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.

Octopus Energy Prices on the Flexible Octopus Tariff from October 2023

Save with Octopus Energy

Octopus Energy are the good guys of the energy world. On their standard tariff, you pay less than the government cap for your energy bills. Octopus is the only Which? recommended energy provider, and it has 5 stars on Trust Pilot.  And for good reason. Customers on Octopus’s standard variable tariff – “Flexible Octopus” – receive a 4% reduction in standing charges compared to Ofgem’s price cap. It’s not much, but it’s better than nothing. Octopus also have a number of innovative tariffs, including the Tracker which currently offers energy at prices ~30% lower than the Ofgem cap (read about the Tracker).

Octopus Energy Awards

Which? Recommended Provider

6 years in a row.

Uswitch Supplier of the Year

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Rated 5 Stars on Trustpilot

From 129,774 reviews.

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

Use our Octopus Energy Dashboard to compare the Tracker tariff with the government price cap tariff (Flexible Octopus), find how much money you could save on your energy bills, and keep an eye on rates so you know if ever need to switch back to the price cap.

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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