Hold on or get a fixed Gas and Electric tarrif?

ourfirsthome_xx

Hi,
Forgive me if this some across silly but I'm looking for a bit of advice!

Me and my partner are moving into our first home on Friday 12/12 and have been researching Gas and Electric prices. We are aware the the cap is set to increase a little in January, but we also have seen in the April budget its said prices will come down.

The current owners are with Octopus so do we stick with there generic tariff we will be put on when it's first transferred to us and wait it out then lock something in when the prices drop?

Do we look at variable tariffs as opposed to fixed?

Or will it not really save that much money in the long run so better to lock in now? We have seen British gas at £117 a month or EON at £111 on a fixed contact, which we do like the idea of fixed as we really have no idea really how much we will use.

Not sure if this helps but The current owners are with Octopus on Flexible Octopus Price Capped tariff) and from what Money supermarket has worked out pay around £123 a week but they are a family of 4 so doubt we will use as much as that!
Any answers are appreciated!

Thank you!

born_again

ourfirsthome_xx said:

Hi,
Forgive me if this some across silly but I'm looking for a bit of advice!

Me and my partner are moving into our first home on Friday 12/12 and have been researching Gas and Electric prices. We are aware the the cap is set to increase a little in January, but we also have seen in the April budget its said prices will come down.

The current owners are with Octopus so do we stick with there generic tariff we will be put on when it's first transferred to us and wait it out then lock something in when the prices drop?

Do we look at variable tariffs as opposed to fixed?

Or will it not really save that much money in the long run so better to lock in now? We have seen British gas at £117 a month or EON at £111 on a fixed contact, which we do like the idea of fixed as we really have no idea really how much we will use.

Not sure if this helps but The current owners are with Octopus on Flexible Octopus Price Capped tariff) and from what Money supermarket has worked out pay around £123 a week but they are a family of 4 so doubt we will use as much as that!
Any answers are appreciated!

Thank you!

A fixed tariff is not a ALL you can eat tariff. The fix is the unit rate. So the more you use the more you will pay.

Given you are moving into your new home you will have little idea on usage.  So you are really jumping into the unknown. 2 can use as much as 4. 

Maybe look at a variable tariff over the 1st few months of the year to give you a idea on your usage, then you have a base line to work on when looking at tariff's later in the year.

mebu60

Octopus are generally perceived as one of the better (less worse) utility companies and their fixed rates currently come with no exit fees so you could fix with them to start with as you will need to register with them first regardless.

I would echo @born_again 's comment, the monthly figures you quote are just estimates not what you will pay. The fixed element is the unit rate and the cost is that multiplied by usage plus standing charge. Similarly, don't confuse your monthly direct debit amount with being anything other than a payment on account against the actual bill. 

Ms_Chocaholic

PLEASE MAKE SURE you ring Octopus with the meter readings as soon as you move in and set up an account with them, only then can you move to a different supplier.  You have to sign up with the energy company that supplies the property in the first instance. 

luci

@born_again has summarised it perfectly, especially about a fixed tariff not being "all you can eat". Many people have been caught out by thinking that and racking up a huge debt.

There's a lot to learn with a first property and you won't get it all right, but you've made a great start asking on here. It's a pity you've left it so late if you're moving in on Friday.

Lorian

Octopus "12M Fixed November 2025 V2"is less expensive than their standard variable rate with no exit fee so you can still change to any lower fix they may offer in the future, or leave, without paying a fee.

Don't forget to read the water meter (if present) and set up a water account.

littlemoney

Lorian said:

Octopus "12M Fixed November 2025 V2"is less expensive than their standard variable rate with no exit fee so you can still change to any lower fix they may offer in the future, or leave, without paying a fee.

Don't forget to read the water meter (if present) and set up a water account.

Octopus 12m fixed November 2025 v2 has been unavailable since 30 November, despite cheap energy club still offering it. The current Octopus December 2025 fix is more expensive than the previous November one.

EssexHebridean

Congratulations - I hope all goes well tomorrow!

as already said, get those meter readings registered with octopus as soon as you practically can - and in any event, as soon as you have the keys tomorrow, get a picture of each meter (including water if you have a meter for that currently) and hold onto those on your phone, if there is any issue or dispute later they could become invaluable. If the energy meters are smart then Octopus will likely just start your use from the beginning of the day tomorrow and that is likely to be pretty much fine. You may pick up if this is the case if there is an IHD = In Home Display as it may be displaying  a welcome message. Even if this is the case though, you still need to call them.

once the dust has settled, take a look at the Octopus site all tariff page - https://octopus.energy/tariffs/ - and just put in your postcode rather than requesting a quote - that will let you see what fixes are on offer. With no exit fees, if there is anything at all cheaper than the price cap variable one (Flexible Octopus) you might as well grab it as you can always change later. 

One thing to bear in mind is- it may have already been said and I’ve missed it. The price of fixes is not directly related to the Price cap, so it doesn’t necessarily follow that if the cap drops, fix prices will follow. 

Lorian

@littlemoney November V2 is the one currently available on the octopus tariff page. I checked before I posted.

littlemoney

Lorian said:

@littlemoney November V2 is the one currently available on the octopus tariff page. I checked before I posted.

Yes it is there but a friend phoned Octopus 2 days ago to switch to it and was informed it had been replaced. Not sure if web site correct or Octopus staff are correct.

Lorian

They come and go it had been replaced but now back on November V2. It happens a lot.