One of the ideas we’re exploring is energy switching. Here’s an update from product manager Benji on our latest test.
For this feature to work for me, it needs to have the ability to put in usage details and tariff details. The Octopus quote suggested I could save half of what I’m paying with Bulb, but when I calculated the cost based on my last monthly bill it was actually more expensive.
Why you can’t create new Savings Pots – for now
This is the feedback I gave them when I was surveyed after switching to Octopus though Monzo.
Thanks for your feedback! I am an engineer working on energy switching. We’re planning to add that ability soon
Why you can’t create new Savings Pots – for now
Please can you show unit prices and standing charges in pence - all energy suppliers show these prices in pence and showing them in whole £ to 2 decimal places is incorrect and makes life harder if you’re trying to compare your current tariff ‘vs’ the new tariff.
+1 on being able to enter usage in kWh.
It’s sad that the Onedox integration didn’t go ahead (they’ve since partnered with Starling) - given that Onedox scrape usage information from bills it would potentially mean it could be auto-populated for Onedox users. Maybe you could leverage the Onedox API for this in future?
It’s been a week or more since I switched so I can’t remember off the top of my head exactly what the screens were like but it might be good for transparency if you make it clear how much Monzo makes from each switch.
I will look at this in May /June when my present contract expires. althougn it would be my preference ,cost matters, and it needs to be competitive with comparison sites for me to switch through Monzo.
I think for me to use this, I’d like there to be more than one energy supplier to compare rather than just Octopus.
I want to be able to just send Monzo a PDF copy of my latest bill and then they come back with a deal.
I don’t have time to mess about looking at stuff hence why I don’t bother looking to switch.
I think a more valuable feature would be to create something like Money Saving Expert’s Cheap Energy Club. I put in my usage once, and it emails me when I could save money by switching.
The actual switch (at least in my most recent experience switching to Bulb) took about 3 minutes… create a password, give them my address and bank details and they sorted the rest. I think MSE even take care of that part with some suppliers.
Really, being partnered with one company feels like an advertising campaign for Octopus rather than actually helping me get the best deal. And I can’t see the benefit of Monzo giving Octopus my address and bank account number, over auto fill on my browser doing it
Even if 10 minutes of your time saved you £100s per year?
this. I switched as soon as it became available & the switch is final in 3 days. Let’s see how much I save…
I’m trapped on an expensive SSE flexiheat tariff which no other providers support, so I couldn’t switch even if I wanted to
I really like this. I suppose the only problem at the moment is that having one provider does not offer the depth of market that a switcher wants to make sure they offer the best deal. I like the idea of a direct link with Octopus but would prefer some sort of partnership with a whole market switching service where I can input my actual usage details and then get a tailored offer.
Another thought … Collective switching. MSE, ichooser etc negotiate off-market deals on a collective switch basis. Now that could be a game changer if Monzo could set something like that up.
Would it be possible for Monzo to link into Smart Meters to get exact usage data without the customer having to input usage data themselves?
Then a customer would only have to give Monzo permission to use their smart meter to collect usage data and also give Monzo the details of their current energy tariff details (for the first switch). Monzo would then be able to switch them for the best deal regularly without the customer giving any more information (except permission for each switch).
I switched to Bulb a while back, after a referral thread on this site alerted me to them. I’d only consider switching if it worked the same way (just one single, cheap tariff) and I could accurately compare prices. In other words, I echo the sentiment of the other poster that said pricing needs to be displayed in the standard format.
Also, I’ve just had a look on the App Store and the Octopus Energy app has not been updated for over a year, with an average rating of 2.7 stars. That is not a good look, so the savings would have to be more than a couple £ in order for me to consider as a result.
The Octopus app is okay if you just want to submit a meter reading, amend your personal details (including DD amount / date) or view the charges for each service. You can’t download a statement from the app or view your actual usage (on iOS anyway)
Thanks for the info. You can do both of those things in Bulb, so that’s disappointing to hear.
I would have liked Monzo to pick partners who share Monzos vision of an app-based future, but maybe Octopus is that much cheaper or offered large kickbacks.
Thank you for your feedback @jamieps!
We’ve fixed the unit rate precision. Now you should be able to see prices in pence.
Also, we mention on the very first screen that we will make £50 in commission if you switch.
Personally monzo should partner with a company that offers the homewarm discount like bulb and for me personally they are the cheapest even if Octopus could have saved me £10 a month, but as they don’t do the homewarm disount I get £140 credit to the account
List of homewarm discount suppliers
Just had an e-mail from Money Supermarket suggesting that a tie-up with Octopus is exclusive with them? R-