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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 why I have finally found a supplier I’m happy with.

Octopus Energy review
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My name is Pete and I’m a serial switcher. If I can find a better deal, then 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 even though there are some slightly better deals still on the market, none have convinced me that it’s worth switching.

So, is Octopus Energy cheaper?

I’m sure that one of the first questions on your lips will be whether switching to Octopus can save you money. That is a difficult question to answer because there are a couple of major factors to consider – where you live and how much energy you actually use.

I decided to use one of the most popular comparison companies – uSwitch, to find out how Octopus compared to other energy providers. I used a Sheffield postcode and the prices quoted were for a 2/3 bedroom house.

Annual costEarly exit fees?Which? rating
Pure Planet£1,065None74%
Octopus Energy£1,111.13None80%
OVO Energy£1,148.07£30 per fuel70%
British Gas£1,166.61£50 per fuel62%
Scottish Power£1,174.28£30 per fuel55%

As you can see, Pure Planet provides the cheapest energy. However, I’m never keen on choosing small suppliers as there has been a large number going out of business over the last few years. You can see a list at Citizens Advice.

The next best value is E.ON, closely followed by Octopus. And don’t forget as I mentioned above, you will get £50 credit as a new customer. That makes Octopus (in this case) the best value provider out of all the larger companies. Plus, they have a much better satisfaction rating from Which?

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.

And the good news is, more and more companies seem to be following suit. This is something to seriously consider when choosing your new supplier.

Tariff simplicity

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

Octopus has 3 simple tariffs:

Fixed – so you know how much you pay for the next 24 months. If you prefer to plan ahead, this is for you.

Flexible – usually a little cheaper than the current Fixed price, this can go up or down depending on wholesale prices.

Supergreen – even greener energy and better for the environment. This is slightly more expensive than Flexible.

I say 3 tariffs… there is actually a 4th. Octopus Go gives you cheaper electricity between 00:30 and 04:30 every night. Ideal for anybody with an electric car. Octopus claims that this is 50% cheaper than usual Economy 7 rates.

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.

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, 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 when they join, you’ll both receive £50 credit to your accounts. This can be a great little earner.

Spin the wheel

Octopus had a ‘wheel of fortune’. Which sounds more exciting than it is. Each month you submit a meter reading, you can spin the wheel which gives 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.

spin the wheel with Octopus

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 needs a smart meter

If you’re going to make use of the Octopus Go tariff, you will need to have a smart meter installed. If you don’t have one already, then Octopus will fit one for you. But many people still aren’t keen on having these put 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 Octopus Energy worth joining?

Try as I might, I can find very few negatives when it comes to Octopus. On a personal level, 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?

Octopus alternative

If you’re still not convinced by my Octopus review, then another popular supplier to look at is Bulb. Take a look at how it gets on in my Bulb vs Octopus comparison.

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