Octopus customer - should I join "Tracker"?

What_time_is_it

Hi there.
I'm on Octopus and currently on a 12 month fix until late summer 2025. Rates are fixed at a little below the current SVT and there are no exit fees.
Should I switch to the Tracker? Seems like the Tracker rates are quite high right now. But over time it's usually a better deal, right? 
Can't decide!

double_dutchy

Is this gas or electric or both?

I'm on tracker for gas and Agile for electric and rates are a little high at the moment on both. You might want to wait a few weeks and see if they get lower, especially when some windier weather arrives!

You can't really go too far wrong as you can switch out of tracker any time you want.

la531983

Yeah about to say, tracker isn't a good idea this week 😂

FreeBear

Based on the performance of Tracker over the last week, I would have saved 0.8p by being on SVR over October 24 Tracker. So zero saving. Octopus 15M fixed would have seen a saving of 24.5p.. Based on historical data, I have a feeling that Tracker rates might peak at 30p/kWh during November before falling back.

I'm fortunate that I'm on Tracker Dec 23, so enjoy a slightly more favourable rate and have had an average of around 19.5p/kWh (and gas at 4.37p/kWh). Should the rates go any higher, I can weather a short term spike without suffering too much - Being a low energy user helps.

If you are an average (or above) user, I suspect you will be better off on the fixed tariff over the next couple of months.

pete-20-11

You have to consider the long game. Gas tracker has been consistently cheaper than SVR over the past 12 months. 

Although it's crystal ball glazing for the next 12 of course. 

A fix might be cheaper than gas tracker at the moment, it's close I reckon, but I'm hanging on with tracker for now and keeping my fingers crossed! 

bagand96

Still thinking of leaving Gas on tracker and rolling the dice with Tomato on Electric 

What_time_is_it

Thanks all.
I'm gas and electric. About 15,000kwhs gas and 2,000 kwh electric over a year.

What_time_is_it

bagand96 said:

Still thinking of leaving Gas on tracker and rolling the dice with Tomato on Electric 

Octopus and tomato? Sounds delicious.

bristolleedsfan

What_time_is_it said:

 Seems like the Tracker rates are quite high right now. But over time it's usually a better deal, right? 

Octopus have launched dearer tracker versions from April 2024 onwards, Moneysavingexpert guide which mentions average 30% below SVR past 12 months appears not to reflect fact from July 1st version onwards probably better to have fixed for certainty.

End of July to first week in August was possible to fix at April SVR capped rates, early October was possible to fix at just a little more than that.

Spoonie_Turtle

I recommend using the Octopus Compare app, and you can see from your usage which tariff(s) are currently the cheaper options, and whether the current Tracker prices are above SVT for your region.

It may well be worth going onto Tracker when the prices calm down, but at the moment it may not be yet, depending on what rates you've fixed at.

What_time_is_it

Spoonie_Turtle said:

I recommend using the Octopus Compare app, and you can see from your usage which tariff(s) are currently the cheaper options, and whether the current Tracker prices are above SVT for your region.

It may well be worth going onto Tracker when the prices calm down, but at the moment it may not be yet, depending on what rates you've fixed at.

Thanks. Super useful!