Loyal Octopus 12m Fixed

Cola133

Hi, About a week ago I looked at what fixed rates Octopus was offering and their estimate for my usage was £546 per month, then 2 days later after the October Price Cap was confirmed, I rechecked the fix they were offering me and the estimated monthly DD had come down to £389.24. So in my panic I fixed, but now I'm not sure if I did right? I know the tariff will be higher than the variable (Flexible Octopus) rates for the period October-Jan, but I was hoping it might be better to be fixed for the 2023 period. I guess I am worried that the Oct-Jan rate is so high when that is my peak usage months. Can anyone please advise whether I did right or if I should go back on the variable rate? Thank you

Loyal Octopus 12m Fixed V1

ELECTRICITY:
69.16/kWh
41.39 P/day

GAS:
18.77p/kWh
27.22p/day

QrizB

Loyal Octopus usually quotes a month and year in the tariff name. What is quoted with yours?

What annual usage was your quote based on, how many kWh of gas and electricity?

Cola133

Loyal Octopus 12m Fixed August 2022 v1

Annual Usage:
Electricity Annual Usage: 5252.9kWh (was 7393.4kWh, but we've been cutting back for months)
Gas Annual Usage: 4195kWh

Thank you for any help

QrizB

You're a higher than average electricity user but a much lower than average gas user. Do you know why this is?

@pochase could you crunch the numbers here? I'm offline for the next few hours.

littlemissbossy

I too have taken this tariff, I will pay more Sept-Dec but then if the predictions are correct I would save after that.  I'm not sure if I've done the right thing but there are no exit fees so I can swap back if I get twitchy.

My rates are:

E
67.89 kWh
41.98 s/c

G
18.81 kWh
27.22 s/c

My usage is E=2660 and G=11430

Suz239

Thank you for asking, I had pretty much the same question.

My quoted Octopus tarriff for Loyal Fixed is

E

68.56 p/kWh

49.79 s/c

I'm not on the gas network, so my usage is around 4500 kWh/year.

I'm now paying £92/month for the Tracker tarriff, the new monthly direct debit will be £226.16/month

Which is more than twice as much, ouch! Should I still switch and hope it will work out cheaper after October?

bristolleedsfan

Suz239 said:

I'm now paying £92/month for the Tracker tarriff, the new monthly direct debit will be £226.16/month

When does your Tracker tariff fixed term finish ??? ( assume that you mean Octopus Tracker tariff)

Suz239

bristolleedsfan said:

Suz239 said:

I'm now paying £92/month for the Tracker tarriff, the new monthly direct debit will be £226.16/month

When does your Tracker tariff fixed term finish ??? ( assume that you mean Octopus Tracker tariff)

Yes I'm on the Octopus Tracker tariff, I could not find any mention of a fixed term end date or an exit fee..

I've switched now anyway, figured that if I fix the tariff now, it will be much cheaper in the long run..

Irratus_Rusticus

Cola133 said:

Hi, About a week ago I looked at what fixed rates Octopus was offering and their estimate for my usage was £546 per month, then 2 days later after the October Price Cap was confirmed, I rechecked the fix they were offering me and the estimated monthly DD had come down to £389.24. So in my panic I fixed ...

Loyal Octopus 12m Fixed V1

ELECTRICITY:
69.16/kWh
41.39 P/day

GAS:
18.77p/kWh
27.22p/day

I can only do full months so I started in August but the final month is 12 months away so its all ambiguity really:

Irratus_Rusticus

littlemissbossy said:

I too have taken this tariff, I will pay more Sept-Dec but then if the predictions are correct I would save after that.  I'm not sure if I've done the right thing but there are no exit fees so I can swap back if I get twitchy.

My rates are:

E
67.89 kWh
41.98 s/c

G
18.81 kWh
27.22 s/c

My usage is E=2660 and G=11430

I started your comparison on 1 Sep to show how the variable rate total changes from case above.Presumably your monthly fix DD is the same as below?:

Cola133

Irratus_Rusticus said:

Cola133 said:

Hi, About a week ago I looked at what fixed rates Octopus was offering and their estimate for my usage was £546 per month, then 2 days later after the October Price Cap was confirmed, I rechecked the fix they were offering me and the estimated monthly DD had come down to £389.24. So in my panic I fixed ...

Loyal Octopus 12m Fixed V1

ELECTRICITY:
69.16/kWh
41.39 P/day

GAS:
18.77p/kWh
27.22p/day

I can only do full months so I started in August but the final month is 12 months away so its all ambiguity really:

Thank you for doing this table. Does this factor in the January price rise too? I'm in the South East. This is really so kind and helpful thank you.