Octopus Energy £50 Referral Bonus
Octopus Energy is the mutt’s nuts of UK energy suppliers. Year on year, it is awarded for it’s customer service by the likes of Which?, Uswitch, and Energy Reviews. The standout feature of Octopus Energy is its dedication to being a decent company with exceptional customer service.It has a user-friendly app and website, where customers can easily monitor their energy usage in real-time and make informed decisions about their energy consumption. But best of all, on their Flexible Octopus energy tariff, Octopus offer cheaper energy than the government cap. The saving is small, around £10/year, and is due to a discount on standing charges. However, Octopus also offer a £50 refer-a-friend sign up bonus to new customers!
Octopus Energy Unit Price Tariffs and Standing Charges from October 2023
In October 2023, Ofgem updated the energy price cap that limits the amount that energy suppliers can charge customers. This means that all suppliers have reduced their charges, providing more affordable energy options for consumers. With the new Ofgem price cap in place, energy prices are now cheaper than they were in the summer – regardless of your supplier. However, Octopus Energy customers still benefit from even cheaper prices due to their 4% reduction in the standing charges.
On average, Octopus energy unit rates are currently:
- 27.35 p/kWh for Electricity (down from 30.10 p/kWh from July-September 2023)
- 6.89 p/kWh for Gas (down from 7.51 p/kWh from July-September 2023)
Octopus Energy standing charges are currently (again, average across the entire country):
- 51.32 p/day for Electricity
- 27.47 p/day for Gas
You can see the exact rates for your region in the image below, and can download the prices in a PDF here.
Save with Octopus Energy
Octopus Energy Awards
Refer a friend to Octopus and Earn £50
Get a £50 bill credit when you switch to Octopus, and pay less than the government cap for your energy bills. If you sign up with my refer a friend link on the right, then we will both get a £50 bill credit after you have paid your first direct debit. And once signed up, you can earn even more with the Octopus Energy Refer a Friend promotion. Refer your friends and family, and you will receive a £50 bill credit for each friend that signs up. Your friend will get £50 too.
Octopus Tracker Comparison
Compare Octopus Tracker and Flexible Octopus energy prices
Frequently Asked Questions
How can the Flexible Tariff beat the government cap?
The Flexible Tariff only beats the Ofgem cap by a small amount. This is because Octopus Discount the standing charges for gas and electricity by 4%. If you exclude the standing charges, then Octopus Energy Flexible prices are the same as other providers.
Can I save even more with Octopus Energy?
Yes. Currently, Octopus customers can save money by joining the Tracker Tariff. This is an innovative tariff that offers energy prices that follow wholesale gas and electricity rates. However, whilst rates are currently lower there is a chance they can go above the Ofgem cap. That is why I built the Tracker comparison dashboard. If you join that, keep an eye on prices, and if they go above the cap then you can switch back to the fixed tariff (Flexible Octopus).
Is it easy to switch between Fixed and Tracker tariffs?
Yes - to switch back, you just choose a different tariff on your account page. Alternatively, email or phone Octopus. Switching to another Octopus Energy tariff is effective next day (but you cannot rejoin the Tracker tariff for 9 months after leaving!).
How do I sign up to Octopus and access the Tracker?
Due to popularity, Octopus have introduced a wait list for the Tracker tarrif. To gain access to the tracker rates, you must:
Do I need smart meters to join Octopus?
No - you do not need smart meters to join Octopus and receive the £50 bill credit. However, you need smart meters to join the Tracker tariff.
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