Who is Octopus Energy?
Launched in 2015, Octopus Energy is swimming amongst a shoal of new players in the energy market, but a key detail sets them apart from the rest. Its parent company, Octopus Investments, is investing heavily in solar farms, anaerobic digestion plants and wind generation. Funding over 150 solar farms to date sees Octopus generating enough solar power for around 250,000 homes annually. These green credentials, coupled with 100% renewable tariffs and full carbon offsetting makes it a credible eco-brand.
Currently supplying energy to over 100,000 customers, Octopus is keen to make waves in the energy market. The brand hit the headlines this year when it revealed how much profit it was making from households. A specially designed tariff showed consumers the wholesale prices Octopus paid for electricity and gas via an app. Just one of the many ways this energy supplier is drifting away from the way the energy market traditionally operates.
The brand’s mission?
“We believe energy should be better. A better experience for you through transparency, honesty and simplicity. Better for the planet, through real long term investment in renewable generation and a low CO2 future. Better value, by throwing away the old business models of the “Big 6” and instead building a business that’s fit for the 21st century.”
What does Octopus Energy charge?
Octopus Energy charges different rates – depending on which region of the country you’re living in. This makes it hard to assess just how much it charges on average. The brand claims to save an average of £222 for a household switching their energy bills to Octopus. And while this may be lower than some keen players in the energy market, their slightly higher prices reflect heavy investment in green energy and an excellent customer service track record to date. However, if you’re currently with one of the ‘Big 6’, Octopus says 70% of you could save a whopping £515 by switching to the brand.
How is the Octopus Energy customer service?
Octopus Energy’s customer service is highly praised online. Based in London, the company does seem keen to direct customers through the website, rather than offer obvious ways to get in touch by phone. That said, the glowing reviews suggest this is a system that works for Octopus. Moving with the times, it also fields customer service enquiries via Facebook.
As Octopus has only been signing up customers since April 2016, Which? magazine hasn’t yet compiled one of their trusted reviews of the company. From July to September in 2016, Octopus received 238 complaints per 100,000 accounts. It resolved 80% of those on the same or next working day: impressive results. For comparison, companies such as Extra Energy received 820, Utility Warehouse received 1785 and Co-op Energy received 656.
On TrustPilot, the brand has an average score of 5/5, with customer quotes including:
‘The best utility company I have dealt with (and there have been a few). No complaints, all requests carried out quickly and efficiently, friendly and helpful customer agents, transferred me back from another energy company without a hitch.’
‘Excellent prices, renewable energy, easy to work with great company. If you’re looking for a new company, this is the one for you.’
‘After many years of dealing with suppliers who are only interested in their bank balance & not the customer, it was a pleasure to find a company that was so highly recommended.’
What tariffs does Octopus Energy offer?
As with so many energy suppliers, Octopus offers a huge range of sub-tariffs depending on your postcode. The process begins with an individual quote – then tariffs, prices and savings can be seen from there. However, Octopus has four core packages its tariffs are based on.
- Octopus 12 month Fixed – Fixed tariff for 12 months. No early exit fees.
- Octopus Flexible – One of the cheapest deals in the energy market. An estimated bill for an average user is around £775 a year.
- Green Octopus – 100% renewable electricity – Fixed tariff for 12 months.
- Super Green Octopus – 100% renewable electricity and carbon offsets for gas. This tariff offers consumers to be carbon neutral – in terms of energy use in their home.
How green is Octopus Energy?
The Octopus Energy fuel mix is as follows:
The UK average is 24.3% for renewable energy, so Octopus Energy is streets ahead of the pack here. Eco-conscious consumers will be delighted to hear that, not only does Octopus offer a 100% renewable electricity tariff, but it is also investing in green options. So far it’s put money into solar farms and are branching out into anaerobic digestion plants.
Octopus Energy in summary?
One of Octopus Energy’s goals is to bring new, money-saving methods to a traditional industry. It’s commitment to customer service and affordable green energy is commendable. And while it’s not the cheapest supplier on the market, the big draw for many households will be an affordable option for green energy, and the option of having a carbon neutral home.