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Octopus Budget Forecast

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  • FreeBear
    FreeBear Posts: 18,230 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 26 November 2024 at 2:13PM
    Costsavingexpert said: I have recalculated the Octopus forecasts based on 'last years usage at this years prices' and I cannot get anywhere near the Octopus forecast figures. I would like Octopus to disclose the formula they use for forecasts.
    Somewhere on your bill, there will be a box that states "Estimated annual usage" for both gas and electricity (right hand side on page 2) - Multiply the numbers by the unit rates, add in the standing charges, and whack VAT on top (currently 5%). Divide by 12 to get your monthly DD amount.

    If you call Octopus, they are required to tell you how the monthly DD is calculated - The method used above should match within a few pence. Or you could look at page 1 of your bill where it gives you the estimated annual cost in pounds & pence.

    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
  • … My Octopus forecasts always show me in credit. When did it become 'law' to always be in credit? 
    Not law, but it is in the Terms and Conditions we accept when choosing to be supplied by them (or choosing to remain with them in cases where they weren't an active choice).

    "8.2 The method of payment will be standard monthly direct debit (unless otherwise agreed with us) and you are responsible for ensuring that the direct debit can be paid in full on the due date. …

    8.3 … When paying by direct debit:
    8.3.1 you should keep your account in credit and we will track and carry the balance forward to the next month’s Statement of Account;"
    https://octopus.energy/policies/terms-and-conditions/

  • I only pay what the bill is never in debt nor in credit.
  • L0rdMike said:
    I only pay what the bill is never in debt nor in credit.
    Not quite true, but hey that’s neither here nor there….
    4.8kWp 12x400W Longhi 9.6 kWh battery Giv-hy 5.0 Inverter, WSW facing Essex . Aint no sunshine ☀️ Octopus gas fixed dec 24 @ 5.74 tracker again+ Octopus Intelligent Flux leccy
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