Octopus hands out £100m to customers in energy referral payments

• Over the past eight years, Octopus has paid customers £100 million in referrals
• New heat pump referral scheme to boost the payment to customers even further
• Customers will get £100 for every heat pump customer referred
• Comes as heat pump grant applications jump by 75% year-on-year

London, 2nd April 2024 - Octopus Energy today launches the UK’s first heat pump and solar referral scheme to further drive the rollout of clean heating devices and help deliver net zero.

Since launching to the market, Octopus has paid out nearly £100 million in referrals to customers – money going straight into people’s pockets rather than energy switching sites. 

The huge sum has been shared between satisfied customers recommending Octopus and new customers who have signed up with the UK’s most awarded energy company.  

The payout to customers will rocket even further as the firm launches its new heat pump and solar referral offer. 

Anyone who gets a heat pump or solar system installation from Octopus can refer friends and family for their own heat pump or solar power installation. Those referring will pocket £100, while those having the tech installed will get a £100 discount on the fitting. 

Those who are Octopus Energy retail customers can get a £100 credit on their account while others will receive a widely-accepted e-voucher of the same value. 

It comes as the government announces a significant surge in demand for heat pumps, with applications for the Boiler Upgrade Scheme grant increasing by 75% in February compared to the same period last year*.

Heat pumps are cheaper to install than gas boilers. Octopus Energy heat pump prices start at £500, including the £7,500 Boiler Upgrade Scheme grant.

By switching to a specialist heat pump tariff like ‘Cosy Octopus’, households can save £222 a year compared to running a boiler, Octopus data shows**.

Octopus has built its reputation on extraordinary customer service and has been awarded Which?’s coveted Recommended Provider status an unprecedented seven times in a row.

Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, said: “Nothing makes us happier than satisfied customers, and we’re incredibly proud that so many have referred us to their friends and family over the years.

“Our approach has always been to put money back into people’s pockets, and we’ll happily give away another £100 million in referrals as savvy customers take advantage of our heat pump offer – and help speed up the clean heating revolution along the way.”

ENDS

Notes to editors:

* BUS applications figures February 2024 (source)

** On average, heat pump customers on Octopus Energy’s ‘Cosy Octopus’ tariff save £222 on their total energy bill, based on the calculations below (rates as of April ‘24 price cap).

Press Contacts

Octopus Energy Group

Press team

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.7 million households globally.

Its operations span 18 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects – one of Europe’s largest.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 54 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy.