Octopus Energy temporary loyalty tariff?

MoneyMon555

I am trying to advise my son on his energy bills/tariff - he's with Octopus Energy on the SVT Gov cap. (I am on a loyalty fix with Octopus until next Jan)

I have tried to understand what the 'new' temporary loyalty tariff means exactly, as it isn't totally clear to me. It mentions the figure of £48 a year saving.

Has anyone gone from SVT to this tarrif with Octopus? Is it fixed for 1 year from the time you take it? (which for my son, will be worth doing , even if only to cushion him a bit in October , compared to the SVT)
Do you have to apply, or do it on your on-line account, and is it fixed for a year or just temporary?

Thanks in advance for answers

Mstty

I think that's Octopus saving over the current capped rate. £48 a year but I am sure an Octopus customer will be along shortly to confirm or deny.

pochase

That is the savings of 48£ per year on the standing charge only. There will be the same increase in October as on the SVT.

QrizB

I'm an Octopus customer but not on a conventional SVT.

MoneyMon555 said:

I am trying to advise my son on his energy bills/tariff - he's with Octopus Energy on the SVT Gov cap. (I am on a loyalty fix with Octopus until next Jan)

Edited because almost everything I wrote first time around was wrong.

When did your son join Octopus? The £48/yr loyalty reduction on the SVT should have been automatically given to any March Flexible Octopus customer who continued on Flexible into April.

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

How does the Loyal Octopus support work?
The support automatically reduces electricity charges by £48 per year compared to our standard tariff. By reducing your standing charge, all Flexible Octopus customers receive the same support. We’re the only large energy company to do anything like this. It’ll cost us another £50m over the next 6 months.

These unit rates and charges don't include the £48 Loyal Octopus support.
Your Loyalty savings will be automatically calculated each month and deducted from your bill (it'll appear on your PDF statement as well) – adding up to £48 over a year.

SJMALBA

The saving is in respect of the electricity SC, and is applied to SVT (Flexible Octopus April 2022).

From my April Bill:

MoneyMon555

Thanks all - my son has been with them quite a few years but came out of a fixed in Feb and went to SVT.
I can see from @SJMALBA 's post that it is applied automatically and refers to a saving compared to any other company using SVT, is that correct?

QrizB

MoneyMon555 said:

Thanks all - my son has been with them quite a few years but came out of a fixed in Feb and went to SVT.
I can see from @SJMALBA 's post that it is applied automatically and refers to a saving compared to any other company using SVT, is that correct?

The £48 reduction is vs. Octopus's own SVT. 13.15p/day is equivalent to £48/yr.

Chrysalis

Never hard of such a tariff, whats the criteria for it? as I have been a Octopus customer for several years.  You guys are stating its cheaper than the current capped SVR?

QrizB

A link to all the info is given above.

Chrysalis

Thanks, I read it, but it doesnt answer my question.

It just says its automatically applied, but nothing on the eligibility critieria.

MoneyMon555

Chrysalis said:

Thanks, I read it, but it doesnt answer my question.

It just says its automatically applied, but nothing on the eligibility critieria.

Let me see if I can clear this up a bit, seeing as i was confused and hence my original post.

If you are an existing Octopus customer on SVR Gov capped tariff, then what Octopus are saying is that over the course of the next 6 months, they are automatically taking a certain amount off your electricity standing charge compared to what another company might do. It's called a loyalty tariff , which made me think my son had to apply for it, but it is automatic for SVR octopus customers (or so I believe to be the case and others have kindly explained to me)

If in doubt mail them, they get back with 2 days or so