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Entering the market in 2016 with a new take on supplying energy, tech-savvy Octopus Energy aimed to shake things up in the energy market, delivering for their customers whilst helping to save the planet too. They now supply over 1.2 million homes across the UK.

But it’s not just their commitment to the planet that makes people love them, they are also highly recommended by their customers receiving fantastic reviews plus the coveted ‘Recommended Provider’ title awarded to them by Which? - the only energy supplier to earn this. 

All of the Octopus Energy tariffs use 100% green electricity and full carbon offset for gas, but if you’re worried it will cost more, fear not, the cost of doing your bit for the environment is no more than what you’d pay on a non eco-friendly energy tariff with another supplier.

Ownership

A private company founded by Greg Jackson, Octopus Energy is a subsidiary of Octopus Capital Limited founded in 2015. Gaining momentum through a series of hugely beneficial acquisitions and deals, their customer base has grown rapidly.

More recently they have secured a partnership with Amazon’s Alexa to further strengthen their proposition, utilising the virtual assistant as part of their energy optimisation tariff.

Location

The headquarters of Octopus Energy is in Soho, London, England. Their trading office address is: 

1 Upper James Street, Soho,

London

W1F 9DE

Their registered office is:

20-24 Broadwick Street

London

W1F 8HT

If you choose to switch through Love Energy Savings, one of our representatives will contact the Octopus Energy team on your behalf, saving you the hassle of back and forth communications. That way, you get the energy tariff you want with minimal fuss.

Tariffs

Business Tariffs

Octopus Energy for Business offers a simple and transparent pricing structure that helps to simplify business energy billing. Choose from either:

  • Octopus Fixed - A fixed 12 or 24-month tariff that safeguards your business against price rises for the duration of your contract
  • Flexible Octopus - A flexible contract with no fixed term and zero exit fees that will flex in line with the market

Accounts are managed digitally and uses app-driven technology to give you greater visibility of your energy usage. Switching is easy, Octopus Energy for Business allows you to lock in a deal 6 months before your current contract comes to an end allowing you more reactive to deals on rates.

Domestic Tariffs

Octopus Energy for domestic customers offers a range of tariffs including fixed, variable and green tariffs to suit your needs.

Standard tariffs

  • Octopusfixed - Fix your prices for 12 months with a guaranteed energy rate payable on a monthly direct debit.
  • flexibleOctopus - Great value pricing that can rise and fall in line with wholesale prices, payable on a monthly direct debit.
  • supergreenOctopus - Your home is fully carbon neutral on this tariff that is fixed for 12 months. Offering dual fuel only and payable on a monthly Direct Debit.

Innovative Tariffs

Harnessing innovation, Octopus Energy has a range of tariffs that allow customers to make additional savings by using smart technologies.

  • Agile Octopus - This tariff allows you to save money by moving your usage outside of peak hours and getting half-hourly energy prices that are tied to wholesale prices. When more power is generated than is required across the UK, prices can drop below zero. You are then alerted via text when these ‘price plunges’ happen so you can take full advantage of negative price events.
  • Octopus Tracker - Enjoy total visibility over your energy usage so you can see where you energy costs are coming from allowing you optimise your usage based on daily wholesale pricing.
  • Octopus Go - Low night time pricing lets you charge your electric vehicle using renewable energy when prices are at a low price.

Supply Source

Octopus Energy is focussed on providing sustainable energy delivered from renewable energy sources to help achieve a low carbon future. A huge portion of their energy is from renewable sources firmly securing their green credentials. 

Octopus Investments, the main shareholder in Octopus Energy,  has made the UK’s largest investment in solar farms with added interests in many other forms of renewable energy sources.

  • Coal - 6%
  • Natural Gas - 18%
  • Nuclear - 5%
  • Renewable - 69%
  • Other - 2%

Compare these statistics to the typical fuel mix from UK suppliers in our wholesale energy guide.

Financial Performance

The latest financial information for Octopus Energy Limited is from April 2018 and is as follows:

Metric Total Year on Year Change
Revenue £129.2m +367%
Adjusted operating profit/(loss) (£5.4m) +19%
Adjusted earnings (£5.9m) -9%
Net debt £12.6m +2%

View the full financials for Octopus Energy here.

Octopus Energy is set to triple its revenue of £320m achieved in the calendar year to December 2018, aiming to surpass £1bn in 2019.

Awards

Despite being a relative newcomer, Octopus Energy has received multiple awards and earn some of the most prestigious titles in the industry. Heavily focused on providing a transparent and uncomplicated service, this green energy advocate lists these awards as some of their most notable:

  • Which? Consumer organisations - “Recommended Provider” (2018, 2019) 
  • USwitch - “Supplier of the Year” with 96% customer satisfaction (2018)
  • The Energy Awards - “Supplier of the Year” (2017, 2019)
  • The Energy Awards - “Innovation of the Year: Processes” (2019)

Cancellation Policy

As a domestic customer, you can cancel with Octopus Energy at any time by calling its cancellations team, they’ll continue to supply your energy until your new supplier takes over. 

If you owe or are owed any money, you will be notified by email. It’s worth taking a look at your account to ensure you have the funds to clear off any balances you may have accrued.

Green Performance

Green energy is the bread and butter of Octopus Energy. Their drive is to be the change that steers the market, helping to transition the UK’s energy to a carbon-neutral future. Their forward-thinking approach sees them working with reforestation projects, becoming the UK’s largest investor in solar power and investing heavily in exploring innovative alternatives to powering your home.

Understanding your Octopus Energy bill

Octopus doesn’t bill monthly unlike other energy suppliers. Instead, they send you a new statement when you submit a meter reading. Octopus sends out helpful reminders to submit these on time so everyone is on the same page. It helps you to stay firmly on track with your bills, without building up credit or debit balances.

Better still, each meter reading submitted lets you spin the wheel of fortune in their game for a chance to win a £512 credit applied to your account.

How to switch to Octopus Energy

Love Energy Savings can handle a switch to Octopus Energy for you, whether that's from another supplier or from an old Octopus tariff. We’ll handle the rest for you, including liaising with the Octopus Energy team on your behalf.


Enter your details here to generate a quote for your home or business. Simply choose the tariff that's right for you.

See how much you could save on your business energy in 60 seconds!

Energy saving FAQs

  • What is an energy broker?

    An energy broker acts as a third party intermediary between commercial energy suppliers and businesses. Energy brokers work with several energy providers and can help businesses compare lots of prices for energy at once - saving you the hard work of shopping around for seperate energy quotes.

  • How can I compare the market for business energy?

    The easiest way to compare the market for business energy is to request a quote for business energy. Here at Love Energy Savings, we work with many well-known business energy providers, as well as several independent suppliers to bring our customers the most competitive quotes for business gas and electricity. This makes it very easy for businesses to compare quotes and choose the right one for their business.

  • What are the different business tariff options

    Businesses can choose between fixed-rate tariffs and variable-rate tariffs on business energy. Fixed-rate tariffs mean the price you pay for gas or electricity is fixed for a period of time, so if energy prices fluctuate, the price you pay will not be affected. These contracts are fixed for a period of time, from 12 months to 5 years.

    Variable-rate tariffs respond to energy market trends, so if the cost of energy increases, you will have to pay more for the energy you use. However, if market prices drop, you will pay less for the energy you use. You are not tied into a contract with a variable-rate tariff. To leave your supplier, you simply need to provide 30 days’ notice.

  • What is green business energy?

    Green business energy is a more environmentally friendly way to power your business. If you buy your business energy from a green energy supplier, your supplier is promising to match some or all of the electricity you use with renewable energy, which is then fed back into the National Grid.

    Read Love Energy Savings Guide to Green Energy Deals for more information.

  • What information do I need if I want to switch business energy?

    You will need to make sure you’re choosing the best deal for your business when switching your business energy supplier. To accurately compare quotes, you will need the following details which you’ll find on your energy bill:

    • Your supplier name
    • Your monthly payment amount
    • Current energy consumption and unit rate (kWh)
    • Your MPAN number, also known as supplier number

    With this information, you will be able to compare new quotes against your current rate. When you find the right deal for you, you can switch your business energy.

  • List of business energy suppliers

    At Love Energy Savings, we work with the following energy suppliers:

    • Avanti Gas
    • British Gas
    • CNG
    • Crown Gas & Power
    • Dual Energy
    • EDF
    • EON
    • Gazprom Energy
    • Npower
    • Octopus Energy
    • Opus
    • Scottish Power
    • Total Gas & Power
    • Utilita
  • What should I do if I’m moving business premises?

    If you’re moving business premises, there are a number of things you need to do:

    • Contact your energy provider and tell them when you’ll be leaving the premises
    • Provide a final meter reading and keep a copy for your records
    • Leave Direct Debits in place until your contract has been fully terminated.

    When you get to your new business premises it’s essential you set up a new energy contract as soon as possible to prevent you from being overcharged for your business energy:

    • Take meter readings as soon as you move in
    • Compare energy prices as soon as possible
    • Choose a new supplier and give them your meter readings and confirm the date you moved in
  • Do business energy quotes include VAT and CCL charges?

    At Love Energy Savings, we include additional charges such as VAT and CCL in our quotes. For a full breakdown of costs, click ‘more details’ on all quotes provided in our comparison engine results page.

  • Can charities and not-for-profit organisations get discounts on business energy?

    Charities and not-for-profit organisations many not receive energy discounts but they can get reductions on VAT (from 20% to 5%) and be exempt from the Climate Change Levy, which could help reduce energy bills overall. Discounts are not automatically applied, so make sure you speak to one of our experts about getting these discounts applied to your energy bills.

    Read our helpful article Is Your Charity Making The Most of VAT Reduction on Its Energy Bills? for more more information.

  • How do I switch business utilities?

    Switching business utilities is very easy. Simply start by comparing utility prices, when you have found the right deal for your business, click ‘switch now’ to complete your switch online.

    At Love Energy Savings, we’ll handle negotiations between suppliers too, making the whole process as stress-free as possible.

  • Who is the cheapest energy provider for businesses?

    The cheapest energy provider for businesses will depend on a number of factors, such as:

    • Your location
    • The size of your premises
    • Your current supplier
    • Current spend on business energy
    • Current consumption of kWh units and current standing charges
    • Meter type (standard, economy 7, maximum demand or half hourly)

    The easiest way to find the cheapest energy provider is to compare energy prices.

  • Who is the best energy supplier?

    Choosing the best energy supplier for your business is very important. You want to know that the provider you choose will value you as a customer, that you’ll receive excellent customer service and that the company acts with total transparency.

    Which? consumer magazine published a survey that compared key suppliers on a number of factors including:

    • Bill accuracy
    • Customer service (phone)
    • Customer service (online)
    • Complaints handling
    • Helping you understand and reduce energy use
    • Value for money

    Take a look at the ‘Best and worst energy companies for 2019’ survey for more information.

  • How can I fix business energy prices?

    If you want to fix the price you pay for business energy, simply choose a fixed-price tariff. Energy providers fix prices from 12 months up to 5 years, so just choose the one that you feel suits the needs of your business the most.

  • How long will it take to switch?

    Once you’ve found your new, cheaper tariff, it takes between 4 and 6 weeks to complete the switch from one supplier to another. We will manage this process for you, so you don’t have to. The transfer is seamless; your energy will not be cut off as a result of switching. We’ll keep you up-to-date if there are any transfer issues. If you have any queries before or after the switch, please don’t hesitate to contact your personal Account Manager on: 01204 372 746.

  • Will my business be disrupted when I switch?

    There won’t be any disruptions to your supply, so it will be business as usual! We’ll liaise with your existing supplier and negotiate the entire process for you. We’ll let you know when your switch has been completed.

  • How much could I save by switching my energy provider?

    How much you can save is dependent on how much energy you use. But, on average, businesses with an electricity bill of £2,400pa (consumption below 50,000kWh), can expect to save up to £943 when they switch.

  • What do I have to do to switch my business energy supplier?

    Switching your business energy has never been easier. Once you’ve found a supplier and quote which suits your business’ needs simply hit ‘Buy Now’ or wait for one of our agents to contact you. Once you’re happy to proceed, we’ll handle the entire switch for you. We’ll need a few additional bits of information along the way, but this will all be explained in your welcome pack

  • Do energy prices change depending on your location?

    Yes – you will find that energy prices change from region to region.

    Factors that influence pricing will depend on:

    • The number of suppliers that sell energy in that region
    • The number of suppliers that buy from the generators in that region
    • The charges local distribution networks put onto your energy supply