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Squeeze your power bill terms and conditions

** This promotion is no longer available to new customers that sign up after 11:59pm, Wednesday 10th August 2022 **

Last updated on 24th May 2022

  1. This offer is available to residential customers ("you", "your") who join Octopus Energy NZ Limited ("Octopus Energy" "us", "we", "our") while this offer is live.

  2. To be eligible for ‘squeeze your power bill’ guarantee you need to email us at savings@octopusenergy.nz with a bill from your previous retailer within 30 days of signing up to Octopus Energy. The bill must be the most recent bill issued by your previous retailer for the same unique installation control point number ("ICP") for your property, it must have been issued within 30 days prior to joining Octopus Energy, it must be for a fixed pricing plan and must contain a rate for electricity only (and not a mixed or blended rate).

  3. A ‘squeeze your power bill’ guarantee is not available in respect of a customer's previous spot pricing plan with their previous retailer. However, where possible we will provide you a ‘squeeze your power bill’ guarantee against a fixed pricing plan for electricity that was available with your previous retailer at the time of joining Octopus Energy. You will need to email us details of those rates (a link or screen shot) which we may accept as genuine in our sole discretion.

  4. A ‘squeeze your power bill’ guarantee is not available in respect of a customer's previous pricing plan if that plan was part of a buying group or a staff discount program. However, where possible we will provide you a ‘squeeze your power bill’ guarantee against a fixed pricing plan for electricity that was available with your previous retailer at the time of joining Octopus Energy. You will need to email us details of those rates (a link or screen shot) which we may accept as genuine in our sole discretion.

  5. If you are an eligible customer, we will email you to confirm the details of your ‘squeeze your power bill’ guarantee by email.

  6. Under our 'squeeze your power bill' guarantee we will:

  7. at the end of your guarantee period review your account to ensure that you have saved a minimum of $1 during your first continuous year as our customer compared to the cost you would have paid for electricity during that period for the same electricity usage with the rates of your previous retailer (as per the evidence provided and accepted by us when you became an Octopus Energy customer); and

  8. subject to these terms and conditions, if you have not saved $1 we will credit your account with $50 plus the value of the additional amount you have paid to Octopus Energy within 30 days of the anniversary of the date you joined Octopus Energy. Any credit to your account can only be used against electricity consumed; it cannot be redeemed for cash and we will not pay any interest on credit amounts.

  9. If your account is unpaid and overdue at the end of your guarantee period, or you have any other debts owing to Octopus Energy for more than 30 days we will not provide you with credit as per clause 5.

  10. We will calculate your savings by comparing your rates including any prompt payment discount. We will not include any other discounts or offers, for example dual fuel discount or sign-up incentive.

  11. For Retailers whose rates vary throughout the year (e.g. Powershop), we will use the cheapest applicable estimated annual average rate from their published rate card, valid for the date of your switch to Octopus Energy.

  12. If you are moving into a new property we can provide you a ‘squeeze your power bill’ based on another retailer’s tariff of your choice that is advertised on Powerswitch and is applicable to your circumstances (taking account of eligibility, usage, metering and network set-up). Please email us to take advantage of this.

  13. These terms and conditions are supplemental and subject to our general terms and conditions.

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