What your Octopus Energy contract says

In short

This is a domestic electricity supply contract with Octopus Energy. Octopus is known for 100% renewable electricity and transparent pricing. You pay monthly by direct debit, and your unit rates depend on the tariff you choose. The Flexible Octopus tariff tracks wholesale prices, so your rate can go up or down. Octopus is regulated by Ofgem and must follow the price cap on variable tariffs. They have a strong reputation for customer service and make it very easy to switch away.

What you agree to do

• You must pay your monthly bill by direct debit on the date Octopus sets.
• You must submit metre readings regularly or have a smart metre installed.
• You must not resell the electricity supplied to your property.

What you can ask for

• You can switch away from Octopus at any time with no exit fees on the Flexible tariff.
• You can cancel within 14 days of signing up under the cooling-off rules.
• You can request a refund of any credit balance on your account at any time.
• You have the right to receive a free smart metre installation.
• You can take your complaint to the Energy Ombudsman if Octopus does not resolve it within 8 weeks.

Points worth knowing

• Variable rates track wholesale pricesOn the Flexible Octopus tariff, your unit rate follows wholesale energy prices. If wholesale costs spike, your bills will increase (though the Ofgem cap limits total exposure).
• Fixed tariffs may carry early exit feesSome fixed-rate Octopus products charge an exit fee (typically £25 per fuel) if you switch before the deal ends. Always check the specific terms of the tariff you choose.
• Estimated usage can lead to surprisesWithout regular readings or a smart metre, Octopus estimates your consumption. You could build up a large debt or overpay significantly.
• Agile tariff prices change every 30 minutesIf you opt for Octopus Agile, your electricity price changes every half hour based on wholesale rates. Prices can occasionally go negative but can also spike sharply during peak hours.

Dates and deadlines

Monthly direct debit

Collected monthly; Octopus automatically adjusts the amount based on your usage patterns

Cooling-off period

14 days from sign-up (you can cancel with no cost)

Annual review

Octopus reviews your tariff once a year and will notify you of the best available deal