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Octopus Business Energy: A Comprehensive Review of Prices and Tariffs

Octopus Business Energy is a leading energy supplier in the UK that specializes in providing 100% renewable electricity and gas to businesses across the country. With a focus on using technology to keep customers satisfied and prices competitive, Octopus Energy has established itself as one of the fastest-growing energy suppliers in the UK. In this comprehensive review, we will delve into the prices and tariffs offered by Octopus Business Energy, as well as explore the key features, customer service, and green performance of the company.

At a Glance: Octopus Business Energy

Octopus Business Energy offers businesses in Great Britain the option to choose from a range of tariffs that are fixed for 12 months. With a commitment to providing 100% renewable electricity sourced from solar, wind, and hydro power, Octopus Business Energy aims to help businesses reduce their carbon footprint. The company also offers 24/7 customer service for emergencies, ensuring that businesses have support whenever they need it.

Pros and Cons of Octopus Business Energy

Before diving into the details of Octopus Business Energy's prices and tariffs, let's take a look at the pros and cons of choosing this energy supplier for your business.

Pros and benefits

  • 24/7 customer service for emergencies, providing businesses with peace of mind.
  • Power Purchase Agreements (PPAs) with renewable generators across Great Britain, supporting the growth of renewable energy sources.
  • Flexible payment options, including direct debit, bank transfer, and cheque.
  • Smart meter installation available on request, helping businesses track and manage their energy usage efficiently.

Cons and disadvantages

  • Limited choice of tariffs, with only one main tariff available for businesses.

These pros and cons are based on feedback from UK business owners, who identified these factors as important when selecting a business energy supplier.

Key Features of Octopus Business Energy

Octopus Business Energy offers several key features that set it apart from other energy suppliers. Let's take a closer look at these features:

1. 100% Renewable Electricity

All of Octopus Business Energy's tariffs come with 100% renewable electricity as standard. By sourcing electricity from solar, wind, and hydro power, Octopus Business Energy allows businesses to support the growth of renewable energy and reduce their environmental impact.

2. 24/7 Customer Service helpline

Octopus Business Energy understands the importance of reliable customer service for businesses. With their 24/7 customer service helpline, businesses can contact Octopus Energy at any time for assistance with emergencies or general enquiries. The company aims to provide prompt and efficient support to ensure the smooth operation of businesses.

3. Tailored Special Products

In addition to their standard business energy tariffs, Octopus Business Energy offers special products tailored to specific business needs. For businesses with solar panels, the "Panel Power" tariff allows them to sell surplus renewable electricity back to the grid. Octopus Business Energy also provides an "Electric Universe" option, which enables businesses to charge their electric vehicles at various charging points across the UK using their Octopus Energy account.

Octopus Business Energy Prices and Tariffs

Octopus Business Energy offers a range of tariffs to suit different business needs. Let's explore the pricing and tariff options available:

1. Octopus Fixed-Rate Tariff and rates

Octopus Business Energy's main tariff is a 12-month fixed-rate tariff. Businesses have the opportunity to secure consistent unit rates and standing charges throughout the entirety of their contract with this tariff. While the direct debit amount may vary based on energy consumption, the unit rate for the energy used remains consistent.

To sign up for a fixed-rate tariff, businesses are required to make an advance payment equivalent to one month's estimated energy costs. This payment is reimbursed in full at the end of the contract.

2. Business energy Tariff options for Larger Businesses

For larger businesses with specific energy requirements, Octopus Business Energy encourages direct contact to discuss tailored tariff options. Businesses can reach out to Octopus Energy for personalized advice and pricing.

3. Octopus energy Deemed or Out-of-Contract Rates explained

If a company occupies premises already provided by Octopus Energy without setting up a new agreement, they could be placed on a pricier deemed or out-of-contract rate. Businesses have the freedom to change their rate whenever they want.

4. Additional Adons, Fees and Charges explained

In addition to kWh usage charges, businesses are also responsible for paying a fixed daily standing charge. VAT is charged at either 20% or the reduced rate of 5%, depending on the business's energy consumption. The Climate Change Levy (CCL) is also applicable, with exceptions for certain businesses.

Third-party, non-energy costs may vary from month to month and can include energy infrastructure costs, low carbon generation costs, National Grid energy-related costs, and security of supply costs.

How to Switch to Octopus Business Energy contract?

Switching to Octopus Business Energy is a straightforward process. Here's a step-by-step guide to help you make the switch:

  • Determine the details of your new business energy contract with Octopus Business Energy. You can do this by contacting Octopus directly, using a comparison website, or consulting a business energy broker.
  • Ensure that you have ended your contract with your previous energy supplier and provided the necessary notice, if required.
  • Provide Octopus Business Energy with your company details and payment information to complete the sign-up process. You will receive a welcome pack from Octopus Energy.
  • Octopus Energy requires an advance payment when signing the contract. The amount is typically equivalent to one month's estimated energy costs, but it may vary based on your credit score.
  • Submit your latest meter readings to Octopus Business Energy.
  • Thanks to the Energy Switch Guarantee, your switch should be completed within three working days after signing up.

Choosing the Right Octopus Business Energy Tariff

When selecting an Octopus Business Energy tariff, consider the following factors:

  • Fixed or Flexible Tariff: Decide whether you prefer a fixed-rate tariff for price stability or a flexible tariff that allows for potential fluctuations in energy prices.
  • Contract Duration: Determine how long you want your contract to last based on your business's energy needs and long-term plans.
  • Quote Comparison: Compare the quotes provided by different suppliers to ensure you are getting the best deal for your business.
  • Renewable Energy: Consider whether you want to prioritize renewable energy options and the level of renewable energy commitment offered by each supplier.
  • Customer Service: Evaluate the level of customer service provided by the energy supplier to ensure that your business receives prompt and efficient support whenever needed.

How to move Business Premises with Octopus Business Energy?

If your business is moving into premises already supplied by Octopus Business Energy or moving out of premises supplied by Octopus, there are a few steps you need to follow:

  • Notify Octopus Energy of your moving date well in advance.
  • Submit a meter reading to ensure accurate billing.
  • If you are using an energy broker, request them to submit a Letter of Authority on your behalf.
  • Set up your account if you are moving in or pay your final bill if you are moving out.
  • If you choose to occupy fresh premises provided by Octopus Energy without organizing a new agreement, you might find yourself on a pricier deemed rate. It is recommended that you engage in negotiations with Octopus Energy for a new contract or consider alternative energy suppliers.

Octopus Business Energy: Green Performance and Commitment

Octopus Business Energy is committed to providing renewable energy solutions and reducing the carbon footprint of businesses. With 100% renewable electricity as standard and the option to offset gas tariffs, Octopus Business Energy supports the growth of renewable energy sources in the UK.

The company's dedication to renewable energy extends beyond their own operations. Octopus Renewables, a sister company of Octopus Energy, manages over 300 renewable energy projects, generating two terawatt-hours of electricity annually. Octopus Energy is also the first UK company to operate a solar export tariff for businesses, further promoting the adoption of solar power.

Customer Reviews and Awards

Octopus Business Energy has received excellent reviews from its customers. On Trustpilot, the company has an average rating of 4.8 out of 5 stars, based on over 61,000 reviews. This positive feedback is a testament to Octopus Business Energy's commitment to exceptional customer service and competitive pricing.

The company has also received recognition in the form of awards. Octopus Energy has been honoured by the Renewable Energy Association for its contribution to advancing UK renewables. Additionally, Octopus Energy has received more customer service awards than any other UK energy supplier and has been named a Recommended Provider by Which? magazine for several years.

Octopus Business Energy is a reputable energy supplier in the UK, offering businesses 100% renewable electricity and competitive tariffs. With a commitment to customer service, innovative offerings, and a strong focus on renewable energy, Octopus Business Energy is a reliable choice for businesses looking to reduce their carbon footprint and save on energy costs. By switching to Octopus Business Energy, businesses can benefit from a trusted provider and contribute to a greener future.

Ho can I cancel the Octopus business energy contract?

Octopus Energy's cancellation policy is straightforward and customer friendly. Customers are able to cancel their contract at any time with no additional costs or penalties. When cancelling, customers will be refunded any credit they may have on their account. Octopus Energy also offers a 14-day cooling off period for all new contracts, meaning customers can change their mind within this window and receive a full refund of any payments made. Additionally, Octopus Energy does not charge exit fees when customers switch to another energy supplier. This allows customers to switch providers without facing financial penalties, thus giving them the freedom to choose the best energy deal for their needs.

How can I contact Octopus Energy?

Octopus Energy provides customers with multiple options for getting in touch with their customer service team. Customers can get in touch via email, telephone, or post. For general enquiries, customers can call the Octopus Energy contact centre on 0808 164 1088 (Monday to Friday 9am-5pm). Alternatively, customers can also send an email to [email protected] or write a letter to Octopus Energy Ltd at 33 Holborn, London EC1N 2HT. Octopus Energy also provides an online form where customers can submit queries and receive a response within 24 hours. Additionally, the company has a live chat function and a comprehensive FAQ section on its website where customers can find answers to the most common questions quickly and easily.

Who owns Octopus Energy in the UK?

Octopus Energy is a British company that is owned by Octopus Group, an investment and financial services company based in London. Octopus Group was founded in 2000 and has grown to become one of the largest independent investors in the UK. The group has over £9 billion of assets under management across several sectors, including energy, health, technology and finance. Octopus Energy was established by Octopus Group in 2016 as part of its commitment to sustainability and renewable energy. It is now the leading business energy supplier. Octopus Energy has since grown to become one of the UK's largest energy suppliers, providing energy to over 1.5 million homes and businesses. The company is dedicated to providing clean, renewable energy and has invested heavily in green technologies such as solar, wind and battery storage. Octopus Energy is committed to making the switch to renewable energy easy for its customers by offering competitive rates, excellent customer service and innovative products. It also works with charities such as Greenpeace UK and 10:10 Climate Action to promote sustainability initiatives in the UK.

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