Last Updated: 31st October 2023
On 23rd October 2023, Octopus Energy launched a new reward scheme – Octoplus. In short, it is a new rewards programme that is designed to incentivise and reward smart energy usage among smart meter customers.
In this post, we’ll explain more about what Octoplus is, how you earn points, how you redeem and spend points and importantly how you can sign up for it.
What is Octoplus from Octopus Energy?
As mentioned above, this is a new loyalty scheme from Octopus. Octoplus centres around the concept of earning ‘Octopoints’, a type of reward point that customers accumulate through different activities. More on that below.
You will need an electricity smart meter to be able to participate, which can be installed for free if you don’t already have one.
How do you earn Octoplus points?
The primary way to earn Octopoints is by participating in Octopus Energy’s ‘Saving Sessions’, events aimed at curbing electricity consumption during times of peak energy demand.
By taking part in these saving sessions, if you can use less electricity when the grid is running using less green energy than usual, then you get paid back in Octoplus points. Octopus say you can normally earn between 800-1,000 points per session you take part in.
There will also be ‘Free Electricity sessions‘ where any electricity usage costs from time periods when the grid is using the greenest energy, will be credited back to your accounts as Octoplus points.
For both of these ‘sessions’, you will receive a notification through the Octopus App with details of when and how to take part.
Additionally, you can earn Octopoints by spinning the Octopus’ Wheel of Fortune every time you submit a meter reading, refer a friend to Octopus Energy, or for solar referrals.
How much are points worth?
Octopoints are not just numbers; they hold real value.
For every 800 Octoplus points you have, you can convert these into £1 of credit for your account.
How do you redeem your points?
Currently, you can only redeem these points for account credit. Where you see your balance in your account, there is a ‘convert to credit’ button you can click which will instantly turn them into credit.
Soon, however, you will have the option to donate your Octopoints to charity or exchange them for exclusive Octopus Energy merchandise. Octopus has also hinted at upcoming rewards in entertainment and food, giving customers more ways to benefit from Octopoints.
How do I sign up for Octoplus?
To be eligible for Octoplus, customers must receive electricity from Octopus Energy (any smart tariff), have an operational electric smart meter (or smart prepayment meter), and pay via Direct Debit.
Both business customers and smart prepayment customers can also join Octoplus.
Octopus will need to be receiving half-hourly readings from you and they must have 80% of your readings for the last 20 days for you to be eligible for their ‘saving sessions’.
Eligible customers can easily sign up via the banner in their online accounts or through the app.
With a host of earning and redeeming opportunities, Octoplus is poised to add a fun, rewarding dimension to managing energy consumption. The scheme not only promotes energy-saving practices but also offers tangible rewards, making it hopefully a win-win for both Octopus Energy and its customers.
If you are not already a customer of Octopus Energy, you can read our Octopus Energy review or join them and get £50 using our referral link here. If you’d like more information, we also have a guide on using a referral code.