Why we don't send monthly statements
Unlike most energy suppliers, we don’t automatically send energy statements monthly for the majority of our customers. Instead, we'll send you a statement whenever you submit a meter reading.
There are a few exceptions to this: if you've got a connected smart meter, you'll get a bill every month on your chosen day based on your real meter readings.
Or, if you've opted to pay for your energy in full every month upon receipt of a bill, we'll send you a statement every month on your chosen day. If you've given us readings, we'll use those to calculate your charges. If not, we'll estimate how much energy you've used.
For everyone else...
Too often, automatic statements rely on estimations of how much energy you've used for the past month (unless you've got a smart meter). These energy usage estimates aren’t always accurate. If we bill you based on estimates for too long, your account can end up with a big debt or credit balance.
The only way we can charge you for the energy you’re really using is if you give us regular meter readings.
Plus, we like you to be in control wherever possible. So you get to choose when you get a statement!
Why are estimated readings risky?
Basically, they’re just educated guesses. To estimate how much energy we reckon you’ll use, we look at:
- past meter readings you’ve given us (which means submitting readings regularly makes our estimates more accurate, too)
- historic energy usage data from your old supplier(s)
- the annual usage figures you gave us when you signed up
With all this info, we can usually get your energy usage estimates pretty close. But...
Our estimates don't account for you suddenly using energy differently in your home.
That hot tub you’ve just installed? That tropical aquarium you don’t need to heat anymore because your weird uncle sold all your exotic fish on ebay? We don’t know about it, unless you give us meter readings.
Equally, if you’ve just moved into a new place, our estimates will all be based on the usage of the previous occupants. If you’re a don’t-leave-the-TV-on-standby person, you don’t want to be billed based on the consumption figures of a 24/7-chocolate-fountain person.
If we estimate that you’re using more, or less, energy than you really are, your statements could be wrong for months. When you do end up submitting a meter reading, you might be stuck with an unexpected debt to pay if the estimates were too low. Or find out that you've been overpaying for your energy without realising it!
The solution
Every month, we send you a reminder to submit meter readings. We know, we know – it feels a bit like being told to eat your greens. But we even have a wheel of fortune game – every time you submit a reading, you get a spin the wheel for a chance to win up to £512 credit!
Within a few days of submitting your readings, we'll send you an accurate energy statement based on your real energy consumption. If you don't send us readings for over three months, we'll automatically send you a bill based on estimates.
And one final thing...
Other suppliers often only send bills every 3 months (known as quarterly billing) which mean months of inaccuracy. We work really hard to help you stay on top of your bills, and regular updates on what you are using, and what you need to pay, is best. It's why Octopus Energy has never offered quarterly billing as a payment option - we do ask that you pay us monthly.
We make it super easy for you to submit your readings.
- You can submit a meter reading online. If you don’t have an online account, you can set one up here. It’s really easy and takes less than a minute.
- You can submit a reading directly from our meter reading email, without needing to log in.
- You can email us your meter reading.
- You can take a picture of your meter, send it to us, and we’ll enter the reading for you.
- If, for whatever reason, you’re unable to take the meter reading yourself, we can arrange for someone to read the meter – or if it’s easier – add a friend or family member who can send the readings on your behalf.
It’s a small job but gives you big rewards – enjoy accurate bills, when you want them; and the confidence you’re only paying for the energy you use, not what we think you use.
You can send us one now, if you like...
Published on 28th July 2023 by:
Hey I'm Constantine, welcome to Octopus Energy!
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