Octopus Energy, described as the UK's second largest energy supplier, launched a rewards programme called Octoplus on 23 October 20231. The scheme lets customers earn "Octopoints" through demand flexibility schemes and account activity, and redeem them for account credits1.
Octopoints can be earned in several ways, according to the announcement: taking part in Saving Sessions, where customers are rewarded for cutting electricity use at times of peak demand; spinning the supplier's Wheel of Fortune each time a meter reading is submitted; referring a friend who switches to Octopus Energy; and taking part in its solar installation scheme1. Customers can redeem points for account credits, and the supplier says charity donations and Octopus Energy merchandise will follow, with rewards in entertainment and food "following soon"1.
Eligibility requires receiving electricity from Octopus Energy, having an operational electric smart meter that sends half hourly readings, and paying by Direct Debit1. Business customers and smart prepayment customers can also join1. Eligible customers sign up through a banner in their online account or in the app1.
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy, said:
"Our customers have been so passionate about earning Octopoints through our previous demand flexibility schemes that we're very excited to give them even more ways to do so. With Octoplus, our savviest customers can now make their Octopoints go even further, converting them into brilliant prizes, merchandise and soon even more rewards through trusted partners."
Why it matters for households
The scheme ties rewards to half hourly smart meter data, so a household needs an electric smart meter sending those readings to take part1. That makes the meter, rather than the tariff alone, the gateway to the rewards on offer. For a household weighing up energy supplier rewards and referral schemes, the value here sits in two places: shifting electricity use away from peak times through Saving Sessions, and routine account activity such as submitting meter readings1.
The demand flexibility element connects to a wider pattern in which suppliers pay households for adjusting when they use power, rather than only for how much they use. That is the subject covered in household flexibility and reward schemes, and for electric vehicle owners the equivalent arrangements are set out in smart charging, flexibility services and reward schemes. Schemes of this kind give a household a modest degree of control over part of its bill, though the announcement gives no cash values, point values or redemption rates, so the size of any benefit cannot be judged from it1.
Because eligibility depends on being an Octopus electricity customer paying by Direct Debit, the scheme is not open to households supplied by other companies1. Households comparing suppliers on this basis may find the wider picture in So Energy vs Octopus Energy and OVO Energy vs Octopus Energy useful context, and the broader question of what supplier choice means for a home's control over its energy is covered in energy suppliers and household energy independence.
What happens next
The announcement states that charity donations and Octopus Energy merchandise will be available "soon", with rewards in entertainment and food to follow, but gives no dates for any of these1. No launch date, point value or redemption rate for the later rewards has been reported1.
Sources1 cited
- Octoplus - Octopus Energy's New Reward Scheme, flexi-orb.com