If you’re a fellow Octopus customer, I’m sure you’re used to the constant offer of innovative new schemes… with some being much better than others. The latest to drop is Octoplus. But what are the main benefits and will it save you money?
What is Octoplus?
Octoplus is a rewards scheme available to Octopus Energy customers. In return for ‘making the grid greener’, customers will receive OctoPoints. These can then be exchanged for cash, which will be put towards their energy bill.
Who qualifies for Octoplus?
The scheme is available to customers who pay by direct debit and have a smart meter that sends half-hourly readings. If yours isn’t sending readings every 30 minutes, check your Octopus account, as it may be set to send data monthly.
If you meet the terms above, you will need to opt in. Octopus will either send you an email with an opt-in button, or you can log into your account on the website or the app and opt-in that way.
What are the benefits?
OctoPlus allows you to collect OctoPoints. These can be swapped for various benefits (more on that below).
As a member, you’ll also qualify for Octoplus Rewards. These are offers which will either earn you extra Octopoints if you click on a link before you make a purchase (like a cashback site), or they’ll give you a discount at selected retailers. For example, customers could purchase two Odeon cinema tickets for £10 or get a free coffee from Greggs.
How much are Octopoints worth?
There are 8 OctoPoints to a penny.
So,
- 800 OctoPoints = £1
- 4,000 OctoPoints = £5
- 8,000 OctoPoints = £10
- 16,000 OctoPoints = £20
How do you earn OctoPoints?
There are four main ways to collect OctoPoints.
Saving Sessions
These have been introduced to encourage households to cut the electricity used during peak times – typically in the early evenings.
You’ll receive a notification the day before the event, either through WhatsApp or the Octopus App and you need to opt-in.
Then, reduce the electricity use for that period to be rewarded with OctoPoints.
Free Electricity Sessions
This works in almost the exact opposite way of Saving Sessions. The whole idea of these sessions is to encourage you to use as much electricity as possible during quiet times.
These sessions usually take place during late mornings or early afternoons.
Again, you’ll receive a notification the day before and you will need to opt-in.
It doesn’t look like you’ll be rewarded with OctoPoints for taking part though.
Octopus refer a friend
As you may know, if a friend signs up to Octopus using your referral code, you both get to share £50.
Not only that, you’ll get an extra 800 OctoPoints.
Spin the wheel
Every month, Octopus customers get the chance to spin the Octopus wheel with the chance of winning a cash prize.
Generally, you seem to have a better chance of winning the lottery than you do from getting £1 from Octopus. However, you can now win Octopoints.
What can your points be swapped for?
There are a couple of ways to redeem your OctoPoints. You can opt for the old-fashioned method and convert them into cash, which will be credited straight into your energy account.
Alternatively, they can be swapped for all manner of merchandise, including hats, T-shirts, stickers and bags.
Personally, I stick to cash, but each to their own.
How do you convert your OctoPoints?
On your Octopus dashboard, you will see a ‘Convert Octopoints to credit’ button. Click on this and you will see your OctoPoints balance. When you click the ‘Redeem’ button, your points are converted and the credit will instantly be added to your account.
Or, click on ‘Shop the Merch’ and you can swap your points for Octopus merchandise.
Is it worth joining?
OctoPoints are never going to make a fortune, but there’s nothing to be lost by opting in. Even if you make just a few pounds a month, if it helps to reduce your energy bill, then it’s worth doing.
Plus, Saving Sessions come with an added bonus. If we’re all able to shift our energy usage away from peak times, it will help reduce the strain on the grid… which could help the environment.
FAQs
I meet the requirements but Octopus won’t let me opt in.
I had this problem when trying to join. I contacted Octopus via X (Twitter), and they told me that my meter wasn’t sending half-hourly readings, even though it was. However, they manually added me to the Octoplus scheme.
I can’t see Octoplus Rewards in the app
If Rewards aren’t showing in the Octopus app, then visit the Octopus site through your mobile browser. Once you’ve logged in, click ‘claim rewards’. You’ll find everything you need there.