Most homes would save with Octopus

At the end of the day, what people want most from their energy supplier is a fair price. That’s why since day one, we’ve focused above all else on keeping costs down, and passing savings on to customers.

Today, most homes in Britain are paying for energy at the price cap rate. Octopus is the only large supplier to price significantly below the price cap. So, if you're a customer currently paying price cap rates then you'll save money with Octopus.

Today, 9 in 10 Octopus customers pay less with us than they could with any other large energy supplier.

There are a number of ways we do that:

  • We keep our variable tariff, Flexible Octopus below the energy price cap. We’re the only large energy company that’s always priced under the cap. Our standing charges are also lower. Higher standing charges make it particularly hard for energy-conscious homes to save on their bills, so we’ve taken a stand against the recent increases. Our Flexible Octopus standing charge is 4% lower than the price cap, and we give standing charge holidays to customers who need it most.
  • Our smart tariffs help hundreds of thousands of customers save by using energy when it’s greenest.

    Take Octopus Tracker. The price changes every day following the wholesale market, and over the past few months on average, rates have been 30% cheaper than the price cap. Or Intelligent Octopus Go, which gives EV drivers a cheaper rate for charging on the greenest energy.
  • Customers who need it most get extra help from our £30m Octopus Assist fund, from free electric blankets to keep warm for less (saving a typical home £300 over winter), to thermal cameras to help people spot heat loss in leaky homes, to direct bill support grants.
  • Rewards and extra benefits give customers even more value. Octoplus, our unique rewards scheme, gives the average customer around £270 in value through Saving Sessions, Free Electricity, and partner offers like a free weekly Greggs hot drink and 2 for £10 Odeon cinema tickets.

Under the January 2024 price cap, 9 in 10 Octopus customers pay less with us than they could with any other large energy supplier.

Every other large suppliers’ variable tariff is priced exactly at the cap (i.e. the maximum they’re legally allowed to charge). 90% of our customers are on Flexible Octopus, our variable tariff, which is cheaper than the January price cap – £1913 a year for the average dual fuel home, rather than £1,928. Ofgem publishes the breakdown of GB customers by supplier and tariff here.

We firmly believe customers shouldn’t have to switch every year to get a great deal. That’s why we focus on great value for the long term. Customers who fixed with us in 2016 and stuck on Flexible Octopus ever since would’ve saved £1,451 by now on average compared to another large legacy supplier.

You can read more here about how we've fought to make energy prices fairer for all over the eight years we've been in business.

How we calculate that most homes would save with Octopus

  • 29 million households are connected to the electricity grid in Britain. 22 million households are connected to the gas grid [Source: Energy Networks]
  • Of those, 6.8 million are Octopus electricity customers and 5.8 million are Octopus gas customers already. [Source: Internal Octopus data]
  • Of the remaining 22.2 million electricity households Ofgem’s Retail Market Indicators show 15.8 million (71%) are supplied by the other large suppliers on their default tariff.
  • Of the remaining 16.2 million gas households, 13 million (80%) are supplied by the other large suppliers on their default tariff. The other large suppliers are British Gas, E.ON, EDF Energy, OVO Energy & Scottish Power. Both Shell Energy and Bulb customers are now Octopus customers.
  • Ofgem’s Retail Market Indicators show Octopus Energy has the cheapest Standard variable (or default) tariff of any large supplier.
    The overwhelming majority of small and medium suppliers also charge within a few pounds of the Default tariff cap for their default tariffs, but as public information is scarce for customer numbers and tariff choices, we’ve excluded them from this calculation.
  • Octopus Energy’s 12M Fixed tariff is also significantly cheaper than the Default tariff cap, with a typical annual quote of £1,611. (Source: Internal Octopus data)
  • This means >71% of homes would pay less on their annual bill if they switched to Octopus Energy.

Calculating Matt's savings:

Matt switched his dual fuel home to Octopus in April 2023, from a large supplier Variable Tariff (SVT). Since his switch to Octopus, Matt pays 28% less on his bills yearly.

Hey I'm Constantine, welcome to Octopus Energy!

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