Octopus Energy - Worth Changing

pr0xibus

I am sure this has been asked massively, and most likely continue to be asked.

But I am currently with Octopus Variable, I pay so far

Day - 0.28p
Night - 0.12p
Standing - 0.60p

Octopus has stated I use approx 5404 Day time per year and 2901 per year Night Time

I have put my DD at £150 per month, regardless of over paying or under paying, and just make a 1 off payment for anything I over user per month.

Do you think it would be worth while locking in a price, for a fixed rate?

EDF are currently offering 12 Month Fixed, £50 exit fee

Monthly DD - £181
Day Price - 0.29.31p
Night Price- 0.12.73p
Standing Charge - 0.60p

its not a massive difference on what I have now, and I do expect prices to increase in January again.

Octopus have offered a Fixed too but at £197
Standing Charge - 60p
Day Rate - 31p
Night Rate - 13p

la531983

Why on earth are you on Economy 7 if you are only using 35% of your electric on the night rate? Get on a normal tariff ASAP, or try and move more to the night rate.

BarelySentientAI

As usual, nobody can tell you whether or not you should fix. 

Only you know whether you prefer the certainty but miss the chance of prices dropping (or pay the exit fee if they drop enough) or prefer taking the risk of prices rising.

pr0xibus

la531983 said:

Why on earth are you on Economy 7 if you are only using 35% of your electric on the night rate? Get on a normal tariff ASAP, or try and move more to the night rate.

I have storage heaters in the house, Water is heated at night too.  I tend to do all my washing and dryer (Heat Pump) before 8.30 too

la531983

pr0xibus said:

la531983 said:

Why on earth are you on Economy 7 if you are only using 35% of your electric on the night rate? Get on a normal tariff ASAP, or try and move more to the night rate.

I have storage heaters in the house, Water is heated at night too.

It doesnt really change my statement, Economy 7 is generally only really worth doing if you can shift at least 40% of usage to night, regardless of how your water is heated, and you would likely be better off on an all day rate which would fall inbetween your current night and day rates per kwH.. Is there nothing else you can move to night?

I say "generally" as you would need to crunch the numbers, possible on some tariffs you can get away with as low as 35%

pr0xibus

la531983 said:

pr0xibus said:

la531983 said:

Why on earth are you on Economy 7 if you are only using 35% of your electric on the night rate? Get on a normal tariff ASAP, or try and move more to the night rate.

I have storage heaters in the house, Water is heated at night too.

It doesnt really change my statement, Economy 7 is only really worth doing if you can shift at least 40% of usage to night, regardless of how your water is heated, and you would likely be better off on an all day rate which would fall inbetween your current night and day rates per kwH.. Is there nothing else you can move to night?

Last Year I had done a calculation on the Readings I had at the time, and it was still cheaper staying with Economy 7 During the winter at least.  Yesterday for an example was 20kw for the whole day and 7 of that was before 8am (Without heating), I have not had heating on in 5 months now as its been decent weather, but I know we can add an extra 3/4kw before 8 when I do start putting the heating on.  Id much rather pay 54p for that daily than £1.50.

During the day the only things that are on a PC, TV and a Stereo, after 4 then all 3 kids are on the PC's then the usual cooking etc.

I have my heat pump Dryer setup to be used only after 12:00 and before 08:30, even then its pretty decently priced outwith .

Washing is all done at a  max of 40 degrees and 90% of the time used before 8:30

la531983

pr0xibus said:

la531983 said:

pr0xibus said:

la531983 said:

Why on earth are you on Economy 7 if you are only using 35% of your electric on the night rate? Get on a normal tariff ASAP, or try and move more to the night rate.

I have storage heaters in the house, Water is heated at night too.

It doesnt really change my statement, Economy 7 is only really worth doing if you can shift at least 40% of usage to night, regardless of how your water is heated, and you would likely be better off on an all day rate which would fall inbetween your current night and day rates per kwH.. Is there nothing else you can move to night?

Last Year I had done a calculation on the Readings I had at the time, and it was still cheaper staying with Economy 7 

You may want to repeat the process with those estimated numbers for the year upcoming, tariffs and usage can and indeed do change.

I also have no idea if the provider has to actually tell you if its going to be cheaper when they send the bills, yes they have to tell you if there is a cheaper rate but I have no idea if this covers a move from split rate to single rate.

Alnat1

Economy 7 means you get 7 hours of cheap electricity but you've twice mentioned 12-8.30. That's 8.5 hours, so some of those are at the high price rate.

Find out exactly when your cheap hours are and make sure you stick to them

Gerry1

pr0xibus said:

But I am currently with Octopus Variable, I pay so far

Day - 0.28p
Night - 0.12p
Standing - 0.60p

If you're number crunching those figures, your bill will be 100 times what you're expecting !

pr0xibus

Alnat1 said:

Economy 7 means you get 7 hours of cheap electricity but you've twice mentioned 12-8.30. That's 8.5 hours, so some of those are at the high price rate.

Find out exactly when your cheap hours are and make sure you stick to them

Indeed, apologies, 00:30 -> 07:30 not 08:30

The dryer is set to run until 08:30, usually approx 3 hours dry time, 70% of the time its finished before 6:45,  20% it finished before 07:30 all depends on load etc, a few times it has run up to the 08:30 mark

If sticking with Economy 7  and according to Octopus I expect

5434kWh Per Year (DAY) - £1684

2901kWh Per Year (Night) - £377

£2061 Total
over the coming year.

If going with a Standard Tariff, I would expect

8355kWh at 25p at £2088,

Not including SC.

These quick calculations are both dependant on prices staying at rougly 13p night, 31p day or 25p flat rate

wrf12345

You may find other tariffs with cheap off-peak and normal day rates, Tomato Energy has some and I think some of the Octopus tariffs for heat pumps or EVs are good (whether they will let you use them...)