Posted 27 July 2023

Octopus energy - good deal or wait?

Economy 7 user, can someone help please:

Current tariff: Flexible Octopus
Unit rates:

Standing charge: Electricity: 48.76p per day

Electricity (day): 36.80p per kWh
Electricity (night): 16.40p per kWh

Standing charge: Gas: 27.47p per day

Gas: 7.38p per kWh

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Available: Loyal Octopus 12M Fixed

Electricity:

Daily standing charge 48.76p /day
Unit rate (day) 34.34p /kWh
Unit rate (night) 15.31p /kWh
Early exit fee (For changing tariff or supplier) £75

Gas
Daily standing charge 27.47p /day
Unit rate 6.92p /kWh
Early exit fee (For changing tariff or supplier) £75

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Is this worth going for in your opinion? It seems i can save approx £45 per month if i fix for 12 months...............
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  1. ivrytwr3's avatar
    Author
    Currently paying £296.043 per month, Octopus says the new tariff is £251.36 per month, so i minused the old and new estimate to give me the £45 saving - but after sleeping on it, that doesn't look right!

    My current annual estimate is £3,208.66 with the new tariff being £3,016.29, so an annual saving of £192.37 or a £16.03 monthly saving, not £45.

    No idea where i went wrong (edited)
    Tom.Wilson's avatar
    It's simple really, your current direct debit is too high.

    Remember, your direct debit is not your usage - it's an estimate to cover your estimated usage. Your actual usage could be more or less than what you pay, and you could end up in debit or credit as a result.
  2. Tom.Wilson's avatar
    The only way you'd be saving £45 per month would be if you just so happened to use 5x the average medium households energy usage in a year
  3. Mark_Hickman's avatar
    As mentioned already you aren't hoing to save 45 per month, either means you're currently over paying or will be under paying and racking up a bill on the new tariff.
    Those figures are high in the day, can you not switch to tracker or is it not possible with your meter ?
  4. AC-ZEP-GEN-DC's avatar
    The new tariff is a bit over 6% cheaper. So to truly save £45 a month you would have to currently be spending £720 a month. You can only get true figures by finding/ sharing your annual kWh usage.
  5. walrus4's avatar
    hotukdeals.com/sha…957
    The prices are predicted to drop overall over the next year (minor rise in Winter and drop in Spring and Summer) so just depends whether you like the certainty of a fixed price or take a risk that nothing majorly affects the prices again.
  6. AAB's avatar
    You sure it’s £45 per month saving? If so, it’s a no brainier.

    But I think it’ll be £45 saving in total for 12 months.
    ivrytwr3's avatar
    Author
    Currenlty paying £296.043 per moth, Octopus says the new tarriff is £251.36 per month.
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