Octopus energy is one of the newer domestic energy companies in the UK that places a focus on green or “renewable” energy and continues to innovate.
So how does Octopus energy compare to the competition?
Here we outline what you can expect by making the switch to Octopus energy, as well as potential pitfalls and other factors to be aware of.
- Octopus Energy generates their energy from renewable sources only – so ideal for the eco-conscious consumer.
- Their customer service is award winning – in fact, they scored 80% with consumer organisation Which?
- They have designed renewable tariffs especially for households with solar panels & electric vehicles
- If you decide to leave, most of their tariffs have no exit fees (just one, while many other energy suppliers do)
- However, be aware that on average they are not the cheapest energy supplier.
Who are Octopus Energy & How are they different?
Octopus Energy is a subsidiary of the Octopus Group, which was founded all the way back in the year 2000.
As you might expect this parent company mainly works in the energy and investment management industries.
Octopus Energy itself was only launched in 2015, so is still a relativly new energy company.
So How are Octopus Energy Different?
Here are the major factors that separate Octopus Energy from other domestic energy rivals:
Octopus Only Use Renewable Energy
Octopus Energy is a renewable energy company based in the United Kingdom specializing in sustainable energy production.
This means that they only use renewable forms of energy generation – some of which they generate themselves, as well purchase from suppliers.
This is in contrast to the big six Energy Companies that have traditionally focussed on fossil fuels.
The big six includes British Gas, E.ON, Scottish and Southern Energy (SSE), Npower, EDF energy and Scottish Power.
With their focus on renewables, as well as their award winning customer service, to date Octopus has amassed over 2 million domestic customers in the UK.
Octopus Energy Price Comparison
Are Octopus Energy the cheapest energy supplier in the UK?
When comparing any energy company, it’s important to compare between the same type and/or other similar tariffs to get the most representative data.
However, there are other factors to bear in mind, so it’s often quite difficult to make a like for like comparison or get any real or true cost from average figures.
For example the main factors that can impact your energy costs include:
- Your annual energy consumption
- Your location in the UK
- The type of tariff you are using
A Complete Range of Smart Green Tariffs
Another big advantage of choosing Octopus Energy is the wide range of innovate tariffs they offer.
In fact Octopus energy tariff tracks the wholesale energy price every 30 minutes, allowing customers to easily and effectively modulate their use in line with current prices.
In addition, Octopus have other attractive energy tariffs designed for those who are choosing green home upgrades and the environmentally aware, including:
- A tariff designed especially for solar panel households – allowing them to sell energy back to the grid at the most valuable times
- A tariff designed especially for electric vehicle users
- A “Super Green” tariff that allows customers to offset carbon
Octopus Energy Customer Reviews & Complaints
As mentioned, Octopus have won awards for their customer service.
For illustration, Octopus currently have over 80,000 customer reviews on the third party review platform Trustpilot with an average rating of 4.8 out of 5.
In addition, they have won the Which? recommended energy supplier awarded for several years in a row.
In fact, just this year they came first out of the 16 energy companies in the list and perhaps most importantly scored over 70% in the customer service category.
Do Octopus Energy Accept Prepayment Meters?
Yes, Octopus Energy do accept new customers who use prepayment meters.
As of 2021, this now also includes those that use smart prepayment meters too.
Importantly, prepayment customers can also receive £5 credit when they have less than £1 in credit for electricity and when they have £2 remaining in gas credit.
All you’ll have to do is repay the credit the next time you top up your meter.
Even better is the fact that if your prepayment meter completely runs out of credit on weekends and bank holidays, or weekdays between 4pm and 10am you won’t lose access to your gas or electricity.
Alternatively, the energy you do use will be added as debt and you will pay it off the next time you top up.
However, please note that this policy is for electricity only.
Octopus Energy Final Thoughts
Octopus Energy is an innovative and green domestic energy option that’s attractive to those that care about the environment and the planet.
Their range of smart tariffs are a superb option for those who take energy saving seriously, as well as those with green home upgrades like solar and electric vehicles.
Are they the cheapest? Maybe not, however, their award winning customer service is perhaps worth the extra investment.