Octopus 100% Price Increase?

lundun1

My fixed Tarif ends in April and I called Octopus today asking what their best fixed deals are for when I come off. I currently pay £60 a month direct debit. Their 'LOYAL' Octopus 12M Fixed Tarif would have me pay £320 a month (apparently my current deal is £160 a month, but I never paid that so not sure what that's about, but I am about £400 in credit at the moment).

What are other Octopus customers being offered?

TheMilkmansDad

I'm guessing you are referring to the much anticipated Price cap increase due in April?

the increase will be in the current Price cap and not your current fix rate. get ready to check for the money down the back of the sofa.... or preferably the wining lottery ticket!

Are your reading up to date and are you being billed correctly?

bagand96

None of it really means anything without the tariff details. A monthly DD is an arbitrary figure. 

ProDave

Octopus are one of the best, It is easy to see what your present rate is, what your ACTUAL usage is (providing you have supplied regular accurate meter readings) and keep track of your account balance.

I doubt your unit rate has doubled.  But it WILL go up when coming to the end of a rate fixed some time ago.  and if your low payment has not been keeping up with what you have used your account will be in debt so the new payment will be higher to pay down that debt.

It is all clear if you look on the Octopus Dashboard and monitor your account.

Expect prices to go up again in April so you need to do some sums and see if it is worth accepting the best fixed rate they are offering, or decline and revert to the standard variable rate and take a gamble on just how much that is likely to rise again in April.

UnclaimedEnergy

lundun1 said:

My fixed Tarif ends in April and I called Octopus today asking what their best fixed deals are for when I come off. I currently pay £60 a month direct debit. Their 'LOYAL' Octopus 12M Fixed Tarif would have me pay £320 a month (apparently my current deal is £160 a month, but I never paid that so not sure what that's about, but I am about £400 in credit at the moment).

What are other Octopus customers being offered?

Maybe get the actual rates instead of just monthly payments and use your EACs to compare against other suppliers.

It might actually be that the loyal tariff is the best you're gonna get. (Worth noting they're not offering tariffs online to new customers atm)

@ 2,900kWh elec and 12,000kWh gas you'd be looking at maybe a £2k+ annual cost in April.

If you're that much in credit then it might be the EACs they have for you aren't correct either... so might be worth checking your actual consumption and check your bills to see if they've been using actual readings or not (If you don't have a smart meter, you would had been needing to send these monthly).

ProDave

P.S I have just accepted the Loyal Octopus fixed offered to me, a bit under a 40% rise for me.  I am gambling that the CAP will rise in April by more than 40% and I will be better off.

I would never have thought I would see the time when "only a 40% increase" is considered good.

lundun1

ProDave said:

P.S I have just accepted the Loyal Octopus fixed offered to me, a bit under a 40% rise for me.  I am gambling that the CAP will rise in April by more than 40% and I will be better off.

I would never have thought I would see the time when "only a 40% increase" is considered good.

What is your annual estimated cost for the Loyal Tarif?

bristolleedsfan

lundun1 said:

ProDave said:

P.S I have just accepted the Loyal Octopus fixed offered to me, a bit under a 40% rise for me.  I am gambling that the CAP will rise in April by more than 40% and I will be better off.

I would never have thought I would see the time when "only a 40% increase" is considered good.

What is your annual estimated cost for the Loyal Tarif?

For Electricity only customer difference is just under 40%, for those who also have gas, 109% ish difference, probably better to stay on flexible for gas rather than pay double the cost of gas usage until sometime during April particularly as tracker tariff gas is currently capped at maximum 6pkwh rate with much lower standing charge

ProDave

lundun1 said:

ProDave said:

P.S I have just accepted the Loyal Octopus fixed offered to me, a bit under a 40% rise for me.  I am gambling that the CAP will rise in April by more than 40% and I will be better off.

I would never have thought I would see the time when "only a 40% increase" is considered good.

What is your annual estimated cost for the Loyal Tarif?

I can't remember their estimate, I was only concerned with the unit price.

EssexHebridean

lundun1 said:

ProDave said:

P.S I have just accepted the Loyal Octopus fixed offered to me, a bit under a 40% rise for me.  I am gambling that the CAP will rise in April by more than 40% and I will be better off.

I would never have thought I would see the time when "only a 40% increase" is considered good.

What is your annual estimated cost for the Loyal Tarif?

ProDave might be paying £60 a month to heat/light a small middle floor flat in a city, or he could be paying £275 a month to heat a large 3 bed detached house on a windy clifftop. The annual amount someone else pays is relevant only to them and their cirumstances, and will have no reflection on anyone else unless the anyone else is living in an identical property, in the same location, with the same environmental awareness, chosen internal temperature settings, and use of things like lighting, showers etc. 

markin

If £60 a month direct debit has built you up 400 credit then clearly the new one  cant be trusted, your actual bill could be under 80% of that. work out your yearly use and cost only using the kwh price + daily charge