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As a person planning to live in the UK, choosing utility providers poses an important decision when setting up your new home. The deregulated energy market means newcomers face a dizzying choice of suppliers for essential electricity and gas services.
One relative newcomer making waves in the utility space is Octopus Energy. Launched in 2016, Octopus Energy has grown rapidly to become one of the largest domestic energy suppliers in the country. With its focus on technology, flexible plans and customer service, Octopus Energy aims to disrupt the traditional utility model.
In this guide, I’ll provide an unbiased overview of key information on Octopus Energy to consider as you choose an electricity and gas provider in the UK.
Table of Contents
Octopus Energy Overview
- Independent supplier, not one of the traditional Big Six energy companies
- Currently over 2 million customers across electricity and gas
- Ranks highly in customer satisfaction surveys
- Known for technology and mobile apps for account management
- Named Which? Recommended Provider for energy multiple times
- Supports renewable energy growth as part of Octopus Group
- Kraken platform allows integrating smart home energy tech
Octopus Tariffs and Products
Octopus Energy offers a few main tariff options:
- Agile Octopus: The energy price varies over a day based on usage, with prices increase during peak hours and decrease in other times. Using energy outside peak hours help save money.
- Variable Octopus: Tracks the energy price cap but prices can fluctuate
- Fixed Octopus: Fixed rate tariffs with prices locked for 12 months
- Octopus Go: Variable with hourly pricing. Cheapest overnight.
- Octopus Go Faster: 100% renewable variable rate tariff
- Planned Exit Tariff: Temporarily fixed low rates for those moving soon
Octopus Energy also offer:
- Electric vehicle tariffs with cheap overnight charging
- Octopus Agile software to integrate home energy generation and storage
- Gas and electricity dual fuel bundles
- No exit fees if switching away after the fixed term
- Ability to manage your account via mobile app
- Refer a friend scheme for £50 credit per referral
Pros of Octopus Energy
- Competitive variable and fixed rate pricing
- Frequent online sales and existing customer promotions
- No late fees or penalties for late payments
- UK call centres and customer support
- Range of products for smart home and EV users
Potential Cons to Consider
- Being a newer supplier, limited financial operating history
- Rapid customer growth raises some reliability concerns
- Less familiar brand compared to large established utilities
- Mostly online-focused so no in-person shop support
While not the cheapest supplier, Octopus Energy offers reasonable value paired with innovative products and a focus on customer experience. As a newer supplier, they are still building their track record. But overall provide a competitive option for newcomers seeking their electricity and gas services.
Comparing Octopus Energy with Other Suppliers
Octopus Energy faces stiff competition from both traditional suppliers and other challenger brands.
Their main competitors include:
- British Gas – UK’s largest supplier but often pricier. More familiar brand.
- SSE – Other “Big Six” supplier with frequent sales. Major player.
- EDF Energy – Established French-owned supplier. Large customer base.
- E.ON Next – Customer service-focused large supplier with app.
- Bulb – Fellow tech-centric, renewable supplier with app.
When comparing suppliers, be sure to consider price, contract flexibility, account management options, customer service reputation, and whether you prefer an established brand or nimble newcomer.
Choosing the right provider requires weighing your priorities. There is no one-size-fits-all answer. Octopus provides a strong option but research competitors thoroughly.
Switching Suppliers
If after reviewing the market, you wish to switch to Octopus Energy, the process is straightforward:
- Join Octopus Energy with this link to earn £50 credit
- Compare Octopus Energy tariffs and select the optimal one for your needs
- Begin your application online with your details
- Provide requested identity verification and documents
- Receive new customer welcome pack via email or post
- Provide opening meter readings on your switch date
- Your account will transfer seamlessly within days
- Receive final bill from old supplier. Account with new provider active.
Switching suppliers is a common occurrence as immigrants and residents seek the best rates and products. Just give significant notice to your old provider once your switch date is set.
I hope this overview provides a helpful introduction to Octopus Energy as you navigate the dizzying utility options as a newcomer to the UK. Comparing suppliers thoroughly will ensure you find the right fit at the best value. Comment below to let me know your experience with Octopus or any challenges you experienced when trying to switch your energy provider!
