Octopus Energy review: Is it worth switching?

All energy companies are the same… aren’t they? Actually, no. Take a look at my Octopus Energy review to see what they’re currently offering customers and why I have stuck with them for so long.

My name is Pete and I’m a serial switcher. If I can find a better deal, I’m happy to swap providers at the drop of the hat. Well, that was until recently.

Of course, we’re always keen to find the best deal on the market. But sometimes, customer service plays an important part too. I originally switched to Octopus because they had the best price. Well, and £50 credit when using a referral code. But since then, I’ve not worried about switching.

So, is Octopus Energy cheaper?

As I’m sure you’re aware, the energy market has been in a bit of turmoil in recent years and we’ve seen a lot of energy companies closing down.

And because of the energy price cap and lack of competition, prices between companies are very similar. So, although Octopus used to be one of the cheapest on the market, now it’s on a par with every other company.

Then why do I stick with Octopus?

Octopus Energy review – the positives

If you choose to go with Octopus, what are the main benefits?

No exit fee*

One of the most frustrating things when receiving poor customer service or finding out that you can grab a better deal elsewhere is that you’re tied into a contract. And although you can leave early, most energy firms charge you a fee which can be as much as £100. Fortunately, you can leave Octopus at any time without cost.

*Please note that this excludes the fixed tariff Octopus introduced in June 2023. This tariff carries a £75 per fuel exit fee.

Tariff simplicity

Have you ever switched energy suppliers before? If you have, you may have been asked to select your new tariff. And as that dropdown box appears, you will see that there are often more than 50 to choose from!

Octopus has six tariffs to choose from:

flexibleOctopus – this is a fairly consistent tariff, but can go up and down if there are major changes in the energy market. You’ll receive a notification in advance of any changes.

Loyal Octopus – a fixed price tariff. This is usually more expensive than a flexible tariff, but you will know how much you are paying for the next 12 months.

Agile Octopus – Agile prices are based on the wholesale price and are updated every 30 minutes. Prices can spike during peak times, so it’s more suitable for people that can change their usage habits. On average, during winter 2022/2023, customers paid over 1p/kWh more compared to flexibleOctopus. However, this tariff does come with Plunge Pricing, which means you could be paid for the electricity you use.

Octopus Go – gives you cheaper electricity between 00:30 and 04:30 every night.

Intelligent Octopus – this is a super-charged version of Go. Instead of four hours of cheap electricity, you get six. However, you will need a compatible electric car to qualify. Find out more about Intelligent Octopus.

Octopus Tracker – this is Britain’s first tariff to truly follow the wholesale price of energy. The price changes daily and can go up and down sharply. You need to be comfortable with large price changes.

Green energy

Octopus now supplies 100% green electricity to its customers and continues to invest in new renewable generation. They’re one of the largest investors in renewable energy in Europe, with a large focus on solar power. They were also the UK’s first energy company to offer a smart way to pay people for solar micro-generation.

Free electric blankets

During the steep energy price rises of 2022, Octopus Energy offered free electric blankets to their most vulnerable customers. It’s far cheaper to heat you, rather than to heat a room. This scheme has continued to run and customers can apply by following this link.

Which? recommended

Every year, Which? conducts a study on the best energy suppliers in Great Britain and Northern Ireland. Speaking to over 7,000 customers, they compare factors such as customer service, billing accuracy and value for money. The scores are collated and an award is given to the best provider each year. And Octopus Energy has been awarded the honour every year since 2017.

Simple online account management

As I’m sure you’re well aware, energy companies have a habit of allowing you to build up massive credit balances. And it can be a pain to get it paid back into your account. But with Octopus, you can visit your account and simply request a refund. This will then be manually checked by an employee and if all goes well, it should be in your bank within a few days.

You can also edit your monthly payments too. If you think you’re paying too much (or too little) you can change your direct debit within seconds.

Easy-to-use app

Not only does Octopus provide you with a great website to use, but the app is also a joy. Unlike other companies, the app provides you with almost all the features the main site has. That means you can manage your whole account from your phone.

Referral scheme

Another great benefit to being an Octopus Energy customer is the referral scheme. When you join, you’ll be given your own unique refer-a-friend link. Share it with your friends, and you’ll receive £50 credit to your accounts when they join. This can be a great little earner.

Octo Aid

Octopus is an open company that allows developers to create their own software to link to your energy account. And one of these useful programmes is Octo Aid, which allows you to track and predict your energy usage and give you a breakdown of the cost. It’s free to use and essential for anybody that wants to keep a closer eye on their energy bill.

Spin the wheel

Octopus had a ‘wheel of fortune’. Which sounds more exciting than it is. Each month you submit a meter reading, and you can spin the wheel, giving you the chance to win a cash credit to your account. This can be anything from £1 to £512. And you can do this twice if you have both gas and electricity.

If you have a smart meter installed in your home, you will automatically get the chance to spin. But don’t hold your breath. Octopus gives away £5,000 per month, but when you split that between 2 million customers, it doesn’t go far. And after three years of spinning, I have won… nothing.

The bad bits

All companies have their bad points. Don’t they? Actually, looking around the web, there are very few minuses to being an Octopus customer.

Octopus Go and Agile Octopus needs a smart meter

If you’re going to make use of the Octopus Go or Agile Octopus tariffs, you will need to have a smart meter installed. If you don’t have one already, then Octopus will fit one. But many people still aren’t keen on putting these in their homes.

The gas isn’t green

But in fairness to Octopus, that’s an impossible thing to do. As the government looks at new ways for us to heat our homes, this should become less of a problem.

What other people say

When writing my reviews, I always like to take a look at what other customers think. On Trustpilot, from over 50,000 reviews, Octopus scores an impressive 4.8 out of 5. Most users praise the customer service and the great value they receive.

Complaints seem to vary, with some people unhappy with the length of time it took to receive a reply to a query or issues with their smart meters.

Is it worth switching to Octopus Energy?

In my experience, and many others, yes. Try as I might, I can find very few negatives regarding Octopus. Personally, I’ve only received great customer service from them, as well as great value from their energy supply. And although I’ve read plenty of reviews, the large number of positive comments far outweigh the negatives.

I really can’t recommend using this company enough. So if you fancy giving them a try, use my link below and we’ll both earn £50 credit when you join.

Why not take a look at ways to reduce your energy bill?

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