Switching your energy supplier is an easy way to save money. Take a look at my Octopus Energy review to see how I saved £100’s, plus a £50 credit using a referral code.
Where would we be without electricity? No spam emails, no annoying blind bag videos on YouTube (one for the parents) and no ABBA. Yes, life would be pretty sweet. Unfortunately, it’s here now and there’s no avoiding it. But instead of spending a fortune, why not switch to a better deal?
I switch regularly and one company that is often near the top of the comparison sites for the best price is Octopus Energy. This year it came out top for me, so I finally thought I would give them a try.
Who is Octopus Energy?
Octopus is fairly new to the energy market, having only started in 2015. However, they’ve come a long way over such a short period and have now reached over 500,000 customers.
Why Octopus Energy?
Octopus doesn’t just focus on cheap prices but customer service too. In 2018. they were voted the top energy company by Which? customers and in 2019 it became a Which? Recommended Provider (WRP) for energy; the only company to be awarded this sought-after accolade in 2019.
You can also feel better about yourself by switching to Octopus Energy – they use 100% renewable electricity which means it’s better for the environment.
And Octopus Energy has a couple of advantages over all the big providers. They have just 3 tariffs which makes it far easier to choose the best price for you.
Also, there are no exit fees if you decide to leave. If you have enough of Octopus or just find a better deal, you can change suppliers without having to pay a charge.
Is it difficult to switch?
Not at all. In some cases, it will take just a few minutes. You just need your address and bank details. Even if you don’t know how much energy you use, Octopus can estimate it for you by using the size of your house. It’s best if you have a bill from your current supplier with your annual usage, as this will give you a more accurate figure, but it isn’t essential. Your switch will usually be complete within 3 weeks.
Save even more money with an Octopus referral code
Fortunately, on my search for a new energy supplier, I had heard about how Octopus allows you to refer a friend. This little beauty not only gives the person that refers me £50 credit towards their bill, but it also gives me £50 off too! So, in total, we saved £100 between us! If you become a member, you too can refer a friend to Octopus and receive a £50 credit to your account. And you can recommend as many people as you like.
What if my current supplier charges exit fees?
Often, if you have a fixed contract with an energy company, you will be charged a fee to leave early. However, once you receive notification that your contract is coming to an end (usually between 42-49 days before), you can leave without penalty.
What are my total savings?
According to Octopus Energy, I will save £229 over the year. This figure does need to be taken with a pinch of salt though. The figures quoted assume that I would go onto First Utility’s (my current provider) standard tariff. I would have actually swapped to one of First Utility’s discounted tariffs, but this was still £130 more expensive than Octopus. With the £50 Octopus referral, I was still looking at a £180 saving.
With saving money, of course not! Although, I do have a smart meter with First Utility that will no longer be smart. But I don’t think smart meters are that useful anyway…
To keep your bills as accurate as possible, it is best if you send in your meter readings every month. However, when you submit your meter readings, there is a nice little roulette game. Just spin the wheel and you could win credit towards your account.
If you want to see how much you can save, click on the image below. If you do sign up, we both receive £50 credit.
Please note that all opinions are my own and not associated with Octopus Energy.