Loyal Octopus 10M Fixed March 2022 v1

javixeneize

Hi

i just received a mail from octopus where they encourage me to move to a fixed tariff for 10 months, Loyal Octopus 10M Fixed March 2022 v1, with an unmissable £48 reduction to the price cap

They compare those prices against other fixed tariffs and yes, it’s cheaper, but they don’t compare it against variable tariff price

is this good enough to move to a fixed tariff (although it’s 10 months) or is it better to stay in a variable one? 

QrizB

Loyal Octopus is more expensive than the price cap, but you get the guarantee that it won't change in October when the cap is revised; as a 10-month fix it will change in January/February when part of the winter is behind you.

MWT

javixeneize said:

i just received a mail from octopus where they encourage me to move to a fixed tariff for 10 months, Loyal Octopus 10M Fixed March 2022 v1, with an unmissable £48 reduction to the price cap

Read the mail again, you have misread something in there as the reduction below the price cap is only for the variable tariff, it has nothing to do with the fixed tariff alternatives...

javixeneize

MWT said:

javixeneize said:

i just received a mail from octopus where they encourage me to move to a fixed tariff for 10 months, Loyal Octopus 10M Fixed March 2022 v1, with an unmissable £48 reduction to the price cap

Read the mail again, you have misread something in there as the reduction below the price cap is only for the variable tariff, it has nothing to do with the fixed tariff alternatives...

It says

Today, we’re introducing a temporary Loyal Octopus support to help customers like you keep

your bills as low as possible in this difficult time. The reward automatically reduces electricity

charges by £48 per year compared to our standard tariff (that's £50 below the price cap). 

This loyal octopus is the 10M fixed, isnt it? I find it confusing, they are not referring to any variable tariff there other than the one im currently in

I think it would be easier if they just say

Your current tariff - those are the prices

The 10M loyal one, - those are the prices

The new variable one (if there is any) - those are the prices

MWT

javixeneize said:

This loyal octopus is the 10M fixed, isnt it? I find it confusing, they are not referring to any variable tariff there other than the one im currently in

I think it would be easier if they just say

Your current tariff - those are the prices

The 10M loyal one, - those are the prices

The new variable one (if there is any) - those are the prices

This may be clearer...

https://octopus.energy/blog/why-we-are-increasing-energy-prices-for-some-customers/

They are not referring to the Loyal fixed tariff in the first comment, they are referring to existing customers who are going to benefit from a loyalty discount on the standard variable rate which new customers will be paying.

javixeneize

so, the real question is... is it worth to take the Loyal Octopus 10M Fixed March 2022 v1 tariff or is it better to stay in a variable tariff?

QrizB

javixeneize said:

so, the real question is... is it worth to take the Loyal Octopus 10M Fixed March 2022 v1 tariff or is it better to stay in a variable tariff?

Ask me in August, once the October cap has been announced. Until then, all anyone can do is guess.

MWT

QrizB said:

javixeneize said:

so, the real question is... is it worth to take the Loyal Octopus 10M Fixed March 2022 v1 tariff or is it better to stay in a variable tariff?

Ask me in August, once the October cap has been announced. Until then, all anyone can do is guess.

... and of course by then the current version of the Loyal fix will be a fond and distant memory...

Best you can do is decide if the increased cost between now and the end of September is worth it as 'insurance' against large rises later in the year.

The previous 12 month version at lower cost last week seemed like a reasonable 'insurance' gamble, this current version is a bit too expensive I think, but who knows, as you say, it is mostly a guess

eliana82_2

Still with the Loyal Octopus 10M Fixed March 2022 v1 tariff, my monthly bill will raise from £110 to £330!! Is it worth changing to this fixed tariff or should I stay on the current variable tariff?

bristolleedsfan

eliana82_2 said:

Still with the Loyal Octopus 10M Fixed March 2022 v1 tariff, my monthly bill will raise from £110 to £330!! Is it worth changing to this fixed tariff or should I stay on the current variable tariff?

This is what Octopus Energy themselves advise consumers to do

westv

At the moment the new fix offers too many months at a higher price and not enough after the October rise for my liking.