Octopus 12mth fixed tariff v. 15mth fixed

ToniMac

On September 9th I contacted Octopus and asked to be switched from the flexible tariff to the 12-mth no exit fee fixed tariff from October 1st. 

Today I read there was a newer 15-mth tariff so called them to ask if this would be a better option. They weren't able to  advise me but gave me the following prices: 

12 mth – Elec 25p khr. Gas £5.90 khr. 

Standing charge 49.12, no exit fee.

15 mth – Elec 24.83 khr. Gas 5.47 khr.
Standing charge 49.98, no exit fee.

Which one would be likely to be the best option?  

ToniMac

Apart from the extra 3 months fixed that is….

Gerry1

Just do the sums based on your usage from actual meter readings 12 months apart.  Forget estimated readings, only Customer, Meter Reader or Smart will count.

Gerry1

ToniMac said:

12 mth – Elec 25p khr. Gas £5.90 khr.

 Was it really £5.90/kWh?

ToniMac

Thanks @gerry1. I just realised I can access my usage and multiply by price per kWh and work out daily standing charges.

ToniMac

@Gerry1 Sorry no, 5.90p!

HillStreetBlues

You missed the SC for Gas but I doubt you need as the 15M will be better unless you're a very very low user of gas.

victor2

I'm in the process of moving to Octopus and their 15M fix. They have come out with a slightly cheaper 15M fix twice since I signed up. On each occasion I have emailed them and asked if I can go onto the new version.  Within a few hours, they replied confirming I could change, and have done so. The tariff doesn't even start until next month. What attracted me to it was the zero exit fee.

ToniMac

Calculated! 15mth tariff works out at £35 less p.a. than 12mth, plus includes an extra 3 mths fixed. However, it’s £105 more p.a. than currently paying for flexible tariff!

victor2

ToniMac said:

Calculated! 15mth tariff works out at £35 less p.a. than 12mth, plus includes an extra 3 mths fixed. However, it’s £105 more p.a. than currently paying for flexible tariff!

But the flexible tariff is increasing on October 1st,  and may increase again slightly in January.  Beyond that is anyone's guess. At least with a fix you know what you'll be paying for 15M, and can leave penalty free if prices do fall...

ToniMac

@victor2 True! 

My flexible tariff ends in two days on Sept 30th and new fixed on starts next day on Oct 1st.