On the back of the success of the previous OE tariff I shared I wanted to bring another tariff to people’s attention who either missed that deal or didn’t see it at all. It’s the Agile Tariff from Octopus Energy.
First of all, this one is a more complex product than arguably any other tariff on the market, so if you’re going to be put off by high headline peak prices, you’re unlikely to have a constant awareness of prices or are unable to load shift then this is unlikely to be a product worth considering. This tariff is designed for homes with storage heaters, electric cars or people who can shift their energy usage into off peak times.
At present, the energy price guarantee rates for electric are on average (for direct debit customers) 33.21p/kWh with a standing charge that varies by region. That will fall to 30.11p from 1st July when the Ofgem cap will fall below the EPG cap.
With Octopus Agile, rates change every 30 minutes in line with the wholesale cost of energy which has fallen significantly from its summer 2022 peak. It’s possibly the only tariff which is immediately* available which allows people to reduce costs below the cap. (Other tariffs such as Intelligent and Go would also allow this but an EV is required). Prices tomorrow for example range from 1p to 32p. On rare occasions you might even get to paid to use energy if prices go negative, but that’s only happened for 15 hours in the last year so isn’t really worth considering.
Below is a comparison using Octopus Compare of a household who hadn’t made any efforts to load shift and compares the price that would be paid on the standard variable tariff (Flexible Octopus) vs the proposed Agile Tariff. As you can see they would have averaged a unit rate of 18p rather than 33p with a saving of £110 in one month.
Here’s some historic and future prices also:
Some frequently asked questions can be found here
Agile FAQs but the most important one is, you need a smart meter that octopus can connect to which sends half hourly readings. This is generally a SMETS2 or a SMETS1 manufactured by Secure. This is also an electric only tariff so if switching gas and electric to OE your gas would remain on standard variable prices on their ‘Flexible’ tariff.
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