Octopus Energy Fixed Tariff

SquissMcBliss2601

I'm seeking advice on whether to switch to a different tariff please. I'm currently on a 12-month fixed until 24th February but asked Octopus to check if there was another tariff that we should be on, especially with the October rises. They have suggested the 15 month fix, which is slightly more expensive than what we're currently paying. Is it worth waiting until February to see if there's any deals then? Or is it too risky with the prices increasing in October and potentially January too? Thanks in anticipation

FlorayG

I had this conversation with them. There's no exit penalty for any of their tariffs, so try it and if it doesn't work for you, change to another one

SquissMcBliss2601

Thanks for the advice I'll switch it

Gerry1

FlorayG said:

I had this conversation with them. There's no exit penalty for any of their tariffs, so try it and if it doesn't work for you, change to another one

That may be true for tariffs taken out today, but that wasn't the case for the Loyalty 12M fix that I took out last October.

IIRC Octopus stopped charging exit fees around Feb 2024, but anyone thinking of switching more than 49 days before the end of the fix should check.

FWIW I've switched because the 15M fix seems a no brainer: you won't have to worry about any rises in the whole of 2025.   If the cap goes down in 2025 you can switch without penalty, so that's about as good as it gets.

Neil49

Gerry1 said:

FlorayG said:

I had this conversation with them. There's no exit penalty for any of their tariffs, so try it and if it doesn't work for you, change to another one

That may be true for tariffs taken out today, but that wasn't the case for the Loyalty 12M fix that I took out last October.

IIRC Octopus stopped charging exit fees around Feb 2024, but anyone thinking of switching more than 49 days before the end of the fix should check.

FWIW I've switched because the 15M fix seems a no brainer: you won't have to worry about any rises in the whole of 2025.   If the cap goes down in 2025 you can switch without penalty, so that's about as good as it gets.

Many thanks for your post.

I'm currently on the same tariff as you are (with the exit fees) and having read what you said I have just switched to the 15M fix as well. As you say, it's a bit of a no brainer.

HillStreetBlues

SquissMcBliss2601 said:

Thanks for the advice I'll switch it

You should check at lease every 3 months, as you fixed in Feb 24  but prices dropped over the summer.

Kim_13

SquissMcBliss2601 said:

I'm seeking advice on whether to switch to a different tariff please. I'm currently on a 12-month fixed until 24th February but asked Octopus to check if there was another tariff that we should be on, especially with the October rises. They have suggested the 15 month fix, which is slightly more expensive than what we're currently paying. Is it worth waiting until February to see if there's any deals then? Or is it too risky with the prices increasing in October and potentially January too? Thanks in anticipation

The gas is actually cheaper and as that’s what you’ll be using more of in the months between now and February, I’d move (provided the tariff you’re currently on also has no exit fees.)

HillStreetBlues

Kim_13 said:

SquissMcBliss2601 said:

I'm seeking advice on whether to switch to a different tariff please. I'm currently on a 12-month fixed until 24th February but asked Octopus to check if there was another tariff that we should be on, especially with the October rises. They have suggested the 15 month fix, which is slightly more expensive than what we're currently paying. Is it worth waiting until February to see if there's any deals then? Or is it too risky with the prices increasing in October and potentially January too? Thanks in anticipation

The gas is actually cheaper and as that’s what you’ll be using more of in the months between now and February, I’d move (provided the tariff you’re currently on also has no exit fees.)

I don't think it makes any real difference ATM   it's £0.0006  cheaper even at 500 units it's about 50p saved
Ele is £0.0034 dearer so 200 units would be 68p lost

Why it would a good idea is in case price to rise past Feb.

PZ19

Off topic slightly but if you’re coming to the end of your fix, and choose new tariff today, do you start paying the new (higher) tariff today or does that start once your current deal ends?