Octopus entered the energy market in 2016 as a subsidiary of Octopus Capital Limited. In 2018 Octopus made an energy procurement deal with Shell, then gained 100,000 customers after Iresa Limited ceased trading. The same year, Octopus replaced SSE as the energy supplier for M&S Energy, and bought Affect Energy.
As well as the usual fixed and variable tariffs, Octopus offers a range of innovative tariffs too. These include: the Octopus Tracker, which alters according to wholesale prices; Octopus Agile, whereby electricity prices change every half hour, according to wholesale prices (the price can even go negative, meaning customers are actually paid to use electricity, at times of high generation and low demand); and Octopus Go, a tariff with a reduced rate for the overnight period – perfect for owners of electric vehicles.
Is Octopus Energy any good?
Yes, it really is. Which? has reported that Octopus has been rated as good or excellent value for money by nine out of 10 customers, with 96% of people giving it the same rating for online customer service. It came top out of 30 energy companies in the annual Which? customer survey, and scored an incredible five stars in every category across the board.
It doesn’t get much better than that.
How green is Octopus Energy?
Very. All Octopus Energy tariffs use 100% green electricity, and they are no more expensive than competitors’ non-green tariffs. You can even offset the carbon you use to reduce your environmental impact even further.
Backed by Octopus Investments, the UK’s largest investor in solar power and responsible for nearly 40% of the UK’s large-scale solar generation, Octopus is committed to ensuring as much green, clean energy is produced.
How much can I save with Octopus Energy?
How much you can save will depend on your household’s situation; however, Octopus provides estimates of how much you’d spend based on a typical home.
Its most popular tariff, ‘Octopusfixed’, will cost around £83 per month. ‘FlexibleOctopus’ will average at around £86 and ‘SupergreenOctopus’ will cost around £87 per month.
It’s also worth noting that Octopus doesn’t tie you into a contract, so you can leave whenever you want, plus there are no exit fees.
Key facts about Octopus Energy
1. Who is the owner of Octopus Energy?
The company’s founder and Chief Executive Officer is Greg Jackson.
2. Where is Octopus Energy based?
Octopus Energy’s headquarters are in London.
3. How big is Octopus Energy?
There are between 51 and 200 staff employed by Octopus Energy.
4. How many customers does Octopus Energy have?
More than 750,000 homes are supplied with gas and electricity by Octopus Energy. It picks up an average of 30,000 extra customers per month.
5. Is Octopus Energy 100% renewable?
All Octopus’s electricity comes from 100% renewable sources.
6. Is there an Octopus Energy app?
Yes, an app is now available to make your energy dealings even easier.
7. What makes Octopus Energy different from other energy companies? / Why choose Octopus Energy?
Quite frankly, Octopus is winning the customer satisfaction race hands down. At the time of writing, 92% of customers had given a rating of ‘excellent’ on TrustPilot, and Octopus are the only supplier to be recommended by consumer champion, Which?.
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