Octopus energy price tariff fix ?

Dippygoose

I do apologise, if this has been asked before I’m with octopus energy having been moved from bulb.

With the announcements of energy prices Is it a good idea to go to a fixed rate tariff?

I do apologise again I am dyslexic and autistic and a lot of this goes over my head.

Keep_pedalling

I just had a look at the 12 month fixed and standard variable rates for my region (East)  and the answer is rather dependant on how you heat your house.

If you use gas for heating then I think it worth doing as the fixed rate is already lower than the standard variable rate which will be increasing in Jan (6.68p against 6.78p). 

The standard rate for electricity is around 3p per kWh cheaper on the standard rate now and this difference will reduce but will still be around 1p come January, so if you are all electric without storage heaters then I would stay on the variable rate.

If you are all electric, have storage heaters and are on Economy 7 then it looks like you will be slightly better off fixing now. 


There will be another cap adjustment in the summer but we can only guess what that will be. Hope that helps.

TheElectricCow

It really depends on how much risk you’re willing to take with energy prices.

No one knows for sure what the prices will be in 6-12 months time, or what changes may happen in the world before then.

A fix is good if you can afford the rates being offered and value knowing what your costs will be for the next year, but there’s no guarantee it will save you any money if energy prices come down within the year (although they’re not expected to decrease by much at the moment).

What a fix will guarantee is that the price you pay won’t go up or down, so if energy prices do go up you’ll be safe from that price rise you won’t have to pay any more than the rates of the fix you sign up for. If that is something that sounds important to you then a fix may be your best option.

bristolleedsfan

Keep_pedalling said:

I just had a look at the 12 month fixed and standard variable rates for my region (East)  and the answer is rather dependant on how you heat your house.

If you use gas for heating then I think it worth doing as the fixed rate is already lower than the standard variable rate which will be increasing in Jan (6.68p against 6.78p). 

The standard rate for electricity is around 3p per kWh cheaper on the standard rate now and this difference will reduce but will still be around 1p come January, so if you are all electric without storage heaters then I would stay on the variable rate.

North West region - Gas difference virtually the same as you mention, Electricity 1.79p kWh more than current flexible rate.

MikeyPGT

I'm a low user for both gas and electricity with Octopus (average 3 - 4 Kwh a day electricity more or less year round) and very rarely above the standing charge for gas (on a payg meter).  Is it worth fixing or moving to Agile (I'm retired so can play the system on when to use electricity) - just wondering whether it is worth the hassle?

QrizB

MikeyPGT said:

I'm a low user for both gas and electricity with Octopus (average 3 - 4 Kwh a day electricity more or less year round) and very rarely above the standing charge for gas (on a payg meter).  Is it worth fixing or moving to Agile (I'm retired so can play the system on when to use electricity) - just wondering whether it is worth the hassle?

3kWh on the SVT is about 80p. 3kWh on Agile could be 50p if you avoid the evening peak. So you could save 30p a day, £100 a year, ish.

MikeyPGT

Sounds like a better option than a fix - will sleep on it ...

Netexporter

Agile works for me. I think you need to live alone, though.

Spoonie_Turtle

Tracker is always an option for those who are willing to keep an eye on prices but can't reasonably avoid the peak.

MultiFuelBurner

New advertising idea

AGILE - for the single person

Alnat1

MultiFuelBurner said:

New advertising idea

AGILE - for the single person

Maybe that's why my hubby calls me The Energy Police