Cosy Octopus fix now?

StevieP21

Just wondering what other cosy octopus peopleare doing. We have until the 20th to fix the existing rates?

cannugec5

I have fixed.
However I got September 26 v1 which had no exit fee. I note v2 has a £50 exit fee.

If you haven’t already got it Octopus Compare is a good app to compare Octopus tariffs using your actual usage.

NedS

I fixed last month on the June 26 v1 rate (no exit fee). The current fix is ~8.25% higher.

I was concerned Octopus may have withdrawn Cosy (they didn't hesitate to withdraw IOF over the summer when it wasn't profitable) which would have left me in a difficult position. As it stands, that doesn't now look likely, but the prices have increased.

I locked in a Cosy cheap rate of 14p/kWh for winter (we only ever import at the cheap rate) which is less than we paid last winter (helped by the removal of VAT). I find that remarkable given that natural gas prices are 3 times higher now than where they were last winter, so I was more than happy to lock that in for this winter.

Natural gas prices are currently back above £2 (£2.15/thm) with no end to the war in sight. MSE are predicting a 20.9% increase to the Ofgem cap in January, although gas rates could be hit harder than electricity.

StevieP21

https://forums.moneysavingexpert.com/discussion/comment/82168038#Comment_82168038

I think its a safe product whilst they are still installing their cosy heat pumps but hey never a guarantee.

Just fixed at 14.86p kwh cosy rate so that seems half decent given come January its looking like 30-32p kwh on the price cap.

NedS

https://forums.moneysavingexpert.com/discussion/comment/82170070#Comment_82170070

Seems a very reasonable price to lock in now.

They could restrict Cosy sign-ups to only those with Octopus-installed heat pumps, a bit like they have done with IOF where only those with Octopus installed batteries can now switch. Only speculation on my part, but having been stung in spring with not being able to move back onto IOF for summer, I'm now cautious.

StevieP21

https://forums.moneysavingexpert.com/discussion/comment/82170250#Comment_82170250

I did get a quote from Eon Next for their heat pump tariff so there is another option and it runs close in winter but more expensive in summer. Still very decent considering fixes being offered right now but I believe this product changes on Monday and goes up.

Next pumped fixed 12m v16

Your heat pump tariff quote:

Tariff name: Next Pumped Fixed 12M V16

Electricity standing charge: 51.835 pence per day

Electricity off-peak unit rate (06:00 - 16:00 and 19:00 - 22:00): 22.517 pence per kWh

Electricity super off-peak unit rate (22:00 - 06:00) : 18.610 pence per kWh

Electricity peak unit rate (16:00 - 19:00): 45.210 pence per kWh

NedS

https://forums.moneysavingexpert.com/discussion/comment/82170395#Comment_82170395

That's probably not too bad.

For context, during my first winter (2024/5) with a heat pump, and no batteries, we averaged an import price of ~19-20p on Cosy by trying to load shift into the cheap slots and avoiding the 4-7pm peak, and similar should be achievable on that Eon Next Pumped tariff which is not bad given where prices are currently.

StevieP21

https://forums.moneysavingexpert.com/discussion/comment/82170509#Comment_82170509

Absolutely and if we didn't have some battery storage it would have made sense for us.