OCTOPUS ENERGY
Octopus Energy is an electricity and gas supplier established in 2015 by its founder and Chief Executive Officer, Greg Jackson. It is a subsidiary of the British asset management company, Octopus Capital Limited. The Octopus Group asserts to be the largest investor of solar farms that substantially accounts to almost 40% of the UK’s large scale solar generation. The electricity supply of Octopus Energy is affirmed to be purchased from renewable sources. Gas supplies, on the other hand, can be carbon offset responsibly to mitigate its perverse impact on the environment.
Products
Octopus Energy does not produce or generate their own electricity and gas supplies. Instead, they source them out totally from the wholesale market. To guarantee, however, that 100% of green energy only is supplied to its consumers, the company directly contracts with the green generators all over the country. Through the Power Purchase Agreement, Octopus Energy commits to acquiring renewable energy straight right up from the green generators themselves. To further augment the supply, the company bulk buys solar and wind energy in advance from the sites to ensure to hold up with the future demands of the consumers and at the same time, still maintain the cost to an affordable price.
Apart from the intermittent solar and wind energies, anaerobic digestion also provides a notable amount of contribution especially during periods when the power supplied from the sun and wind are relatively low. The anaerobic digestion involves the process of heating organic raw wastes, such as those from food scraps and agricultural rubbish, in an oxygen-tight tank to produce a renewable energy source called as a “Biogas”. An optimal advantage of this biofuel is that it can be conveniently generated 24/7.
Moreover, the company’s commitment to developing green technology is far beyond just for homes and businesses. Octopus Energy created the Octopus Electric Vehicles service package to encourage UK drivers to switch to a greener medium of transportation. The bundle already includes everything you may need, from the 100% electric vehicle of your choice down to the smart charging options.
Going further into the electric car revolution, Octopus Energy also offers an ingenious vehicle-to-grid (V2G) leasing bundle called the Powerloop. This smart technology enables drivers to use the energy stored in electric vehicles to brilliantly power their homes during the peak periods of energy demands. Maximizing the potential of the electric cars to provide alternative sustainable energy helps in alleviating a decent amount of pressure off the power grids.
Coverage
Octopus Energy primarily provides 100% renewable electricity and gas supply in Britain. Currently, it has been supplying green energy to more than 400,000 homes all over the United Kingdom. In addition to that, the community is constantly growing at an astounding number of 30,000 more new consumers per month on average.
Cost
Octopus Energy basically has three straightforward tariffs:
| Octopus Fixed | Flexible Octopus | Super Green Octopus |
| £83 per month A fixed price for 12 months. Most popular option. |
£86 per month Prices may vary depending on the energy cost in the wholesale market. |
£87 per month Carbon neutral energy supply.Greenest option.Fixed tariff. |
As of April 1st this year, the majority of the leading energy providers in the UK took the opportunity to increase their price cap on variable tariffs as per Ofgem’s approval. However, Octopus Energy did the other way around and cut back 3% instead of its price last February. They indeed came out to be cheaper by almost 18% versus the “Big 6” in terms of its flexible tariff pricing. Octopus Energy consciously kept their tariff low despite the price hike of other suppliers, simply because the wholesale energy cost of electricity had also dropped. Remaining true to their virtue of transparency, the company deliberately chose to pass on the savings respectively to their consumers, rather than taking profit advantage from the recent maximum price cap increase.
| Supplier | As of February 01, 2019 | As of April 1, 2019 |
| British Gas | £1,135 | £1,254 |
| E.ON | £1,137 | £1,254 |
| EDF Energy | £1,136 | £1,254 |
| Npower | £1,137 | £1,254 |
| Scottish Power | £1,137 | £1,254 |
| SSE | £1,134 | £1,253 |
| Octopus Energy | £1,060 | £1,029 |
*All prices are inclusive of VAT.
Pros
- Accessible Customer Service – Octopus Energy customers reported ease of use of the customer service platforms. According to their website, the support team promptly and efficiently addresses the concerns of their consumers within an average of 2 minutes to answer the phone calls, and under 6 hours to respond to queries sent via email.
- Seamless Account Transition – Switching to an Octopus Energy account is hassle-free. There’s no need for a visit from an engineer or meter installer, no interruption of power supply in between the transfer of service, the company takes in the initiative to inform the previous supplier about the switch, and most importantly, there is no exit fee required should the customer decide to change its provider.
- Uncomplicated Billing Process – The billing statement is straightforward and easy to understand. Also, the company offers an option to refund any credit in the customer’s account.
- Reliable Meter Readings – The actual meter reading takes place on a monthly basis. Octopus Energy conveniently provides a mobile phone application to help its consumers readily track their recent meter readings and tariffs as well. Hence, the monitoring of one’s energy consumption is easier that way.
Cons
Generally, Octopus Energy had managed to gather a 9.6 rating over TrustPilot. Majority of the reviews complements the company’s excellent customer service. However, there are a few issues that might have not been satisfactorily fulfilled in some instances. Here as follows:
- Direct Debit Issues – There were several customers who reported that Octopus Energy neglect to bill them monthly via a direct debit arrangement. After a certain number of months passed, the total amount of collectible accumulated and was unfortunately charged as a single billing instead.
- Delayed Credit Refund – Few customers complained that it took longer for Octopus Energy to issue a credit refund. Supposedly, the time frame for the processing is about 3 to 5 business days.
- Inaccurate Exchange of Information – Some of the customers who recently switched accounts complained about what seems to be an inaccurate exchange of information, particularly on the meter reading, between Octopus Energy and other suppliers. At which instances, it was reported to have a subsequent unfavorable effect to the existing billing amount of the customers.
Overall, Octopus Energy is considerably viewed as a transparent company that sustainable supplies 100% renewable energy at a competitive pricing scheme. They have proven that customer interest is far more important than their businesses’ financial gains by willfully giving back what it honestly owes to its consumers. Their commitment in delivering fair value and quality energy products is what enables Octopus Energy to continue to grow and expand their services not just in the homes or businesses of Britain, but in the transportation sector as well.
