Have you been considering Octopus energy for your business? We look at the companies history, promises and prices in this article. Greg Jackson, the founder and CEO of Octopus Energy, who started the business in 2015 with technology innovation, marketing implementation and e-commerce. Octopus Energy is a subsidiary of Octopus Capital Limited, founded in 2000 as a fund management company. The revenue of Octopus Energy stands at almost £2 billion.
It has grown by 160% in the last few years, proving how profitable it is and illustrating this its developmental techniques have succeeded. Its introductory offers include gas and electricity supply, electricity generation, electric vehicle charging and software development. Jackson stated that he wanted to provide an alternative to energy suppliers that caused the public to “pay too much, and be given the run-around too often.” This means that Octopus Energy is customer-oriented and promises to give honest prices and 100% renewable energy.
Promises of Octopus Energy
Equality is a big statement that the Octopus Group claim to concede. The company is proud to give every customer the exact prices and quality as each other, no matter how long their commitment to the business has been. Likewise, there are no hidden fees which further magnifies the transparency with pricing and allows honest and upfront charges.
Furthermore, existing customers that desire to change supplier or quit can do so for free, so there is no cost associated with leaving. Remarkable customer support is valued and encouraged so that clients feel safe and develop a sense of dependability, making the energy supply process feel more accessible and more reliable.
As mentioned above, all of the energy used is renewable and clean. This denotes that the energy source is natural and replenished, which is better for the environment as it will never run out and the next generation will be able to use it; renewable energy is more efficient than non-renewable energy. Greenhouse gases are not emitted from natural energy, unlike when fossil fuels are used. Additionally, many new careers can be found in manufacturing; thus, it is also economic gain. When using solar panels, Octopus Group provides solar-back, which allows the client to sell the excess power produced; essentially, you are paid for the excess energy generated.
Development with the times is essential to Octopus Energy, so their energy is compatible with smart thermostats. These thermostats use Wi-Fi and control the home’s temperature without being changed manually throughout the day, hence why they must be so sensitive to their surroundings. These are a plus over regular thermostats as they adjust based on the room’s temperature even if the homeowner is away, keeping it constant; for example, you can come home to an already warm house instead of waiting to start up the standard thermostat in the cold.
Policies of Octopus Energy
One of the most convenient policies of Octopus Energy is its prepayment meters. Unlike usual, where trimonthly bills are posted, energy is paid for before usage. This means that you only pay what you can afford by adding it as a credit onto the meter. However, if your credit runs out, you must add some more instantly, or it will switch off the total electricity.
Similarly, there are payment alternatives when a customer is behind or unable to maintain their energy bills if they are too costly. An example of this is the prepayment meter. Still, some other substitutes can be arranged. When this is a short-term problem, you can be offered a short-term deferment of payment that can be paid back later.
Otherwise, you can arrange a debt repayment plan or instalment plan, where you will agree on supplementary prices on top of your energy supply bill at a later date to cover those that are left unpaid currently. As a last resort, there is a Fuel Direct Scheme where these payments are taken directly from your benefits, also known as third-party deduction.
Octopus Energy pride itself in providing further support to customers that need it due to their vulnerability status. The Priority Services Register is where clients can be added to receive additional help.
The services this comprises are intelligent meters for those who cannot understand them, passwords for when employees do their check-ups and aid when the energy bills are too challenging to comprehend.
Moreover, gas safety checks can be arranged for persons who receive their cash from governmental support or have young children and thereby may not be able to afford the upkeep; security is vital. When there is a failure to do the gas check for over 12 months, it can be viewed as a criminal offence by the Gas Safety Regulations 1998.
The last fundamental principle is energy efficiency. Advice includes:
- Switching to energy-saving lightbulbs.
- Swapping older appliances to newer ones.
- Adding double-glazing or cavity insulation.
- Sealing window gaps.
- Installing a hot water cylinder jacket or closing cold rooms.
These things reduce the energy bills as the rooms in the house become warmer so that less money is spent on heating.
The monthly costs of each plan differ, as the postcode and package type influence the tariffs. The cheapest plan is ‘flexibleOctopus’ with an electricity cost of around £650 annually and the annual gas cost of £480 annually. This is the default tariff, and customers can upgrade from here. This plan is with a standard variable rate so that the monthly cost could change. On the other hand, a more expensive fixed plan includes the ‘Octopus Tracker’, which is £712 annually for electricity and £703 annually for gas.
Tariffs can be variable, 12-month fixed-rate or 24-month fixed rate. Having a fixed rate means paying the same interest rate all the time, whereas variable rates may differ monthly. If the variable interest rate decreases, this is beneficial to the billpayer, but if it increases, it will be advantageous to the energy supplier.
In conclusion, Octopus Energy aims to reduce energy prices, improve customer service and build a trusting relationship with its clients to ensure satisfaction on both sides. It has been consistently modernising itself, reflected by its increasing revenue and growing client base of over 2 million customers and counting.
Other useful links about business broadband
Contract Natural Gas (CNG)
British Gas and the Alternatives
Remember to Compare Your Business Costs is here to help your business every step of the way from business advice, or saving you time and money on your business purchases such as: