Energy tariff with octopus - save 20-30% vs price cap rates

Just did an approx calc for Octopus v Eon based on my last year's usage - currently paying £240 month with Eon, Octopus quoted £231. Still a saving but would you expect Octopus to always out perform the likes of Eon? I'm seriously interested in swapping whatever.
 
h_m_boro said:
Just did an approx calc for Octopus v Eon based on my last year's usage - currently paying £240 month with Eon, Octopus quoted £231. Still a saving but would you expect Octopus to always out perform the likes of Eon? I'm seriously interested in swapping whatever.
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Yes, unless you're on a cheap fix ; but it's currently competitive with those - my friend on a 3 year eon fix ending august and paying 3p gas - octopus today is 3.6p gas so it's not miles apart. Outside of fixes you'll be looking at price cap and you're looking at 35% cheaper than the new July cap

Are you comparing the octopus dd amount?as that isn't what you need to compare

Post your eon unit rates and standing charges and how many units of each fuel you've used in the last year and I'll compare

Or just post one months eg Feb usage

Octopus dd when I joined was about £230

we pay far less than that and you can change it yourself or with CS, but dd amount is always a red herring - need to look at the unit rates, standing charges and add all up and then /12 and that's your true "comparison rate" and what your dd should be set at

Tracker can go up but Cornwall insights predicting price cap to remain around 2k level for some time which means they're not for casting wholesale increases so tracker may go up, but still be cheaper than epg and you can leave it any time you like
 
I'm on a normal tariff, no fixes etc.

Rates are -

Electric
Standing charge - 51.415p (per day)
Unit Rate - 32.718p kwh

Gas
Standing charge - 29.112p (per day)
Unit rate - 10.317p kWh

Expected/estimated usage -

Elec - 3600
Gas - 13000
 
h_m_boro said:
I'm on a normal tariff, no fixes etc.

Rates are -

Electric
Standing charge - 51.415p (per day)
Unit Rate - 32.718p kwh

Gas
Standing charge - 29.112p (per day)
Unit rate - 10.317p kWh

Expected/estimated usage -

Elec - 3600
Gas - 13000
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693C6429-7256-4A48-BAD2-98EB95F05CB6.jpeg
Sorry for the rainbows image but on a work csll

Top table is based on the current low octopi's prices bottom takes a higher priced unit approach to factor in some swings in prices

The bottom row of each table is key - that is the combined figure across both fuels based on your usage

Blue is your current tariff

Grey is the current price cap

Green is the July price cap

Purple is octopus tracker

As you can see the higher rate scenario is stoop cheaper than the July cap

The top table saves you £85 a month, but presume a bit less

No brainer

Edit sorry I didn't update your gas standing charge but it makes like £1 a month difference 😂
 
Absolutely spot on that - appreciate your time setting things out "idiots guide" 😁😁

So basically switch to Octopus, go onto green. Register for the tracker then in a few months hopefully be put on the purple? (by which time prices expected to have come down further?)

Sounds good, I'll get this sorted over the weekend - cheers👍
 
h_m_boro said:
Absolutely spot on that - appreciate your time setting things out "idiots guide" 😁😁

So basically switch to Octopus, go onto green. Register for the tracker then in a few months hopefully be put on the purple? (by which time prices expected to have come down further?)

Sounds good, I'll get this sorted over the weekend - cheers👍
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Yeah, hopefully you get on right away but absolute worst case you're paying the same price cap as everyone else but get £50 credit for the switch and wait time was about 3 months but I reckon based on recent switches you'll be in on 1st July and based on them figures it's the same price as your current tariff anyway so no brainer
 
One thing to be aware of, I think the tracker is outside of the price cap, so if prices rocket then you won't get covered by the price cap, it goes to a lot more, but you can get out of it with two weeks notice.

  • Tracker features Price Cap Protect, which caps the maximum daily price at 100p / kWh for electricity and 30p / kWh for gas – keep in mind that's a lot higher than the Ofgem Energy Price Cap, so if you can't afford prices to increase further, you're probably better off sticking with a protected tariff such as Flexible Octopus.
  • Should you choose to leave Tracker, it won't be instant – you may need to wait up to 2 weeks before the switch to your new tariff will complete. After leaving, you'll need to wait 9 months before switching back to Tracker.

This is quite handy too:

energy-stats.uk

Octopus Tracker North Eastern England - Energy Stats UK

energy-stats.uk energy-stats.uk

1685109649019.png
 
You get the same price guarantee as the price cap, so if unit rates go above the tracker some discount kicks in but the unit rates can theoretically go much higher beyond that.

Remember the price cap doesn't protect anyone if just sets unit rates - so as long as unit rates are below price cap it's going to be less. Even if it goes above those levels, have to consider the annual cost. It was below epg most of December and all of January and February which was the colder months and forecasts for wholesale is to fall so hopefully nothing to worry about

Worst case you can back out to the price cap so might as well save now - tomorrows elec rate is 15.1p!
 
ThatFragranceGuy said:
You get the same price guarantee as the price cap, so if unit rates go above the tracker some discount kicks in but the unit rates can theoretically go much higher beyond that.

Remember the price cap doesn't protect anyone if just sets unit rates - so as long as unit rates are below price cap it's going to be less. Even if it goes above those levels, have to consider the annual cost. It was below epg most of December and all of January and February which was the colder months and forecasts for wholesale is to fall so hopefully nothing to worry about

Worst case you can back out to the price cap so might as well save now - tomorrows elec rate is 15.1p!
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Yeah it looks easily worth it to me, just something to keep an aye on but if prices rocket it will be in the news anyway, and we'll be chatting about it on here :)
 
Wez68 said:
I had to join over the phone , lad said he had put it in and it was all sorted , do you get any notification your end ?
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Yeah usually get an email and haven't had anything but it might come later

Did you get online account access yet? If not that maybe the trigger for it. Not to worry as soon as you get an online account you can apply the code from there

Actually you might want to ring and check 😂 their faq suggests has to be done via the site but I'm sure if he told you it's fine then its fine. If you cba ringing them they're responsive to tweets quite quickly


Can I add a referral after I’ve already signed up?​

If you forgot to use your friend's referral link when you signed up, just get in touch and let us know the referral code. As long as you signed up directly through our site, we'll be able to add the referral to both you and your friend's accounts.
 
ThatFragranceGuy said:
Yeah usually get an email and haven't had anything but it might come later

Did you get online account access yet? If not that maybe the trigger for it. Not to worry as soon as you get an online account you can apply the code from there
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Yes I have online access, but can only see an option to share my code?
 
Wez68 said:
Yes I have online access, but can only see an option to share my code?
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Updated my post above, am sure it's fine but you might wanna check with what it says about joining via the site. Twitter usually fine for queries!

For me when I joined and looked in the portal it had a part about entering a referral code
 
I signed up yesterday but clicked the wrong link so didn't get the referral credit. Is there a code or something I should give them when I contact them?
 
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