s always a good idea to check your current energy rates for electricity and gas (if applicable) and check your kWh usage and cost per kWh. As of October 2021, the rate for the Loyal Octopus 12M Fixed was the cheapest
-Unit rate 23.61p /kWh
-Standing charge 23.30p /day
-Unit rate 7.35p /kWh
-Standing charge 26.10p /day
There is also the tariff Octopus 12m fixed tariff – This tariff features 100% renewable electricity and fixes your unit rates and standing charge for 12 months. There are no exit fees, so if you change your mind, you’re in control.
To view the tariffs, please use this £50 Octopus Energy referral code.
Octopus Energy smart meter
Octopus Energy Smart Meter will connect to any SMETS2 smart meter and some SMETS1 smart meters. They will automatically try to connect after you’ve switched but they may ask you to send your first set of meter readings manually. If you don’t have one, Octopus Energy will send an engineer around to install it (subject to COVID-19 restrictions).
Octopus Energy does prefer you to submit your Electricity and Gas meter readings so they are charging you accurately. The Gas meter should be in your kitchen, potentially behind the fridge. Your electricity will be in shared areas (if you live in a block of flats). Each month, to incentivise customers they give you “spin the wheel and you might money game” if you submit a reading on time.
Octopus Energy on Trustpilot
Trustpilot is a good site to visit when considering which energy providers to switch to. Trustpilot provides real reviews from customers. After reviewing Octopus energy they are rated “great” on 4.2/5, which is really promising.
Why join up to Octopus Energy?
- No Engineer or installer visits needed
- No disruption to your electricity and gas supply
- They’ve will inform your current supplier & do the energy switch on your behalf
- Top customer services – Octopus energy can be reached by phone, email or social media.
- No exit fees at any time (This is a good benefit as most companies do have £50 + exit fees.
- Good referral incentives (If you refer someone, you get £50 and they get £50.
- 100% renewable energy (helping us all look after the environment)
Things not so great about Octopus Energy
- Not the cheapest out there (the likes of EON are cheaper, for me anyway)
- Admin time – you will need to get your Gas and Electricity numbers from old letters/comms or by calling your current supplier, this can take time and leg work your side.
- Expect a credit check against you. It’s expected, but if you don’t go ahead with joining Octopus Energy, it can be a hassle to remove your credit imprint. It is, however, a necessary part of joining most monthly subscription services as a new customer
Octopus Energy Referral Code | £50
How do I refer a friend to Octopus energy
How to reduce gas and electricity bills at home?
It’s big news, wholesale prices for gas are soaring and several energy suppliers in the UK have gone bust. Instead of searching for cheaper deals (unless your supplier has gone under), now could be a good time to improve the energy efficiency of your home & reduce your gas and electricity bills. Don’t leave that tap running is one key tip, for more read another 12 tips on how to reduce gas and electricity bills at home.
The verdict of Octopus Energy – is it worth it?
Overall GreatDealsMadeEast gives Octopus Energy 4/5. From a cost and environmental viewpoint, it is worth it. To limit risk, if are not happy you can leave whenever, with no exit fee. What do you think of Octopus Energy? Please share your tips and opinions.
Other new customer referral codes
*Enjoy a free coffee, free beer and almost a free pizza on me!
*Earn an impressive £50 joining bonus with ethical energy company Octopus Energy in the review article
*Rent out your spare space (from a garage to parking space) with Stashbee and get £50
*Grab a free share (up to the value of £200) when joining up to FreeTrade
*Remortgaging or looking at a first-time mortgage? Enjoy a £100 amazon voucher when using the Trussle mortgage site
*Looking for a new Broadband contract? Check out some exclusive Broadband deals
Want to make some money online? Check out some top money making ideas from home, 20 top saving tips from the UK leading money bloggers and also cheap things to do whilst working from home.
Out of contract on your mobile phone or Broadband, check out some Broadband deals and Mobile and Sim Deal page here and Broadband comparison page here for the latest deals in the market and to get the best mobile phone and home broadband deals on the market.