Octopus tracker

clowning

Hello.
I have been a customer with Octopus for quite a while. I am currently on the standard variable rate. I pay £220.50 per month for dual fuel and I am £305 in credit. My average annul usage is Gas 8800 and Electric 6315 (if relevant)
I am trying to decide if it will be worth switching to the tracker rate. I know it’s probably a bad time with the 10% rise announced today but can anyone advise if the tracker rate is worth it?
I don’t currently have a smart meter and think it will be compulsory for this tariff.
I am not on a tight budget so i can pay if there is a sharp rise in a particular week/month but will it balance out long term?

Thank you

MP1995

Yes you need a smart meter that can communicate (not all areas in the UK can so ask neighbours)

Tracker may be a gamble with the new formula behind it. No one knows until winter hits what the prices on tracker will be.

For certainty go for a fixed deal.

clowning

Thank you. I’ll have a look at fixed deals

PennineAcute

One thing to bear in mind with both Tracker and Agile is do not fall into the trap that because we have around a 10% increase in the Oct SVT, then Tracker and Agile will also definitely also go up by this amount.

The Oct SVT has been calculated from the past 3 months' prices, so both Tracker and Agile have already absorbed this increase from the said period.

This is not to say it will not increase, but not for definite. 

clowning

PennineAcute said:

One thing to bear in mind with both Tracker and Agile is do not fall into the trap that because we have around a 10% increase in the Oct SVT, then Tracker and Agile will also definitely also go up by this amount.

The Oct SVT has been calculated from the past 3 months' prices, so both Tracker and Agile have already absorbed this increase from the said period.

This is not to say it will not increase, but not for definite. 

That’s extremely useful to know. Thanks

FreeBear

PennineAcute said: The Oct SVT has been calculated from the past 3 months' prices, so both Tracker and Agile have already absorbed this increase from the said period.

This is not to say it will not increase, but not for definite. 

Both Agile and Tracker have potential to increase well above SVR (up to £1.00 per kWh). Gas is only available on Tracker, and that too can go as high as 30p per kWh. That said, I've been on Tracker since the end of January and haven't seen the unit prices go above SVR. Electricity has come close on a couple of occasions, peaking at 21.75p/kWh, and gas went as high as 4.73p/kWh a few days ago.

MP1995

FreeBear said:

PennineAcute said: The Oct SVT has been calculated from the past 3 months' prices, so both Tracker and Agile have already absorbed this increase from the said period.

This is not to say it will not increase, but not for definite. 

Both Agile and Tracker have potential to increase well above SVR (up to £1.00 per kWh). Gas is only available on Tracker, and that too can go as high as 30p per kWh. That said, I've been on Tracker since the end of January and haven't seen the unit prices go above SVR. Electricity has come close on a couple of occasions, peaking at 21.75p/kWh, and gas went as high as 4.73p/kWh a few days ago.

For the OP have you recalculated what your figures would be if you were on the July 2024 v1 tracker with its formula change?

clowning

No I haven’t recalculated. I have to admit that it all blows my mind, but I’ll have a look thanks

MP1995

clowning said:

No I haven’t recalculated. I have to admit that it all blows my mind, but I’ll have a look thanks

That was more for FreeBwar as they are quoting tracker savings on a version you cannot join on now. So don't think that is what you may get.

clowning

The current unit rate that I’m paying is 21.22 for electricity and 5.45 for gas. There is a 12 month fixed rate offering 22 for electric and 5.98 gas.
I might try the tracker as the website says I can switch back to the flexible tariff. 
Thanks for the help

clowning

I’m in Yorkshire and looking at the formulas, is mind boggling. It just find it so confusing