Things you should know before joining

Before you take the plunge and join Octopus Energy, here are a few important things to know about what we offer. 

Buying Electricity

If you’re looking for lower costs for your electricity, Octopus may be a good option, but we’re not for everyone. All our plans are Time of Use, meaning different power prices at different times of the day. That can be great for people who can move their usage around, but more expensive if you can’t. 

Generating and Exporting Electricity

If you already have, or are getting, solar or other generation, our buy back rates are some of the best in the market. But there are rules and conditions and understanding those before you sign-up can save hassles and annoyance later. 

If you’re in the process of installing solar, or any generation, changing retailers immediately might actually slow things down, so read more about that before pressing “go”.

Important things to know about Time of Use plans

Time of Use - our plans don’t suit everybody
With a TOU plan, electricity prices vary depending on the time of day. Peak rates are the most expensive and occur during busy times when demand for power is highest, typically in the mornings and early evenings. On the other hand, night rates are much cheaper because demand is lower overnight. 

If you can shift your electricity usage to these cheaper times, then one of our Time of Use plans could help you save money. Simple things like delaying the start for appliances like dishwashers and washing machines, pre-heating your house before peak times kick in, or charging an electric vehicle overnight can make a big difference.

However, if you tend to use a lot of electricity during peak times and will struggle to change your usage times, you might be better off with a retailer offering an “anytime” plan, where the price stays the same regardless of when you use power.

Important things to know about generating and exporting energy

10kW generation limit
Please note: when we talk about generation and export we use solar as the example because it’s by far the most common, but this applies to any generation source. So, if you have multiple generation sources (sun, wind, hydro, other) add the total capacity together.

Our 10kW generation limit refers to the total generative capacity of your solar array. This is determined by the number of panels on your property multiplied by the wattage of each panel. e.g. 10 panels at 500W results in a total generative capacity of 5,000W or 5kW.

Your inverter limit and any network export limits are not considered in this calculation. Simply put, the more generative capacity you have, the more you will generate overall. Given the same household power consumption, a 12kW array with a 10kW limit will generate and export more than a 10kW array with the same limit… otherwise why on earth would you add more panels?  

So long as this value does not exceed our 10kW limit, you can choose from all our plans. 

If your generation capacity is over 10kW but less than 20kW, you are only eligible for the Octopus Peaker plan.

Larger systems with generation of 20kW or more are not eligible for any of our standard plans and we’ll need to do a custom quote for you.

Once you’re on a plan with us, if you increase your generation capacity you must let us know.

Import/export meter needed to export energy

To export energy back to the grid and receive solar credits, you will need an import/export meter installed at your property. This meter records both the electricity you use and the surplus energy your solar panels generate and export.

If your solar system is being installed within the next two weeks, it may be better to request an import/export meter from your current electricity retailer first, then switch to Octopus Energy once the meter is installed.

If your solar will be installed in more than two weeks, you can request an import/export meter directly through our meter request form here: https://octopus.typeform.com/meter-request

Discrepancies between your electricity meter and your solar app

This is normal. We expect there to be a difference between the two. However It shouldn’t be too large - a 5-10% difference is pretty common. 

The meter records every kWh that is imported from the grid to the property or exported to the grid. Your app shows you what is happening on the house side of the meter and is usually measured at several different points.

You can read more about this here

Credit payouts annually after a minimum 12 months as a customer

We’ll buy any excess electricity you send back to the grid at the rate (per kWh) set out in your plan, and add this as a credit to your account (including GST if applicable).

These credits will be used first to cover your electricity usage and any other charges on your account. Any excess credit will remain on your account. Credit balances do not earn interest.

If you build up excess generation credits, you can request to have your credit paid into your bank account a maximum of once per year, and only after you’ve been with us for at least 12 months.

We require you to be a customer for a full year before we pay out any credits because of the seasonal nature of energy prices. In summer we receive a lot less from the market than we pay you for your export. Conversely, in winter there are usually some months where we get more for it than what we pay you. The twelve month requirement is simply about being fair to both of us.

If you are considering having a credit balance paid out, we recommend waiting until after winter, as this reduces the likelihood of having to make payments to us if your winter generation doesn’t cover the higher winter usage costs.

If You Upgrade or Change Your Solar System

If you make any changes to your solar or battery system after joining Octopus, it’s important that you let us know.

This includes:

• Adding more solar panels

• Increasing your system size or generation capacity

• Installing or upgrading a battery

• Upgrading your inverter

• Making any changes that affect how much electricity you can generate or export to the grid

Changes to your system may affect your eligibility for certain plans and export rates. Keeping us informed helps ensure you’re on the right plan and receiving the correct credits for the electricity you export. Customers who increase their generation capacity may be eligible for a different plan or export rate structure depending on the size of their system.

Before or shortly after making any changes, get in touch with our team and we’ll help make sure everything is set up correctly.