New Contracts and the October Price Increase/Cap

Lockie85

Hi,

We're currently looking at switching to Intelligent Octopus. The primary reason being we've recently bought an EV (Tesla, so compatible with their service) and as a result the savings we'd make on charging the EV appear to outweigh the loss of paying more for our general use.

However, what I'd like to understand is there looks to be another price increase on the horizon along with an increase to the price cap. If I were to takeout a contract with Octopus for "Intelligent Octopus". Would that mean I'd avoid and increases come October?

Many Thanks

MWT

Lockie85 said:

Hi,

We're currently looking at switching to Intelligent Octopus. The primary reason being we've recently bought an EV (Tesla, so compatible with their service) and as a result the savings we'd make on charging the EV appear to outweigh the loss of paying more for our general use.

However, what I'd like to understand is there looks to be another price increase on the horizon along with an increase to the price cap. If I were to takeout a contract with Octopus for "Intelligent Octopus". Would that mean I'd avoid and increases come October?

October is the next time the Ofgem price cap is reviewed, that has no bearing on a fixed tariff like 'Intelligent Octopus'.

If you move onto any of the Octopus EV tariffs (Go/Go Faster/Intelligent) your tariff will be fixed for 12 months from your start date.

Do keep in mind that the fixed price tariffs can change at any time before you sign-up for it, they are not limited by the price cap so can move without notice to reflect changes in the market, but once you are on the tariff, it is locked in for 12 months.

Astria

You would avoid any *potential* increases in October, there's no guarantee it will increase yet, although it's "quite likely".

You would get any changes instead in 12 months time when your contract expires (which could be higher or lower than the tariff you will agree to for the EV)

Lockie85

MWT said:

Lockie85 said:

Hi,

We're currently looking at switching to Intelligent Octopus. The primary reason being we've recently bought an EV (Tesla, so compatible with their service) and as a result the savings we'd make on charging the EV appear to outweigh the loss of paying more for our general use.

However, what I'd like to understand is there looks to be another price increase on the horizon along with an increase to the price cap. If I were to takeout a contract with Octopus for "Intelligent Octopus". Would that mean I'd avoid and increases come October?

October is the next time the Ofgem price cap is reviewed, that has no bearing on a fixed tariff like 'Intelligent Octopus'.

If you move onto any of the Octopus EV tariffs (Go/Go Faster/Intelligent) your tariff will be fixed for 12 months from your start date.

Do keep in mind that the fixed price tariffs can change at any time before you sign-up for it, they are not limited by the price cap so can move without notice to reflect changes in the market, but once you are on the tariff, it is locked in for 12 months.

Thank you, very helpful. 

MWT

Astria said:

You would avoid any *potential* increases in October, there's no guarantee it will increase yet, although it's "quite likely".

You would get any changes instead in 12 months time when your contract expires (which could be higher or lower than the tariff you will agree to for the EV)

Since Octopus do not have exit fees on their fixed tariffs, you do not usually have to wait for the tariff to end before taking advantage of any falls in price as you can ask to move to the new tariff at any time.

Not sure I'm expecting that to be a likely outcome in the next 12 months though...