Can I change supplier/tariff mid contract

dannygn123

We are with octopus energy. My wife signed up to a fixed contract in December 2023 as they kept telling her this is the last chance to fix before the price cap goes up in 5%. She fixed because she didn't realise about the price drop in April and possible the proce cap dropping again.

We are now on the loyal octopus 12 month fixed December 2023 v1 tariff. We have all electric and it says the unit price is 28.21p/kWh and standing charge 42.01p per day. Is it worth switching to a variable tariff would we be saving money. The price cap confuses me sorry and I want to know my best options before contacting octopus

GingerTim

Are there any exit fees on your current tariff? Perhaps Octopus will waive them if you stay with them.

dannygn123

GingerTim said:

Are there any exit fees on your current tariff? Perhaps Octopus will waive them if you stay with them.

Yeah I just looked. £75 exit fee. Would they move me on to variable tariff you think? Or would have to be a fixed rate. Looks like if I move supplier I can only move to a fixed rate? 

bristolleedsfan

dannygn123 said:

GingerTim said:

Are there any exit fees on your current tariff? Perhaps Octopus will waive them if you stay with them.

Yeah I just looked. £75 exit fee. Would they move me on to variable tariff you think? Or would have to be a fixed rate. Looks like if I move supplier I can only move to a fixed rate? 

No evidence anywhere of Octopus waiving exit fee since they launched no exit fee fixed rate tariffs February 2024.

CouldntResist

Why do you think you can only move to a fixed tariff with another supplier. 

And forget about the Price Cap: to compare two tariffs you only need to know their unit price, your consumption and the standing charge

mac.d

To move off your fix to any supplier (even staying with Octopus on their variable tariff) you'll have to pay the £75 exit fee. So you just need to work out roughly what you'll pay for the next 6 months on the new April variable tariff & compare it to what you're paying for the next 6 months on your current fix. If the variable tariff is £75+ cheaper, then it's worth paying the exit fee to switch. Especially as prices are expected to fall further in July (before rising again in Oct).

See the MSE page on energy deals, and it also gives details on two deals worth considering instead of the variable tariff (Eon & EDF).

https://www.moneysavingexpert.com/news/2024/02/energy-bills-to-fall-as-new-price-cap-announced/

dannygn123

CouldntResist said:

Why do you think you can only move to a fixed tariff with another supplier. 

And forget about the Price Cap: to compare two tariffs you only need to know their unit price, your consumption and the standing charge

Well when I look at comparison websites it just gives me fixed tariffs

Scot_39

Apart from Octopus - who were discounting the SC by c4% duel fuel - most just charge the Ofgem cap for SVT.

Unless on E7 there's little to gain price wise from switching variable tariffs - for those on single rate electric or gas.

And price comparison sites don't base their offers on other factors - like customer service - which might sway many.

It's not that you cannot switch on variable tariffs it's just not a marketable easy sell based on price.  And probably attracts no commission for the switching site.

bristolleedsfan

dannygn123 said:

CouldntResist said:

Why do you think you can only move to a fixed tariff with another supplier. 

And forget about the Price Cap: to compare two tariffs you only need to know their unit price, your consumption and the standing charge

Well when I look at comparison websites it just gives me fixed tariffs

Most comparison sites have a filter box, need to tick to see all tariffs including tariffs cannot switch to via  comparison site.