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 off my bill. Plus, use my Octopus referral code and earn a £50 credit.
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.
Are they a good company?
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.
Finally, 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 Octopus Energy cheap?
Cheap is a strong word to use when it comes to spending on energy. I can think of 101 things I would rather spend my money on. However, if you visit a price comparison site, you’ll often find Octopus are one of the most competitive.
Is it difficult to switch providers?
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 Octopus refer a friend
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.
How do I refer a friend to Octopus Energy?
If you do join Octopus, you too can refer a friend and earn £50 for each one of your friends that joins. All you need to do is log in to your account and find your unique link. Then, send it to your friends and you’ll both earn credit to your accounts when they join.
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!
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.
Do Octopus Energy have smart meters?
Octopus Energy does allow you to bring over a smart meter (as long as it’s compatible) from your old supplier or to have a new one fitted. My smart meter was originally installed by First Utility (now Shell Energy) and wasn’t compatible with Bulb (my previous supplier) but worked again with Octopus.
The good news is, it’s not compulsory to have a smart meter fitted and the choice is yours. In fact, I’m not convinced how useful they really are.
My Octopus referral code
If you want to see how much you can save, click on the image below which contains my Octopus referral code. If you do sign up, we both receive £50 credit. And once you’ve joined, you can start to refer friends.
Please note that all opinions are my own and not associated with Octopus Energy.