Octopus Energy reviews: Give your feedback

Telegraph_Sam

As I have always understood it, 50% of what I generate is "deemed" to be exported regardless of the true facts, and I get credited from the FIT's without having a smart meter or being on Octopus (Agile) or having a battery. It is a complex topic which does not really belong here with all the variables that you point out. I remember calculating at the time that it would take me of the order of 13 years to break even, and going solar then was truly a borderline decision. If it was a matter of committing funds now that would break even only in 15 years' time I would be looking for a significant positive return over and above recovering the outlay. If the relationship between the cost and efficiency of the (storage) technology compared with the cost of electricity changes dramatically in the coming years it would be time to reassess, but I suspect that that time has not yet come for most of us. Might I suggest that your situation is not typical?

niktheguru

Telegraph_Sam said:

Looking around for the first time at electricity only tariffs. The only fixed one (no exit fee) that would offer me an advantage over latest Tracker is Nabuh Energy. Never heard of them, no Which? rating or customer score. 

If you're restricting your search by insisting on a fixed deal with no exit fee then you're not going to find much. Most of the decent fixed deals have a 15-30 pound exit fee.

Telegraph_Sam

... or more! That is precisely what I am doing as a contingency in case Tracker was to lose its competitiveness - or rather to put what Tracker is offering into a meaningful context.

masonic

It would be better to factor exit fees into the equation rather than use them as an exclusion criterion. Some exit fees are covered by a joining incentive, if not, then they may be paid for by savings made in the first few months. If you can't commit to a year, but could commit to 3 months, you might still be better off. "Variable rate" tariffs also have their place as these are effectively 30 day fixed rates, given the need to give notice of price increases.

Over the last 4-5 years I've only spent a few months in total with energy suppliers I had heard of before visiting a comparison site.

Telegraph_Sam

Simple: As long as there sre a few fixed rate no exit fee deals on offer I can save myself the hassle of evaluating alternatives with all the factoring in of the variables that is involved. With the probability of having to repeat the exercise as things change. There is a value in avoiding hassle which I would be prepared to pay a "modest" premium for. I regard no exit fees as a sign of confidence by the supplier in his offer rather than having to lock customers in to an inferior package when they get disillusioned.

niktheguru

Telegraph_Sam said:

Simple: As long as there sre a few fixed rate no exit fee deals on offer I can save myself the hassle of evaluating alternatives with all the factoring in of the variables that is involved. With the probability of having to repeat the exercise as things change. There is a value in avoiding hassle which I would be prepared to pay a "modest" premium for. I regard no exit fees as a sign of confidence by the supplier in his offer rather than having to lock customers in to an inferior package when they get disillusioned.

I'd disagree with that. Exit fees exist to protect the utility companies from mass exodus of customers for a minimal differnce in savings. Remember they are hedging their bets by purchasingn wholesale energy at a certain time and offering a certain price for the 12 month term as a result. If wholesale prices then fall they're left exposed as the customer just then leaves to somewhere else and the company is left paying for it.

Tariffs with no exit fee tend to be a little more expensive than the cheaper ones to take that into account, which is exactly why its important to factor in exit fees into your overall price projection as that may make it cheaper overall than some of the more expensive no exit fee ones, depending on your annual consumption.

Telegraph_Sam

I can recognize that point of view even though I differ in my conclusions. If certain energy co's of their own free will decide to offer no exit fee packages then it's an open market and up to the consumer whether or not to take advantage of them in comparison with the alternatives. NEF's are obviously designed to encourage switching. In this respect Octopus should be given credit for their stance.

masonic

All* fixed tariffs have exit costs. Some are explicitly charged to the customer who breaks their contact, while others are cross-subsidised by all of the customers on a particular tariff. There's nothing wrong with having products on the market with a higher unit price but no exit fees, so that the customers who don't know if they can stay for a whole year don't have to pay £30 if they do have a reason to switch, but instead all customers pay a few pounds a month extra to help those that need to be released from the fix.

* This isn't strictly true, as we've learned from suppliers that have failed as a result of not buying energy to match the deals they offered.

masonic

Telegraph_Sam said:

Simple: As long as there sre a few fixed rate no exit fee deals on offer I can save myself the hassle of evaluating alternatives with all the factoring in of the variables that is involved. With the probability of having to repeat the exercise as things change. There is a value in avoiding hassle which I would be prepared to pay a "modest" premium for. I regard no exit fees as a sign of confidence by the supplier in his offer rather than having to lock customers in to an inferior package when they get disillusioned.

Well yes, if you exclude all the cheapest deals it is much easier to convince yourself you are on a good one already

bristolleedsfan

masonic said:

Telegraph_Sam said:

Simple: As long as there sre a few fixed rate no exit fee deals on offer I can save myself the hassle of evaluating alternatives with all the factoring in of the variables that is involved. With the probability of having to repeat the exercise as things change. There is a value in avoiding hassle which I would be prepared to pay a "modest" premium for. I regard no exit fees as a sign of confidence by the supplier in his offer rather than having to lock customers in to an inferior package when they get disillusioned.

Well yes, if you exclude all the cheapest deals it is much easier to convince yourself you are on a good one already

Or if pick tariff(s) with no exit fees that is  handy to keep conversation about tariffs ongoing The no brainer for most people who would not benefit from Agile, wants a fixed rate with no exit penalties, does not want to go with Symbio would be to get a Smart Meter installed for Go/Go Faster Tariff currently around 13.95 kwh rate level 12 month fixed ( end of conversation about tariffs, enjoy the summer and probably winter as well)

The longer dilemma continues fixed rate tariffs have been increasing in price, everybody knew that would happen from April 1st onwards tariffs from energy companies with reasonably decent reputation that were below old  energy price cap level would increase in price to be above old cap level and below new cap level