REVIEW – SHOULD WE LISTEN TO WHAT MARTIN LEWIS HAS TO SAY ABOUT OCTOPUS ENERGY?
It is a valid question. Who do you trust to save you money? Personally, if it was a choice between Martin Lewis, from Money Saving Expert, or the Government I would without doubt pick Martin every time. He has saved me thousands and I even got a cashback from a mis-sold endowment mortgage. I always read Martins reviews before taking any deal be it a mortgage deal or energy tariff. Now more than ever in this energy crisis we need independent voices who can help us find the best deals. I hope my review helps too.
Do Nothing BUT keep checking fixed prices!!
I am updating this page as the energy crisis has completely changed everything. Cheap deals are no longer available and just finding a tariff that isn’t the most expensive deal is now the name of the game. I adore Martin Lewis as he never minces his words. He has no loyalty to the Big Six energy provider and just wants to help people save cash.
A few weeks back Martin gave this advice, DO NOTHING. He was right as always. The energy price cap, which Martin had previously had concerns about is now helping so many customers from even bigger price rises.
The price cap sadly is due to rise in April 2022. Why? The energy price cap is based on wholesale energy prices between July 2021 and January 2022 and prices have steadily increased. Martin Lewis now warns that the energy price cap will rise by around 40%. This will come into effect on 1st April 2022.
Expect a ‘horrendous’ energy price cap rise in April – but it’s likely to still be cheaper compared to fixing. – Martin Lewis
Can you beat the energy price cap rise in 2022?
Martin is right doing nothing at the moment is the best answer for the majority of people but if you have an electric vehicle or own solar panels then an Octopus smart tariff like Octopus Go could save you money.
Doing nothing also means you are also heading towards a 40% energy price hike in April 2022. Is there anything you can do about that? At the moment it’s very hard to say. Over the last 3 weeks, the Octopus fixed tariff has increased week on week. IF wholesale energy prices start to drop and fixed rates drop as quickly as they have gone up then a fixed deal WILL be cheaper than the price cap in April 2022. So you have to know when that starts to happen.
I would suggest in the early part of 2022, well before the price cap rises you compare energy tariffs. If you know there is a downward trend in prices you will have a better idea of when to fix your rate. On the plus side at least the weather will be improving and hopefully we can turn home heating systems off without feeling the cold.
Reducing your energy is the only real way to save money this winter.
We have gadgets galore. iPhones, ipads, apps, smart TVs, doorbells which you can answer even when you’re miles away, and yet the biggest commodity which all these run on we are ignoring. We have an abundance of wind, water, and sometimes sunshine in the UK. Surely we can use this to power and technology to run our homes and reduce energy bills? The answer is you can. Even without buying solar panels, you can reduce your bill by using that tech to monitor your energy use but in this energy crisis simply cutting back and blocking drafts is the answer.
Octopus Energy competition – Winter Workout.
Octopus is currently running a winter workout competition that rewards customers for following some easy tips to try and stay warm and reduce their energy bills. If you cut your gas consumption then you could be in with a chance of winning a share of 1 million pounds.
I have signed up. I have listed some of the tips below. If you can tick off each piece of advice you get entered into a prize draw.
Octopus Winter workout tips.
Getting your heating and hot water flowing at the right temperature can make gas go much further. Octopus suggests lowering your temperature to 55 degrees.
A draft can quickly undo all the good work of your heating. Lots of suggestions PLUS 20% off at Homebase for energy-efficient products, such as timers and insulation. 👏
Tweaking your thermostat – using it as an on/off switch or boost for example – can mean more gas is wasted.
There is quite a big list to work your way through!!
So how can Amazon Alexa save you money?
When I originally wrote this post I asked who would you trust to save you money, the government, Martin Lewis or Alexa? How does Alexa fit in?
Octopus Energy has teamed up with Amazon to become the first energy company to provide voice automation with Alexa to provide real-time energy pricing.
If you’re on the Agile tariff you will be able to use Amazon Alexa to find out when energy is at its cheapest. (The Agile tariff tracks energy prices throughout the day. ) So using the voice automation provided by Amazon you could ask Alexa when prices are cheapest.
Alexa, ask Octopus when is electricity cheapest today?
Based on this information you could turn on, for example, your washing machine or charge your devices when energy is at its cheapest. You can even automate this too!
Octopus Agile is currently higher than the price cap and there aren’t really any price plunges. The energy crisis has really taken its toll BUT time of use tariffs are the way forward and hopefully, in 2022 it will make a comeback and be cheaper at off-peak times.
To switch to the Octopus Agile tariff you need a SMETS 2 smart meter.
Who do WE trust?
Without a doubt Martin Lewis. We also now, after almost a year with them, trust Octopus Energy and their CEO Greg Jackson. Mr. Jackson personally resolved an issue we had when I emailed him several months ago. The firm is very transparent and open about their prices which is amazingly refreshing and more importantly, they are saving people money and helping to reduce the impact of fossil fuels on the environment.
How can I get a free cuddly Octopus from Octopus Energy?
Once you have signed up to Octopus Energy if you want to get your hands on a free cuddly Octopus they will send you one in the post, although it can take a few weeks depending on stock. Her name is Constantine. (I am not joking)
Borrow a free thermal imaging camera from Octopus Energy.
If you would like to borrow a thermal imaging camera to find out where the heat is escaping from your home or workplace you can request one here.
Spin to win.
Also, don’t forget you get a chance to win a cash prize when you enter your meter reading with “spin to win.”
Octopus Energy Refer a friend.
Once you have chosen to switch to Octopus Energy as a new customer using a referral link, you’ll be given £50 credit on your first bill and your own personal referral code to share with friends and families. For every person that switches with your code, you both get £50 credited towards your next bill. It takes just two minutes to switch and your code is effective immediately. (I would be delighted if you use mine to get you started, thank you!)