Octopus 12 month fixed tariff

pedro789

Apologies if this is a stupid question, I don't totally understand how tariffs work.
I'm on Octopus 12 month fixed till Aug.
Would it be better to switch to new tariff before new price cap comes into effect or should I stick with Octopus until current tariff expires?
It looks like Ecotricity still has tariff available.
Appreciate any advice

MikeJXE

FWIW I’m on the same fix and as it is hardly half way though I will be sticking 

HillStreetBlues

Doubt it as they will have factored in the April price rise already.

What_time_is_it

I was in a similar position last week. My Octopus fix was until early August. I ended up switching to a new Octopus fix (just before they increased their price!).

My thinking was that even though I had 6 months left on my current fix, there is only about 6 weeks left of having the heating on every day. I worked out how much I will use between now and August and calculated that switching to the new Octopus fix will cost me just under £50. So I’ve gambled that I will save more than that next winter. If I lose, I only lose a max of £50. There are no exit fees. The fix is for 16 months ao covers all of next winter. Basically I’ve spent £50 as an insurance policy against higher bills next winter.

Also, I wanted to stay with Octopus. Their customer service is the best I’ve had from any supplier, no exit fees, and they are happy for me to maintain a large debit balance and pay off an amount of my choosing. If I maintain a debit balance of around £1,000 then I effectively earn around £40-£50 in interest over the year:

I didn’t find it an easy decision, but I’m happy with my choice as I now know for certain the max amount I will be charged over next winter.