Octopus entered the energy market to provide affordable eco-friendly energy and has carved out a popular niche, growing by 30,000 customers a month and supplying their energy to 3 million UK customers. 9 out of 10 customers rate them as 5* on Trustpilot. They are seen as one of the best energy suppliers. In this article, I review switching to Octopus Energy, explain the good and the bad, how to be an Octopus Energy customer and also provide a £50 referral code for new customers (disclaimer: £50 goes to me).
Under a 5 minutes video to watch a review on Octopus Energy 2021 (still relevant now), plus a £50 joining bonus
Table of Contents
What is Octopus Energy?
Founded by Greg Jackson, Octopus Energy is an environmentally friendly UK energy provider. Octopus Energy have supplied gas and electricity since 2016 and is 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 Wealth Renewable 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 and they are gaining market share. On top of that are creating 1,000 more UK jobs, which should be good for the economy. Powering 5 million+ UK homes and businesses with award-winning 100% green electricity today.
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. Octopus Energy’s tariffs are as follows:
As of April 2023 – Typical tariffs are competitive and are managed online and paid via direct debit. The main energy usage tariffs are below, but there are over 10 different tariffs to choose from.
Octopus Green Business 12M Fixed January 2023
- Eco 7 Electricity *Day Unit Rate – 37.25 p/kWh
- *Night Unit Rate £28.61p/kWH
- Standing Charge £37.84 p/day
- Electricity Unit rate £35.69 p/kWh
- Standing charge: 37.84 p/day
Octopus Green Business 12M Fixed January 2023
- Eco 7 Electricity *Day Unit Rate – £36.41 p/kWh
- *Night Unit Rate £28.48p/kWH
- Standing charge: £51.54 p/day
- To view the tariffs, please use this £50 Octopus Energy referral code.
Octopus energy also provides business energy. If you join with this code, we both get £100 each.
Octopus Energy smart meter
Good news 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 a “spin the wheel and you might money game” if you submit a reading on time.
Octo Assist Fund
Octo Assist is a £15 million customer help fund and a collection of support schemes designed to give extra help to customers most in need.
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 Octopus Energy?
- No Engineer or installer visits needed
- No disruption to your electricity and gas supply
- They will inform your current supplier & do the energy switch on your behalf
- Competitive octopus tariffs with smart tariffs
- Great customer service – Octopus Energy can be reached by phone, email or social media. Customer satisfaction is high with their favourable support team
- Easy-to-use online account with clear energy bills
- 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) through their renewable energy sources.
- There is also a hardship fund for those affected by the cost of living crisis. Octo Assist is a £15 million customer help fund and a collection of support schemes designed to give extra help to customers most in need.
Things not so great about Octopus Energy
- Not the cheapest out there (the likes of EON are cheaper, for me anyway) but octopus energy’s electricity is competitively priced
- 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 on 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
For a £50 free referral code off your first bill, use this code. It is part of the Octopus Energy referral for 2023 and there are a range of plans to pick from.
How do I refer a friend to Octopus Energy?
Simply join up here and once your account is verified, you can share your referral code and get £50 from Octopus Energy.
How to reduce gas and electricity bills at home?
There is an energy crisis. 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. Octopus Energy also provides smart charging for electric cars in your home to minimise energy costs.
The verdict of Octopus Energy – is it worth it?
Overall GreatDealsMadeEasy 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. Why not join renewable energy generation? Every little helps. 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
*Grab a free share (up to the value of £200) when joining 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.
