Octopus Tracker

Stevie1

Hi everyone, long time Octopus customer here based in the NW.

Had an email from Octopus today about new tariffs and Tracker popped up. As there are 488 pages of chat, I thought this would be a good place to ask if people have found it to be a good tariff to be on in terms of lower costs? We're currently on the Flexible tariff so obviously pay a lot. It kind of looks too good to be true - is there a catch (other than the obvious, prices could go up significantly)? We already have smart meters.

MeteredOut

Stevie1 said:

Hi everyone, long time Octopus customer here based in the NW.

Had an email from Octopus today about new tariffs and Tracker popped up. As there are 488 pages of chat, I thought this would be a good place to ask if people have found it to be a good tariff to be on in terms of lower costs? We're currently on the Flexible tariff so obviously pay a lot. It kind of looks too good to be true - is there a catch (other than the obvious, prices could go up significantly)? We already have smart meters.

If you have time, I'd recommend reading the posts since around the start of December. In particular, Octopus have recently changed the formula they've used to calculate the tracker prices, meaning they'll be more expensive going forward - moreso in some regions over others.

Additionally, with the SVT expected to fall over the next 6 months, there is some indication that the gap between the tracker price and the SVT prices will narrow, potentially quite substantially, so don't assume historic savings documented in people's posts will be replicated going forward.

But, since you're already on Octopus, download the Octopus Compare app and it will tell you what you would have saved had you been on the tariff.

Archerychick

Stevie1 said:

Hi everyone, long time Octopus customer here based in the NW.

Had an email from Octopus today about new tariffs and Tracker popped up. As there are 488 pages of chat, I thought this would be a good place to ask if people have found it to be a good tariff to be on in terms of lower costs? We're currently on the Flexible tariff so obviously pay a lot. It kind of looks too good to be true - is there a catch (other than the obvious, prices could go up significantly)? We already have smart meters.

Because you’re already on Octopus it’s really worth while you downloading the Octo Compare app, which will allow you to compare your existing tariff to the tracker. 

I am honestly saving a bunch on the tracker, and I like that I am benefitting now from the lower wholesale prices 

Archerychick

This is the compare app, which I’ve got set to compare my tracker tariff against Agile which would currently be more expensive for me. You can compare the last month on the free version and it will access all existing and historical tariffs for the comparison - so quite helpful!

mmmmikey

...at the moment Tracker prices are 30% to 40% lower than SVR. If you switch to Tracker you'8 start saving immediately. There's nothing to stop you changing to another tariff if it ceases to be a good deal. As long as you keep an eye on prices it's a one way bet you can only win. The only significant risk is if you take your eye off the ball and don't check the price periodically, so you need to be realistic about your self. If you're likely to set it up and forget about it for a year it's probably not a good option, but if you're the kind of person that can discipline themself to monitor prices then, in my view, there's an awful lot to be said for switching ASAP.

Spies

In December I saved around £70 in total from being on tracker for both gas and electric, I don't get why anyone would choose to be on the SVR rate really. 

Spoonie_Turtle

Spies said:

… I don't get why anyone would choose to be on the SVR rate really. 

Perhaps reasonable certainty of price, hectic lives leaving no time and/or mental capacity for having to make a decision and deal with it if the price spikes (especially with the 9-month wait to go back on, not like freely switching back and forth between tariffs in the past), lack of understanding of energy pricing at all and thus not wanting to take what feels like a risk on something they don't fully understand, etc.

Edit: though for people active here on this forum, most of those are less likely to apply.

PennineAcute

Spies said:

In December I saved around £70 in total from being on tracker for both gas and electric, I don't get why anyone would choose to be on the SVR rate really. 

I moved to Octopus in mid August and, due to having to wait to go onto Tracker, I shifted to Agile.  I was cautious about the gas, though, and for a couple of weeks, I kept on the SVT.  After a couple of weeks, and noticing that the gas prices were hovering around the 6pm mark, I decided to fix my gas. 

After a month on Agile, I calculated I would be better off on Tracker, and managed to move my electricity over.  It was not until 14 November, that I decided to risk gas and moved my gas to tracker - yes, I incurred a £75 fee.

As of now, I have saved just over £66 with my gas on tracker, so the £75 exit fee is well taken care of.  I rue the day I fixed my gas, but life is a learning curve.

Telegraph_Sam

I keep reminding myself that Tracker savings can easily be reversed and that I have to see whatever the latest prices are in a medium term not 24-hour context. And mentally "bank" current savings against future losses.

Slinky

Spoonie_Turtle said:

Spies said:

… I don't get why anyone would choose to be on the SVR rate really. 

Perhaps reasonable certainty of price, hectic lives leaving no time and/or mental capacity for having to make a decision and deal with it if the price spikes (especially with the 9-month wait to go back on, not like freely switching back and forth between tariffs in the past), lack of understanding of energy pricing at all and thus not wanting to take what feels like a risk on something they don't fully understand, etc.

Edit: though for people active here on this forum, most of those are less likely to apply.

I've pushed my neighbours into moving onto Tracker. They've got Android phones so monitoring isn't as easy for them, plus I don't think they are the sort to keep checking, but I've said I'll tell them if it looks like they need to take some action to move away. They have solar and didn't understand they could make money from the savings sessions by utilising their battery. I got them on the last one. I've said I'll let them know when they need to sign up and take part again.  I don't get anything from it other than being a good neighbour, and they've helped me in the past so it's good to give something back.

I just wish my other friends would grasp the nettle but they are taking a while to get to grips with it. At least I've got them shifted away from E7 with EDF which was not a good tariff to be on without any NSH.

If you don't understand Tracker, you need to find somebody who will help you understand it and doesn't mind keeping an eye open for you.