Neo Energy is the trading name of Euston Energy, Owned by Energy Asset Investments Ltd. Mr Oliver Friedrich is the man behind the energy company, possibly the smallest energy company operating in the UK with fewer than 10 employees.
The London based Neo Energy started trading in 2020 and offers gas and electricity tariffs with 100% renewable electricity. What's unique about Neo is that you can pay for your energy bill in Bitcoin and they have a tariff specifically for cryptocurrency miners. Using dedicated computers (miners) to mine cryptocurrencies use a lot of electricity which is why much of today's Bitcoins are minted in China.
Neo Energy Tariffs
As well as offering 100% renewable electricity on their new tariffs there are no early exit fees as these are variable rates. Whilst Neo is a new energy supplier in the UK their Neo 4.1 energy tariff has been in our top 10 gas and electric deals since October 2020 till now (January 2021).
Even though Neo 4.1 is a variable rate deal meaning that the unit price for gas and electricity or the standing charge can go up or down over time it hasn't changed price over the 4 months we have been tracking it. At this current point in time (12th January 2021) it is showing as the cheapest rate energy deal.
|Month price checked||Tariff||Electricity daily standing charge||Electricity pence per KWh||Gas daily standing charge||Gas pence per KWh|
|January 2021||Neo 4.1||20.15||13.30||24.89||2.60|
You cannot switch to Neo Energy through price comparison sites, at the moment the only energy comparison site that is showing the tariff is Energy Helpline although you cannot switch to Neo through them.
Auto switching service Switchcraft is using them and has switched customers to Neo but the review left on Neo Energy's Facebook page from that person was very negative.
Before deciding on a switch make sure you check if you can get the same deal cheaper or if another supplier has an even better offer.
Neo Energy Review
As I mentioned before Neo Energy is a new supplier and is a trading name of Euston Energy which is run by Oliver Friedrich, Nazar Fudim and Simeon Kazianis. Euston Energy is also behind Northumbria Energy which incidentally offers Neo Energy tariffs.
There is little information about the supplier and not much in the way of customer feedback. The only review on Trustpilot gives very negative feedback dated 21st December 2020 and there is only 1 Google review which gives the company 1 out of 5 stars.
On their Facebook page they currently have 6 reviews with an overall rating of 1.7 out of 5. Two of those did leave positive feedback but the other were negative, all highlighting problems with getting in contact with Neo and getting issues resolve.
There does seem to be a lot of negative feedback from customers but Neo is a new energy company and it doesn't look as though their system is very automated which may be a contributing factor.
The plus is that they have very low prices, as mentioned the lowest in the UK right now. However I'd prefer to switch to a company that has a proven track record such as Green who are one of the highest rated energy companies in the UK. Green's Hazelwood tariff is also a variable rate with no exit fees and 100% renewable energy costing £73.77 a month compared to Neo's £72.94.
A new energy company with come innovative ideas and low prices but lacks trust and has poor customer feedback.
Neo Energy is not established enough and does not have enough reassuring feedback to recommend a switch to even though their prices are very low.
If any energy provider fails you are of course protected, you will (eventually) get any credit balance refunded and you will be moved to another supplier. With this consumer protection in place you shouldn't be left financially worse off so you may want to switch just because of their low cost.
If you are looking to switch to a renewable energy supplier we have our best green energy supplier list or take a look at our recently updated reviews of the best energy companies that provide the best customer service.
Concerns about energy quotes
Most energy companies have slick and efficient quoting systems that give the customer an instant online quote and they make it easy for you to do so. Octopus Energy is a classic example of this making it easy and uncomplicated with big clear buttons and clear easy to understand tariff choice options.
Octopus have obviously spent a lot of time and effort making it frictionless to switch to them and customers love them and it shows in all the positive feedback they get. Neo Energy has made it more complicated than it needs to be.
The button to get a quote is small and for some reason floats off to the left rather than being large (visible) and centered, not really an issue if you are just clicking it but it gives the impression that the company is a bit sloppy. When you click the link a new window opens with a form to fill in to get a quote.
It looks better and clearer on a mobile device but very busy on a wider screen such as a laptop. The main issue with this is that it sends your details to Neo and you have to wait until they contact you to get a quote. These days not many people are going to wait around for an online energy quote when they can get an instant quote elsewhere.
If that was the only issue it would be enough to put most people off. However the forms they are using are from a free 3rd party Hubspot lead capture form, it clearly states this next to the submit button.
Most potential customers are not going to know who Hubspot is or realise that Neo Energy has not coded the forms themselves. However would you trust an energy company that has to resort to using free or third party software. I've never seen any other energy company do this and go as far to say it's worse than the Zebra Power website for usability.
As I mentioned before they have some innovative ideas such as accepting Bitcoin payment and have offered new customers 1 month free electricity. They also have a very cheap gas and electricity tariff which should be earning lots of new customers.
Neo Energy needs to build trust with existing and potential customers and improve their gas and electric quoting system so customers can get instant quotes.
It looks like most of the site has been copied verbatim from Northumbria Energy's website which is also part of the same group. Northumbria Energy also appears to be having similar negative feedback issues as Trustpilot also rates it as a poor energy supplier.