Octopus Energy started trading in 2015, and in just five years has over one million customers! As the only energy provider to be branded the Which? recommended supplier four times, it seems to be getting a lot of things right. With a wide range of tariffs, competitive prices, 100% renewable electricity, and award-winning customer service, is Octopus Energy worth switching to?
Who is Octopus Energy?
Octopus Energy is an independent gas and electricity supplier.
Offering 100% green electricity and the option to carbon offset your gas, its aim is to create energy that is ‘fit for the future’, while also striving to make the eco-friendly choice ‘the easy choice’.
Octopus Energy is one of the highest-ranking energy suppliers when it comes to customer reviews and satisfaction, and its tariffs come in at very competitive prices too.
Octopus Energy has been appointed multiple times by Ofgem to take on customers from failed suppliers that have ceased trading, such as Iresa.
Who owns Octopus Energy?
Octopus Energy is a private company founded by Greg Jackson in 2015. He remains the CEO today. The energy provider is a subsidiary of the well known British asset management company Octopus Group.
Founded by Simon Rogerson and Chris Hulatt in 2000, Octopus Group operates in two main sectors: financial services and energy supply. As well as Octopus Energy, it has many other subsidiary companies that you may know, including Octopus Investments, Octopus Healthcare, and Octopus Property.
Where is Octopus Energy based?
Octopus Energy is based in London, England, but it supplies energy to households and businesses across the UK. Its headquarters are located in the Soho area of London.
Acquisitions and takeovers
Octopus Energy has gained many customers by taking over other energy companies. In multiple cases it has been appointed the supplier of last resort by Ofgem when an energy provider has collapsed, therefore gaining the supplier’s customers. It has also made deals with various companies to take over their energy supply.
1. Iresa Energy, Gen4U and Affect Energy
Octopus Energy has acquired many new customers from smaller energy suppliers that have ceased trading. In July 2018, Ofgem appointed Octopus the new supplier for Iresa Energy customers when Iresa collapsed. With this deal, it gained 100,000 new customers. This was also the case for Gen4U, whose 500 customers were moved onto an Octopus Energy tariff when Gen4U went bust. Also in 2018, Octopus Energy bought Affect Energy, gaining a further 22,000 customers.
2. M&S Energy and Octopus Energy
In 2018, Octopus Energy partnered with Marks and Spencers and became the energy supplier for all M&S Energy customers. M&S Energy’s previous partner was SSE, so securing this deal was no mean feat for Octopus Energy, highlighting its fast-growing reputation on the energy scene.
3. Coop Energy
In 2019, Octopus Energy came to an agreement with Coop Energy to take on its 300,000 customers. Under the deal, the Coop brand stayed intact, but Octopus took over supplying energy and account services.
4. Engie Home Energy
In January 2020, Engie sold its domestic customer base in the UK to Octopus Energy. This was done so that Engie could better focus on its strategy of supplying zero-carbon energy to businesses and local authorities.
Reviews: Is Octopus Energy a good company?
Reviews and overall customer satisfaction are where Octopus Energy really shines. In fact, it has been the only company to receive the Which? ‘Recommended Provider’ status in both 2018 and 2019.
On Google, Which? and Trustpilot, customers comment on how easy it is to submit meter readings, how clear and quick all communication is, how easy it is to switch and, in general, how happy they are with the Octopus Energy customer service experience.
Many praise how simple everything is and claim they have had no problems whatsoever with their account or tariff. Customers also love that the company uses green energy and while they admit Octopus Energy might not be the cheapest, they still feel like they are saving money.
Nearly everyone who has switched seems more than happy that they did so. For a more detailed look at reviews of Octopus Energy, check out our Octopus Energy reviews page.
Account management: login, app and meter readings
The easiest way to manage your account with Octopus is online through the ‘my account’ system. Through your online account you can:
- submit meter readings
- track your energy usage
- View bills
- Update personal and payment details
For handy log in tips, instructions on how to set up an account and more details on what you can do with your online account, go to our Octopus Energy login guide.
Another way to manage your account is through the Octopus Energy app. This offers the same services as the online account system, but also lets you contact customer service directly if needed.
Unfortunately, the mobile energy app is currently only available for Apple devices. It can be downloaded for free from the App Store.
If you have a Secure smart meter, your meter readings will be submitted automatically. If you need to manually submit meter readings with Octopus Energy, you can do so through your online account, on the app or over the phone. Find out how to read your gas and electricity meter so you can submit your Octopus Energy meter readings.
Tariffs and prices
Octopus Energy offers a range of different fixed and variable tariffs, all of which include 100% renewable energy and have no exit fees, so you can leave whenever you want without facing extra charges.
Octopus Energy also has a number of so-called innovative tariffs that are designed to make the most of eco-friendly technology, such as solar panels, battery storage points and electric cars, while making sure you get the cheapest energy possible.
As well as domestic tariffs, Octopus Energy also offers various business electricity and gas tariffs. The provider has even added water to its services, meaning you take out all three utilities (gas, electricity and water) with the same company.
Like Octopus Energy’s domestic tariffs, all business tariffs use 100% renewable electricity. It can also install a smart meter on your business premises.
For a more detailed look at all Octopus Energy tariffs and prices, visit our Octopus Energy tariff guide.
Is Octopus Energy expensive?
Octopus Energy offers very competitive prices, especially when compared to those offered by other big energy companies.
Unlike most suppliers, when Ofgem announced the energy price cap would rise in April, Octopus Energy released a statement stating its prices would not rise in conjunction. Later, it was announced that Octopus would cut prices on its popular flexible tariff by around £30 a year for the average household.
To give you an idea of prices, we have calculated the annual cost of Octopus Energy’s variable tariff for a household in London using a medium amount of energy.
|Octopus Energy Flexible tariff||Electricity||Gas|
|Unit rate (per kWh)||14.8995||19.0155p|
|Standing charge (per day)||3.465p||16.8p|
**Figures are for illustrative purposes only. Calculations based on a three-bedroom house in London with average energy consumption. Figures last updated April 2021.
Octopus Energy vs Bulb
Bulb is one of Octopus Energy’s biggest competitors. Like Octopus it offers 100% renewable electricity and carbon offsets all gas. Let’s see how the two providers compare in terms of price using their variable tariffs for a household in London on a medium energy consumption rate.
|Energy provider||Electricity (price per year)||Gas (price per year)||Overall annual cost|
**Figures are for illustrative purposes only. Calculations based on a three-bedroom house in London with average energy consumption. Figures last updated April 2020
Octopus Energy comes in £10 cheaper than Bulb. While this isn’t much, every penny counts when it comes to energy bills and £10 a year savings can add up to a significant about.
Plus, remember that Octopus Energy offers fixed-rate tariff and innovative tariffs which could work out cheaper than its variable one. Bulb just offers one variable tariff, so has no cheaper option available.
Fuel mix: Where do Octopus Energy get their energy from?
Fuel mix refers to the sources an energy supplier gets its energy from. Octopus Energy has worked really hard to become eco-friendly and now uses 100% renewable electricity.
Its parent company, Octopus Group, is the UK’s largest investor in solar power and solar farms, generating a huge 40% of the country’s total solar power. So far it claims to have invested £2 billion in solar generation and also invests in other forms of renewable energy, such as wind power and anaerobic digesters.
As well as green electricity, customers on a Super Green tariff have all of their gas carbon offset. This is done by Octopus Energy investing in various renewable energy projects through the charity Renewable World.
What’s carbon offsetting?Carbon offsetting is the act of balancing carbon emissions: the amount of carbon that is released in one activity is cancelled out by another activity that removes/reduces the same amount of carbon from the atmosphere, e.g. burning fossil fuels releases carbon so a number of trees are planted to absorb the same amount of carbon.
Does Octopus Energy use smart meters?
Yes, Octopus Energy supports and installs smart meters. As part of the government's smart meter rollout scheme, Octopus Energy is trying to install the latest generation of smart meters - SMETS2 - in as many customer homes as possible.
Unlike a lot of providers, it has developed its own system that maximises the efficiency of the smart grid. This allows it to have special innovative tariffs that adjust to daily energy rates and let customers take advantage of cheap energy when the national grid is quiet.
To make the most of one of these innovative tariffs, you need to have an Octopus Energy smart meter. If you don’t have one, you can ask to be prioritized for installation via your online account.
Will my current smart meter work with Octopus?
The great thing about SMETS2 smart meters is that they are designed to be transferable, meaning you can switch suppliers and your smart meter will continue to work. So if you have a SMETS2, it will work with Octopus Energy.
If you have a first-generation smart meter (SMETS1), it will only be compatible with Octopus Energy if it is a Secure smart meter. Energy suppliers Utilita, First Utility, OVO, E.on and Bristol Energy also use Secure smart meters so if one of these providers installed your smart meter, it will work with Octopus Energy.
If you do not have a Secure SMETS1, you can still switch to Octopus Energy, but your meter will lose it smart abilities and become ‘dumb’, meaning it will function as a normal meter.
Warm Home Discount
Octopus Energy offered the Warm Home Discount for the first time in 2019/20 and will continue to offer it for the foreseeable future. Eligible customers can apply online through the supplier’s website.
Find out if you are eligible for the £140 discount in our Warm Home Discount guide.
Extra services and activities
These days, energy suppliers offer much more than just energy tariffs. From referral schemes to new energy-efficient technology, let’s see what you can get from Octopus Energy.
1. Octopus Electric Vehicles
Octopus Energy wants to make getting an electric car as easy as possible for all customers. Its Octopus Electric Vehicles initiative is designed to help you lease an electric vehicle (EV) and charge it for as little money as possible. How does it work?
- Choose your car: the expert team has handpicked a wide selection of the best electric cars out there and negotiated with the manufacturers to make them affordable with monthly payment plans. The team will also help you make the most of discounts and government grants so you get the best deal, as well as advice on the best car insurance.
- Get your own EV charger: Octopus energy will install a smart EV charger from MyEnergi in your home so your car will never be low on battery.
- Get a great energy tariff: the Octopus Energy Go tariff is specifically designed for electric car owners. In conjunction with the MyEnergi Zappi EV charger, it lets you charge your car during the four hours when electricity costs less (12:30 am to 4:30 am) so charging your electric car is as cheap as it can be.
- Help and support: you can contact the free support helpline with any queries or problems at any point during your contract.
2. Powerloop bundle
The powerloop bundle is designed to promote vehicle-to-grid (V2G) charging. V2G charging is one of the biggest developments for the future of electric cars: it allows you to power your home using the battery from your electric car and even sells this energy back onto the national grid.
As part of Octopus Energy’s powerloop bundle, you must plug your car into your V2G charger between 6pm and 5am three times a week so you can use this energy to power your home during peak hours (4pm-7pm). The energy created from your car battery can also be put back into the national grid to help reduce pressure during these peak hours.
What do you get with the powerloop bundle?
- Lease agreement for a new Nissan Leaf electric car
- Free V2G charger
- Smart meter installed in your home
- An app to control charging (you can set a minimum limit so this amount of charge is always left in the car in case of emergencies)
- You’ll be signed up to a 100% renewable energy Octopus Energy tariff (if you’re not already a customer)
- Up to £30 off your electric car lease every month
Want to be part of this innovative V2G scheme? Pre-register for the powerloop bundle here. You must live in a UK Power Network coverage area to be eligible.
3.Alexa, ask Octopus….
The recent integration with Amazon Alexa means you can ask Alexa what time of day electricity is cheapest, what the price is right now or what it will be in two hours, and how much you used yesterday, this week or even this month. All of this can help you manage your energy usage and find the cheapest time to use electricity.
Do you have an Amazon Alexa enabled device? Search for Octopus skill in the Amazon Alexa app, and get on top of your electricity with the simple phrase ‘Alexa, ask Octopus…’.
While the tool can be used regardless of the Octopus Energy tariff you are on, it is most useful for people on the Octopus Energy Agile Tariff.
Sticking with the theme of effectively managing your energy usage, Octopus Energy’s Agile Tariff can also work in conjunction with If This Then That (IFTTT) apps and integrate with various devices in your home so you can really take advantage of cheap energy.
For example, you can optimise charging your phone or laptop with a smart plug. Through IFTTT, you can set the plug to automatically charge the devices when energy is at its cheapest and to stop charging as soon your phone or laptop is fully charged, saving you money and making sure you only use the energy you need.
5. Planting trees across the UK
In an effort to offset the carbon emissions its customers are responsible for releasing, Octopus Energy is on a mission to plant 10,000 trees across the UK. By teaming up with schools, charities, and communities throughout the country, Octopus aims to prevent 20,000 tonnes of carbon dioxide from being released into the atmosphere every year.
6. Octopus Energy and Arsenal
In 2016 Octopus Energy became the official energy partner of Arsenal Football Club. Together they have been working to make Arsenal more green, including developing a long-term plan to power the Emirates stadium with 100% renewable energy and planting 500 trees at the Arsenal London Colney Training Ground.
7. Referral scheme
Refer a friend and get credit with Octopus Energy’s referral scheme. If you get a friend or family member to switch to Octopus Energy using your unique referral link, you can both get £50 of credit in your energy accounts.
You can use your link as many times as you want. Just think, if you get two friends to sign up, you will get £100 of credit. If you get 10 friends to sign up, that’s £500 of credit! Find your unique referral link on your Octopus Energy online account.
8. Cashback scheme
Octopus Energy will give you cashback on your energy if you have a Santander 123 account. You will need to contact Octopus Energy for more details.
The best way to contact Octopus Energy is through email. It has a fast reply time to emails, usually answering within one working day. If your question or issue is particularly urgent, the best option is to give the supplier a call.
In the table below, we have listed the main Octopus Energy contact details. For further contact details, such as who to call in an emergency and how to issue a complaint, head to our complete Octopus Energy contact guide.
|Contact number (domestic customers)||0808 164 1088|
|Contact number (business customers)||020 3389 5613|
|Email address (domestic customers)||email@example.com|
|Email address (business customers)||firstname.lastname@example.org|
|Octopus Energy address||Octopus Energy 1 Upper James St, Soho,
London W1F 9DE, United Kingdom
Switching to Octopus Energy
If you want to switch to Octopus Energy you don’t actually need to contact them, you can switch online in just a few minutes. As the company is part of the Energy Switch Guarantee, switching energy suppliers should be simple, smooth and speedy.
Simply head to the Octopus Energy homepage, enter your postcode to get a free quote, choose your tariff and follow the instructions to sign up. There will be no disruption to your energy supply during the switching process and you don’t even need to worry about giving your old supplier the dreaded break up call: Octopus Energy will get in touch for you.
If you are moving home or business premises, you need to let Octopus know at least three days before you move out. You will need to supply final meter readings and specify whether you want to close your account or continue with Octopus Energy at your new address.
Jobs with Octopus Energy
With its rapid growth, Octopus Energy jobs are not hard to find. For example, in April 2019 plans were revealed to double the Octopus workforce in Leicester. Over the following year, the aim was to add 80 new staff members to the Leicester base.
The supplier advertises roles in a number of different areas, including designers, customer service agents, developers, smart meter installers, and sales specialists. Keep an eye out for current vacancies on the supplier’s website, under Careers.