Embarrassed to ask about energy calculations for possible energy switch.

Mum161111

I am embarrassed to ask but I really am not good at and struggle with arithmetic - even with a calculator.  I have a fixed rate Gas and Electricity with Octopus to 30 June and I understand there is no penalty for an early exit.

Just now, including VAT, Electricity is 23.5 p  kWh

and dailty charge is 61.25 p 

and, for Gas

it is 5.68 p kWh  and 29.60 p daily charge.  Loyal Octopus 12 month v1 fixed to 31 May this year.

If I am eligible the new tariff from 01 April is:

Loyal Octopus 14 month fix March 2025 v 1

Including VAT, Electricity would be 25.36 kWh and daily charge 49.98

and, for Gas:  6.26 p kWh and 29.71.

Can anyone please tell me if it would be cheaper, if I am allowed, to change to the new 01 April tariff.

I 'phoned Octopus previously and was encouraged not to switch at that time because there may be a cheaper tariff in future.

If this new tariff is cheaper I would like to consider changing to if, if allowed.  (From Octopus's estimate I use about 1224 kWh Electricity and 1127 kWh Gas (about 97 M3 Units.

I would like to use more Gas but keep it low because of the cost.

I would appreciate any help, thank you.

bristolleedsfan

You would need to say which region you are in so as to compare SC and UR

Currently available  Loyal Octopus 14 month fix March 2025 v 4 cheaper both fuels than v1 North West Region, might not be available for long.

No exit fees mean can change tariff at any time.

QrizB

Mum161111 said:

Can anyone please tell me if it would be cheaper, if I am allowed, to change to the new 01 April tariff.

The new tariff is more expensive in every respect EXCEPT the electricity standing charge is quite a bit cheaper.

So, switching will only save you money if the cheaper electricity standing charge more than makes up for everything else.

Looking at your estimated annual consumption (you are a really low gas user) it seems to me that switching will save you some money, but it'll only be a few pence a day.

If, for example, you use 4kWh of each of gas and electricity a day for the next two months:

- Current tariff cost: £2.08

- New tariff cost: £2.06

So I don't think it's going to make a lot of difference, whichever one you choose, at least not while your current switch lasts.

One advantage of swimming, though, is that if something happens between now and the end of May to make energy much more expensive, you'll have a fix that's good for a year rather than having to pick a new deal at that time. So it might be worth taking the April 2025 fix and then looking out for a cheaper one later in the year? Octopus don't generally charge you to leave a fix early.

vic_sf49

Edited again. IGNORE ALL THIS POST. MARCH V1 IS NO LONGER AVAILABLE.

Tariff is now MARCH V4.

So the Loyalty fix is 11p+ cheaper per day, for the electric standing charge? Have I read that right?

I'd switch just your electric as a single fuel, right now.

Edited to add, The Unit Rate is slightly higher, but if you use less that 4.66kwh per day, you're better off on the Loyalty tariff (can someone double check my maths please), and you're a pretty low user.

My loyalty fix was 6p cheaper for the standing charge, even though the unit rate was a teeny bit higher, but if I use under 5500kwh per year, it was worth it. I use 900 ish, due to having solar panels.

April is when the price cap alters the standard variable rate tariffs, so don't wait until then, as the fix might have been replaced.

Octopus changes their fixed tariffs through the month, so keep an eye on them in future too, as you can keep switching.

bristolleedsfan

Loyal Octopus 14 month fix March 2025 v 4  Gas U/R is likely to be cheaper than v1 rates quoted in O/P which is being commented on despite NLA.

vic_sf49

Please note, that March V1 is no longer available. That was pulled ages ago I'm afraid.

V4 is available right now.

I need to check the rates for myself, but won't get the time until tonight.

Mum161111

Thank you for all the time taken and your helpful,very much appreciated, replies.

(I have never had a diagnosis but, if there is a scale, I think I minght have some level of dyscalculia.  It can be a bit like brain block when I can see figures but struggle to work them out! and make proper sense of them.)

vic_sf49

@Mum161111, can you look on Octopus' website, for the new Loyalty fix for March v4 please.

https://octopus.energy/tariffs/

(You can get a quote, but also just scroll down the page, and put your postcode in, filter by "domestic and" fixed", to get the rares.)

I don't know what region you are, and rates differ.

But I'm about to switch my electric tariff for the fourth time this year.

Mum161111

Thanks very much vic_sf49.  I'm in Southern Scotland.

I used the link you gave, logged into my account and, after putting my post code in, there was no option to filter domestic & fixed.  There were no options for Loyalty fixed for March v4.  Two results came up: one for flexible and another (not Loyalty) for 14 Month fixed March 2025, v4.

My Octopus 12 month fix June 2024 v1   has no early exit fee, 

I wonder if there is no link to the "Loyalty" for March v4 tariff because I am on a fixed tariff already? I wonder if the one you suggested, is only if you are not already on a fixed rate?  Could it be that Octopus discourage switching to another Octopus tariff?  I tapped the link for existing customers to change tariff but there was then  nothing about it on my Dashboard or anywhere to pursue it.

bristolleedsfan

Southern Scotland

June 2024 v1

Electricity

• Unit rate:23.50 p/kWh
• Standing charge:61.25 p/day

Gas

• Unit rate:5.68 p/kWh
• Standing charge:29.60 p/day

Loyal Octopus 14M Fixed March 2025 v4

Electricity

• Unit rate:23.37 p/kWh
• Standing charge:55.13 p/day

Gas

• Unit rate:5.81 p/kWh
• Standing charge:31.41 p/day

Mum161111

That's great, thanks very much bristolleads fan.Gas is a little more expensive but Electricity is cheaper than my present June 2024 v1 fixed tariff.

I have been on line in my account but cannot find the link (I clicked on the lkink for existing customers to change tariff but there was no option (said to be on the Dashboard) to pursue it . There was nowhere I could see to choose the Loyal Octopus 14 M Fixed March 2025 v4.

Do you know of a way I could access it or would it have to be by telephone tomorrow?  Thank you.