28 May Octopus Energy keeps prices below the cap as energy bills rise again
London, (Oilandgaspress) Following the announcement from Ofgem that the energy price cap will rise by £221 a year from July – an increase of 13% – Octopus Energy is reaffirming its commitment to keeping energy bills as low as possible for households.
While the price cap sets the maximum rate suppliers can charge for standard variable tariffs (SVT), Octopus Energy has consistently priced its SVT, Flexible Octopus, below the price cap – saving customers £166 million since the last energy crisis.
Customers looking to beat the price cap can switch to several bill-slashing tariffs today:
Octopus Fixed – For households looking for long-term budget certainty, the Octopus Fixed tariff locks in guaranteed rates for 12 months that sit safely below the new price cap, protecting homes from potential autumn and winter price hikes. The tariff is currently priced at £1,780, saving customers around £82 a year compared to the July price cap*.
Octopus Tracker – Octopus Tracker is the UK’s first tariff directly linked to wholesale energy prices. Rates are updated daily based on independently published market prices – so when wholesale prices drop, so do customers’ bills. Over the past 12 months, customers saved an average of £148 on their energy bills compared to Octopus’ SVT.
Agile Octopus – Taking Octopus Tracker to the next level, Agile Octopus updates rates every 30 minutes in line with wholesale rates. The tariff rewards customers for using more energy when the grid is full of green electrons, and less when the grid is at its dirtiest. Over the past 12 months, customers saved an average of £437 on their energy bills compared to Octopus’ SVT.
Octopus’s Octo Assist hardship fund is available to help customers who are struggling with their bills, and currently stands at £40 million. The fund is tailored to meet individual needs and customers can apply for assistance year-round by contacting Octopus or filling out a simple form.
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Octopus Energy, the UK’s largest energy supplier, has partnered with United Welsh to bring its groundbreaking Tenant Power tariff to social homes in Wales.
Tenant Power is the UK’s first green energy tariff where both social housing landlords and tenants share the financial rewards of smart energy tech.
Buildings equipped with solar panels and a compatible battery system can generate their own renewable energy. Any excess energy is stored in the battery and automatically sold back to the grid at peak times, helping to balance the grid and provide a return for landlords.
The result: tenants see their electricity unit rate bills fall by 30% – saving around £200 a year – compared to a standard variable tariff*, while landlords earn revenue, making clean tech upgrades a smart long-term investment**. Adding a heat pump into the mix could help Tenant Power tenants save even more on their energy bills. Information Source: Read More
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