Octopus Fixed Tariffs

Fatboydel888

As the new price cap comes into play on the 1st July, does this mean that the Fixed Tariff rates for Octopus will be lower than they are currently for June (which have gone up slightly in V3)?

I was planning on going for a fixed Tariff, just not sure the best time to jump, now or wait for the Octopus JUly tariff to come out.

BarelySentientAI

Price cap changes do not cause fixed tariff changes.

la531983

BarelySentientAI said:

Price cap changes do not cause fixed tariff changes.

^^^This.

Its the same with mortgages. Providers will have data and make guesses on what capped rates will be doing up to a year in advance, no provider is suddenly going to lop a load off its fixed rate offerings on the 1st July or even that same week, its all baked into current offerings,.

bristolleedsfan

Octopus 12M Fixed June 2024 v4 cheaper than June 2024 v3 and June 2024 v1,  

Electric kWh rate looks cheaper than May versions 2,3 and 4 ( gas might be as well subject to regional variations)

leftfielder

I have been on Octopus's fixed tariff for a couple of months and got my latest bill today. Alongside the fixed tariff amount was another amount marked 'account'. When I enquired about this amount I was told this will run concurrently, indicating your energy usage, and will be due at the end of the contract. I have asked for clarification but it seems the fixed tariff is just a lower standing order that could lead to building up arrears, especially when the winter months kick in. I have asked Octopus what the advantage of the tariff is when it appears to just defer your payments. 

Slinky

A fixed tariff just means the unit price and/or standing charges are a fixed cost per unit/day. Your direct debit will be set up as an estimate of one twelth of your expected annual usage, worked out at those fixed rates. If you use more, there will be money owed by you at the end. If you use less than the estimate, your account will be in credit.

It's a much made mistake to think that a fixed direct debit will cover all of your usage however much you use. In easy to understand terms, it is NOT a fixed price 'all you can eat buffet'.

Hammer_Time

I have noticed the July fix tariff is a bit cheaper than the June tariff, I am on the standard tariff which is a bit cheaper electric only, I believe I can fix the July tariff and have it start on the 31 August. Is this correct?