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 5.4 million UK customers. 9 out of 10 customers rate them as 5* on Trustpilot. They are seen as one of the best energy companies in the UK. In this article, I review switching to Octopus Energy in 2024, explaining 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).
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. As part of the Octopus Energy Generation, they are part of Europe’s largest-growing investors in renewable energy, from building assets to managing wind and solar farms. It also has licensed its advanced data and machine learning platform, Kraken, to support millions of customers worldwide. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. 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.
Government’s energy price guarantee
The Ofgem energy price cap is the maximum amount energy suppliers can charge you for each unit of energy if you’re on a standard variable tariff. Between 1 January to 31 March 2024 the new energy price cap is set at £1,928 a year for a typical household who uses gas and electricity and pays by Direct Debit. While rising energy bills will be a worry for many, bear in mind that each Price Cap only lasts three months, and the UK government Cap is predicted to fall again in April 2024. The price cap is expected to fall back to around £1,800 for the rest of 2024.
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 of January 2024 – Typical tariffs are competitive and are managed online and paid via direct debit. The main energy usage tariffs are below, but there are several different tariffs to choose from. According to Ofgem, the energy regulator, The average household’s annual usage for a medium-sized home is: Electricity: 2,900kWh per annum. Gas: 12,000kWh per annum.
|Daily standing charge
|Early exit fee
|Daily standing charge
|Early exit fee
Intelligent Octopus Go
This tariff gives you six hours of smart charging every night at a super-low rate. You tell us what time you need your car by, and we’ll make sure your car only charges up on the very greenest energy. Find out more
This tariff is designed especially for heat pump owners. Enjoy double dip Cosy Hours every day: six hours of super cheap electricity to warm your home. Find out more
This tariff provides half-hourly electricity prices that update daily based on wholesale costs. Shift your energy use outside the 4-7pm peak to save money. Find out more
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.
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 Plan
Octo Assist is a £30 million customer help fund and a collection of support schemes designed to give extra help to customers most in need. Octopus started the Octo Assist fund during the energy crisis when prices were at their most unstable.
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 4.8/5, which is very promising. It shows Octopus customers are mainly happy with the service.
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 benefit as most companies do have £50 + exit fees).
- Good referral incentives (If you refer someone, you get £50 and they get £50). Join up here.
- 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.
Octopus Energy – The key points
- Renewable energy: Supplies 100% renewable electricity and carbon-neutral gas.
- Competitive prices: Offers some of the most competitive tariffs in the UK, often aligned with or close to the Energy Price Cap.
- Great customer services: Consistently receives high ratings for customer service, with a TrustPilot score of 4.8 out of 5 as of January 2024.
- User-friendly online platform and app: Provides clear and easy-to-use tools for managing your account and energy usage.
- Rewards scheme: Offers an Octopus Rewards scheme with discounts and exclusive offers.Join up here.
- Smart technology integration: Works seamlessly with smart meters and home energy devices.
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.
- Credit file mark: 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
- Price changes: Prices can fluctuate, even on fixed tariffs, due to factors like changes in government levies or network costs or even world events (like a war). Again this is across energy companies, as since Covid there have been many price changes.
Octopus Energy Referral Code 2024 | £50
How do I refer a friend to Octopus Energy?
How to reduce gas and electricity bills at home?
There is an energy crisis. It’s big news, wholesale gas prices 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 4.5/5. From a cost and green energy viewpoint, it is worth it. To limit any risk, if are not happy you can leave whenever with no exit fee. Why not join renewable energy generation? 2024 could be the right time to join! For 2024 money-saving resolutions, check out this article.
- Enjoy a free coffee and almost a free pizza on me with some free codes to enter.
- Looking to get cheap broadband deals for 2024, check out this article
- Grab a free share (up to the value of £200) when joining FreeTrade.
- Looking to invest your extra money? Consider a £50 joining bonus with Wealthify, if you invest £250.