Octoplus: How does the Octopus Energy rewards scheme work?
The cost of energy bills may have dropped a little in recent months, but it is still far from cheap! Our options are limited when it comes to switching energy suppliers as the majority of energy suppliers are offering very similar packages and pricing, although always look about as deals do seem to change all the time, as do energy tariff options (with my energy supplier, Octopus Energy, offering Agile, Tracker, Flux and Intelligent tariffs, which when compared with the Octopus standard tariffs, can certainly be cheaper), so when you look at the deals on offer, it's always worth looking to see if there's anything you can get to sweeten the offer.
For example, it might be that you can get cashback on your energy bill from your bank, Chase, for example, gives eligible customers cashback on purchases if they deposit £1500 or more into their bank account monthly, but other than that, there's not much else on offer, which is why the Octopus Energy Octoplus rewards scheme, for the energy companies customers, has been well received, and is a breath of fresh air, after what has been a somewhat stagnant and expensive period over the past few years!
Anyone who receives electricity from the energy firm Octopus Energy and has an electricity smart meter paying via direct debit (and some business customers) can join the Octopus rewards programme. Members can earn 'Octopoints' for taking part in energy-saving sessions, which are designed to try to get energy users to reduce the amount of energy they use during peak times. 800 points are worth about £1, and you can redeem the points you've earned into energy account credit, which will be applied to your Octopus account. Note this is only for electricity customers; if you only use Octopus for gas supply, you can't take part.
Energy-saving sessions are normally advised to you a day or so before they take place via push notifications on the Octopus app or by email or text, but sometimes just a few hours before if energy demand is high. It's a similar system to the DFS events (I've written about the previous demand flexibility schemes). You'll be told the time the session is taking place, and you are asked to opt into the saving session, which is your acknowledgement that you're taking part; then, you simply turn off appliances or don't use electricity you might normally be using at that time to reduce your energy consumption for 1 hour. After the savings sessions take place, Octopus will look at your smart meter readings to work out how much electricity you saved based on what you'd normally use at that time and award you points for the difference. The average points earned during a savings session is estimated to be around 1,000 points, worth around £1.25 in energy credit.
You can also energy points by:
Signing up to Octoplus: 500 points are awarded.
Spinning the Octopus wheel of fortune, which is on the app, when submitting a meter reading, and you could win 8 points, 800 points, 8,000 points or even 800,000, which would be worth £1,000; needless to say, I've only ever won 8 points, but that's still better than nothing!
Refer a friend to Octopus, and you'll be given 800 points as a thank you; plus, you'll also both get £50 worth of energy credit as an Octopus referral offer, which is as simple as sharing a link with the person you'd like to refer. You can use our referral link if you'd like to join Octopus; the credit we receive helps keep this website free for you to use, plus you'll get £50 of credit as well!
Octopus customers can view their points balance at any time on the Octopus Energy app or via their online accounts. From there, Octoplus users can convert their points into credit, or they can exchange the points for exclusive benefits.
New rewards programme benefits and available offers
Savvy smart meter customers can also exchange their points for a day pass for two people to National Trust or National Trust Scotland properties for 6,000 points, which is the equivalent of about £7.50 worth of Octopus credit. This is a decent deal for a day out, as they normally cost around £44 on average. However, it does exclude you from using the free passes on bank holidays and bank holiday periods. You can claim four tickets per year, and the offers are made available quarterly.
Complimentary drinks: Free hot or cold drinks every week
The new loyalty scheme also offers its users a free drink every week. You can choose to get a unique code for a complimentary drink from either a Gregg's or Caffè Nero store, and you can redeem the provided code in-store for either selected hot drinks or cold drinks. The offer updates every Monday, so you can grab your free weekly coffee to brighten up the start of the working week!
Discounted movie tickets
Octoplus members can also buy two Cinema tickets for £10 for use at Odeon Cinemas via the Octoplus section of the app or website.
The savviest customers can also claim 25% off a restaurant bill at the following restaurants:
Harvester: 25% off main meals (Mon-Thurs)
Toby Carvery: 25% off main meals (Mon-Thurs),
Stonehouse Pizza & Carvery: 25% off main meals (Mon-Thurs)
Ember Inns: 25% off main meals (Mon-Thurs)
Sizzling Pubs: 25% off main meals (Mon-Thurs)
Don't forget you can buy gift cards for these restaurants from gift card cashback apps Cheddar and Jamdoughnut, so you can earn cashback on the remaining 75% of your bill, making the deal even better!
There's also an Octoplus shop on the Octopus website where you can buy exclusive Octopus energy merchandise such as clothing, bags and even toys, should you want to, with the opportunity to buy vouchers for the merchandise with your Octopoints to pay. Your Octopoints are worth twice what they'd be worth as energy credit, so if you've always wanted a beanie hat with the Octopus logo on the front, you'll be in heaven... I think I'll save my points for other things, but the choice is there!
When it comes to managing your energy expenses, it's crucial to prioritise finding the most economical options available. While loyalty programs like Octopus or Octoplus Rewards may offer tempting perks, like a free coffee each week, it's essential to remember that the primary goal should be to minimise your energy costs.
When comparing energy suppliers, take the time to explore all available options thoroughly. If you find a competitor offering lower prices for comparable services, it's wise to consider switching to save money on your energy bills.
While rewards programs can be appealing, the financial benefits of reducing your energy expenses are likely to outweigh the value of any perks offered. By prioritising cost savings, you can better manage your budget and achieve greater long-term financial stability.