Millions of Octopus Energy customers will now receive refunds on their accounts in record time, following a major overhaul of the supplier's payment systems. The company has announced that 5.5 million customer accounts have been migrated to a new platform, slashing the waiting period for credit repayments.
Faster Refunds Arrive in Days, Not Weeks
In a significant shift, refunds that previously took up to five working days to process will now typically land in customers' bank accounts within just one or two days. This makes Octopus the fastest major energy supplier for returning credit. The change is the result of one of the largest Direct Debit migrations in UK history, moving £12 billion worth of payments to the fintech firm GoCardless.
The most efficient method to request a refund is via the Octopus mobile app. The company states that if a customer requests their credit back on a Monday, they can expect to see the funds by Wednesday lunchtime. Approximately 70% of refunds are already handled through this self-service system, with around 30,000 processed each week. Customers who prefer personal contact can still phone or email the company directly.
Behind the Scenes of a £12 Billion Switch
The technical transition to GoCardless, a established UK fintech used by thousands of businesses, is designed to ensure smoother transactions and reduce administrative delays. Octopus Energy states this efficiency allows its teams to focus more time on direct customer support.
Greg Jackson, Founder and CEO of Octopus Energy, commented on the achievement: "Moving £12 billion of payments with zero disruption is a huge technical achievement. It's another step in using technology to make energy fairer and faster for customers."
Hiroki Takeuchi, co-founder and CEO of GoCardless, added: "We're proud to power payments for Octopus Energy – a company that, like us, uses technology to make life simpler. This shows what's possible when two tech-driven companies collaborate for good."
Fairer Bills and Future Savings Promised
Alongside faster refunds, Octopus has reiterated its commitment to passing on government-led savings to its customers. The supplier has pledged to apply reductions stemming from the Autumn Budget directly to bills from 1 April 2026. These changes involve removing certain legacy and environmental policy costs from electricity prices.
Industry experts estimate these policy shifts could save households an average of £134. Octopus says it will apply the reductions automatically across all its tariffs and hopes rival suppliers will follow suit. British Gas has made a similar pledge to pass on the cuts to customers on fixed deals from the same date.
Greg Jackson said: "Octopus has long called for cuts in policy costs to help bring bills down... These changes will bring a welcome relief to customers, and we'll pass them through on all of our tariffs as soon as they kick in, so no one misses out."
The company also highlights its bespoke Balance Forecaster tool, which lets customers see how their payments match their energy use throughout the year. If their balance grows too large, a simple tap in the app sends the surplus back to their bank.
