Should I fix my energy or stay on the Price Cap?

Average annual energy bills will fall by 7% on 1 July for those on standard price-capped tariffs (most households). But should you stay on the Price Cap, or move to a fixed deal? We've help to decide if fixing's right for you, plus analysis of the tariffs we've spotted...

How to check if it's worth fixing your energy

Before you switch to a fix (or any other tariff), you need to understand how the Price Cap will dictate what you pay over the next 12 months if you stick on a price-capped tariff. Bear in mind this only really applies to one-year fixes, it's a much harder decision if you want to fix for longer. 

  1. If you're not on a fix, you're almost certainly on a price-capped tariff, so that's what you need to compare against

    Almost every household is currently on a standard tariff with prices dictated by the Energy Price Cap. For a household with typical usage, paying by Direct Debit, it's currently set at £1,690 a year. 

    But remember, the Cap is not a cap on how much you pay – it only limits standing charges and gas and electricity unit rates. See Price Cap FAQs for full info or see the full region-by-region rates in our Price Cap rates guide.

    Yet that's not the full story as the Price Cap changes every three months, so you need to know how it's likely to change over the next year...

  2. The Price Cap is set to fall by 7% on 1 July

    The most important thing to understand is that price-capped tariffs are variable, and the prices change every three months in line with the Cap – and it's just been announced that Price Cap will fall by 7% to £1,568 a year on 1 July.

    So when considering if it's worth switching to a fixed deal, you need to look at what is expected to happen over the course of the next year. A fix that looks decent now could end up costing you more over the next year if energy prices drop.

    Energy Price Cap changes

    Time period

    Price Cap on typical use (1)

    CURRENT PRICE CAP

    1 Apr 2024 to 30 Jun 2024

    DOWN 12% 

    £1,690 a year

    NEW PRICE CAP
    1 Jul 2024 to 30 Sep 2024

    DOWN 7% 

    £1,568 a year

    1 Oct 2024 to 31 Dec 2024

    Weak prediction (2)

    UP 12%

    £1,762 a year

    1 Jan 2025 to 31 Mar 2025

    Crystal-ball gazing (2)

    STAYS SAME

    £1,762 a year

    Based on a dual-fuel household paying by Direct Debit. (1) 2,700 kilowatt hours of electricity, 11,500 kilowatt of gas. (2) According to the latest prediction (on 24 May 2024) from analysts at Cornwall Insight. Cornwall Insight has asked us to tell you that it has given MoneySavingExpert written consent to use its predictions under its 'copyright disclaimer for commercial use of the press releases', where it publishes its Price Cap forecasts.

  3. Martin's rule of thumb for when it's worth switching

    Some of this is crystal-ball gazing and averaging, but if the predictions above are right, our best guess is...

    Based on current published predictions, on price alone (not certainty)… 

    If you find a fix for up to 2% more than the current (April to June) Price Cap, it's predicted you'll save over the year compared to staying on the Price Cap


    Yet E.on's Pledge tariff, open to all on Direct Debit (who'll have or get a smart meter) is basically a 3% cheaper Price Cap, so compared to that it'd need to be 5% cheaper.

    We've full details of the current deals below, or if you want to check whether a deal you've been offered is worth considering, see our 'Should you fix?' calculator.

Top energy deals

We've a full list of the energy deals we're aware of below. We've also included a few other tariffs that aren't fixed but could be worth considering (if you've been offered a deal we don't mention, please let us know).

What you'll pay varies by region and usage, so once you have a quote, use our 'Should you fix?' calculator for our best guess on whether it's worth considering. Or you can use our Cheap Energy Club to compare the top fixes.

Top one-year energy deals

One-year energy deals currently available

Supplier & tariff info
Average cost compared with April Price Cap & exit fees (1) Key info
Worth considering

E.on Next

Next Pledge v5
New and existing customers

- Stays 3% LESS than every Cap (so moves with Price Cap)

- No exit fees

Not a fix, but worth considering. This variable tariff offers a fixed discount off the Price Cap for 12 months. It'll stay £50 below the Price Cap, so about 3% less (at average annual use) for the fixed term. See our E.on Next Pledge analysis for full info. You'll need to pay by monthly Direct Debit and manage your account online. You must be willing to have a smart meter installed (where possible). Available as dual-fuel or electricity-only.

If you were on the previous version of this tariff, you will be subject to £25 per fuel exit fees. You can switch penalty-free to this new version, plus your 12-month term restarts from the date you switch.

Outfox the Market
Fix'd Dual Jun24 v1.0
12-month fix
New and existing customers

- 7% LESS

- £50 dual-fuel exit fees 

Available as dual-fuel only. You must pay by Direct Debit and manage your account online. Smart meters not required.
Octopus Energy
Octopus 12M Fixed June 2024 v1
12-month fix
New and existing customers
- 3% LESS
- No exit fees
There are no exit fees, so you can always move if you find you're paying too much. It's available as dual-fuel, electricity-only or gas-only, and smart meters are not required.

British Gas

Fixed Jul 25 v4 /  Fixed Tariff 12M v7

12-month fix

New and existing customers

- 2% LESS

- £100 dual-fuel exit fees (2)

Available as dual-fuel, electricity-only or gas-only. Smart meters not required.
 

British Gas is also offering half-price electricity until 8 September 2024 on Sundays to some eligible customers. For full info, see our Get paid to cut your energy use guide.

E.on Next
Next Fixed 12m v17
12-month fix
New and existing customers

- 1% LESS

- £100 dual-fuel exit fees

Available as dual-fuel or electricity-only. You must be willing to have smart meters installed.

Outfox the Market
Super Fix'd 12m Jun-24 v2.0

12-month fix

New and existing customers

- Same as price cap

- £50 dual-fuel exit fees

Available as dual-fuel only. You must pay by Direct Debit and manage your account online. Smart meters not required.
EDF Energy
Essentials 1yr Jun 25 v2
12-month fix
New and existing customers

- Same as price cap

- £50 dual-fuel exit fees

You'll need to have or get smart meters (including smart prepayment meters). You can pay by fixed monthly Direct Debit or on receipt of bills (or by smart prepay). Available as dual-fuel or electricity-only.

Ovo Energy

1 Year Fixed

12-month fix

New and existing customers 

- Same as Cap

- £150 dual-fuel exit fee

Available as dual-fuel and electricity-only. You must pay by Direct Debit and manage your account online. You must be willing to have a smart meter installed (where possible).
Borderline
Sainsbury's Energy
Sainsbury's Fix and Reward 12m V17
12-month fix
New and existing customers

- 1% MORE

- £100 dual-fuel exit fees

You'll need to have or get smart meters. Available as dual-fuel or electricity-only.

New customers will get 4,000 Nectar points when signing up (2,000 for electricity-only) and two extra points for each pound spent in Sainsbury's stores (one extra point for electricity-only).
So Energy
So Pineapple
12-month fix
New and existing customers
- 3% MORE
- £100 dual-fuel exit fees
Available as dual-fuel or electricity-only. You must pay by monthly Direct Debit and can only manage your account online with paperless billing. Smart meters are not required.
Scottish Power
Help Beat Cancer Flexi July TM3 2025
Fixed term ends 31 July 2025
New and existing customers
- 4% MORE
- £150 dual-fuel exit fees

Available as dual-fuel, electricity-only, or gas-only. Smart meters are not required.
 

This tariff isn't a standard fix as it includes a portion (25% based on typical duel-fuel use) of variable costs, which are linked to external industry factors, such as network, social, and environmental obligation costs, which rise or fall during the tariff term, so your unit rates and standing charges could go up or down.
 

With this tariff, Scottish Power makes a donation to Cancer Research UK on your behalf.

Cheaper, BUT it's complicated...

Ovo Energy

1 Year Fixed + Boiler cover

12-month fix

New and existing customers

- 8% LESS

- £150 dual-fuel exit fees

You must take boiler cover for one year. It costs at least £15 a month (£180 for the 12 months), though this does include an annual boiler service. Once you've factored that in, it costs more on average than Ovo's 1 Year Fixed tariff, so only worth it if you were planning on getting boiler cover.

TABLE_CELL_STYLE

TABLE_CELL_STYLE

Available as dual-fuel only. You must pay by Direct Debit and manage your account online. You must be willing to have a smart meter installed (where possible).

Utility Warehouse

Fixed Saver 21
12-month fix until 31 May 2025
New and existing customers


Fixed 21
12-month fix until 31 May 2025
New and existing customers

- 3% LESS

- £150 dual-fuel exit fees





- 2% LESS

- £150 dual-fuel exit fees

You need to take at least TWO other services with Utility Warehouse. See 'How do Utility Warehouse's fixed deals stack up?' Available as dual-fuel or electricity-only. You need to get smart meters if you don't have them already, but Utility Warehouse is offering £50 bill credit if you get them installed.
 

You need to take at least ONE other service with Utility Warehouse. See 'How do Utility Warehouse's fixed deals stack up?' Available as dual-fuel or electricity-only. You need to get smart meters if you don't have them already, but Utility Warehouse is offering £50 bill credit if you get them installed.

Octopus Energy

Octopus Tracker
Variable
Existing customers only

- Not a fix and prices change daily, but could be worth considering. A smart variable tariff where the rates you pay change every day. In recent months, it's been cheaper than the Price Cap, but rates can increase quickly, so it's more of a gamble. See our Octopus Tracker analysis for more. Available as dual-fuel, electricity-only or gas-only. You must have a working smart meter to get this tariff.

Octopus Energy

Agile Octopus
Variable
Existing customers only

- Not a fix and prices change every half hour, but could be worth considering. Here the rates change every half an hour. It's best if you're able to shift energy usage out of peak times when rates are at their highest. Rates can spike quickly, so you need to monitor them. See Agile Octopus analysis for more. Available as electricity-only. You must have a working smart meter to get this tariff.

 

Correct as of 13 June 2024. (1) All tariffs assume typical use (2,700 kilowatt hours of electricity, 11,500 kilowatt hours of gas), paid by monthly Direct Debit – your exact price depends on region and usage. (2) You can switch penalty-free to another fixed tariff with British Gas, but exit fees will apply if you switch to another provider, or to its standard variable tariff.

There are longer-term fixes available but it's harder to say if these are worth it

To be blunt, we are unable to give you a best guess on whether it's worth locking into to a longer fix – our rule of thumb for when to consider switching won't work here. That's because we base it on legitimate predictions on how the Price Cap is expected to change in future, and these predictions only cover up until March 2025.

We can give you the prices, show how they stack up against the current Price Cap, plus the pros and cons of longer-term fixes, but no more than that. It's hard to know where the market's going to be in a year's time, let alone two years, so it could be a wise decision to fix, but equally, it could a bad one that'll end up costing you.

The main benefit of a long fix is simply that your rates are locked in for longer, giving you greater price certainty. That means greater protection from major price shocks (like the one that caused the energy crisis). On the other hand, if energy prices fall elsewhere, you could end up locked in at a higher rate for a long period – and if you want to ditch it, there are high exit fees. 

Longer-term energy deals currently available
Supplier & tariff info
Average cost compared with April Price Cap & exit fees (1) Key info
British Gas
The Fixed One 24m v7
Two-year fix
New and existing customers

- 1% LESS

- £200 dual-fuel exit fees

Available as dual-fuel, electricity-only or gas-only. Smart meters not required.

British Gas is also offering half-price electricity until 8 September 2024 on Sundays to some eligible customers. For full info, see our Get paid to cut your energy use guide.
EDF Energy
Essentials 2yr June 26
Two-year fix
New and existing customers

- Same as Price Cap

- £250 dual-fuel exit fees

Available as dual-fuel or electricity-only.

E.on Next

Next Fixed 24m v13

Two-year fix

New and existing customers

- 1% MORE

- £200 dual-fuel exit fees

Available as dual-fuel or electricity-only.

Ovo Energy

2 year fix May 24

Two-year fix

New and existing customers

 2% MORE

- £190 dual-fuel exit fees

Available as dual-fuel or electricity-only. You must pay by Direct Debit and manage your account online. You must be willing to have a smart meter installed (where possible).
Sainsbury's Energy
Sainsbury's Fix and Reward 24m V12
Two-year fix
New and existing customers

- 5% MORE

- £200 dual-fuel exit fees

Available as dual-fuel or electricity-only. New customers will get 8,000 Nectar points when signing up (4,000 for electricity-only) and two extra points for each pound spent in Sainsbury's stores (one extra point for electricity-only).

Correct as of 13 June 2024. (1) All tariffs assume typical use (2,700 kilowatt hours of electricity, 11,500 kilowat hours of gas), paid by monthly Direct Debit – your exact price depends on region and usage.

High energy user? Large exit fees may not be as big a barrier to switching away

For most, the high exit fees on long fixes are a major consideration. But for very high users, these deals might be more attractive as the exit fees as a proportion of your bill will be lower.

For example, a £300 exit fee could be less than one month's Direct Debit for some households, making it potentially worthwhile if the savings by switching away early outweigh this.

Spotted an existing-customer deal you want but you're not with that firm? You might still be able to get it

Some of the fixed deals available right now are still only for existing customers of that firm – particularly the cheaper ones that are more likely to be worth considering. 

If you want one of these deals but you're not an existing customer, you may still be able to get it. Simply switch to that provider's standard tariff first, and once that's done ask to be switched to the existing-customer deal.

The only issue here is if the deal is pulled before you become a customer. It can happen – deals can disappear without warning. Yet switching only takes five days, so it's a relatively small risk.

'Should you fix?' calculator

We've been hard at work building a tool to help you work out if a fix you've been offered by your supplier is worth it. Enter your usage and region (or plug in your current rates for more accuracy if you know them), plus the new rates you've been offered, and we'll let you know the percentage difference, and our best guess on whether it's worth considering based on our rule of thumb. So grab a recent bill and the info of the deal you've been offered and give it a go.

Currently it only compares dual-fuel (gas and electricity) tariffs. As it's a new tool, please do give us your feedback.

  • Still not sure if it's worth it? You can also compare the unit rates and standing charges

    If you're still not sure, you can double-check the unit rates and standing charges of the deal you've been offered, and then compare against the April Price Cap rates. If what you're offered is around 2% more than the Price Cap rates, it could be worth considering (based on current predictions).

    You can see the current Price Cap rates below, but bear in mind these rates are averages, and exact rates vary by region – we've added those below the table if you'd prefer to use them to compare.

    Average Direct Debit standing charges and unit rates from 1 April 2024

    Gas 

    Unit rate: 6.04p per kWh

    Standing charge: 31.43p per day

    Electricity

    Unit rate: 24.50p per kWh

    Standing charge: 60.10p per day

    Rates and standing charges are averages, which vary by region. Assumes payment by Direct Debit and includes VAT (at 5%). For those who pay each month after getting a bill, it's typically 6% higher.

    Prices vary by region – see the table below for regional Direct Debit rates and charges for 1 April to 30 June 2024:

    What are the standing charges and unit rates for gas and electricity under the Energy Price Cap on Direct Debit for my region from 1 April to 30 June 2024?
      Gas  Electricity
    North West

    Unit rate: 5.96p per kWh
     

    Standing charge: 31.62p per day

    Unit rate: 24.67p per kWh

     

    Standing charge: 51.19p per day

    Northern

    Unit rate: 6.03p per kWh

     

    Standing charge: 31.58p per day

    Unit rate: 23.36p per kWh

     

    Standing charge: 71.20p per day

    Yorkshire 

    Unit rate: 6.01p per kWh

     

    Standing charge: 31.56p per day

    Unit rate: 23.36p per kWh

     

    Standing charge: 67.44p per day

    Northern Scotland

    Unit rate: 5.96p per kWh

     

    Standing charge: 31.58p per day

    Unit rate: 24.96p per kWh

     

    Standing charge: 61.10p per day 

    Southern

    Unit rate: 6.12p per kWh

     

    Standing charge: 30.78p per day

    Unit rate: 24.66p per kWh

     

    Standing charge: 63.33p per day 

    Southern Scotland

    Unit rate: 5.96p per kWh

     

    Standing charge: 31.67p per day

    Unit rate: 23.97p per kWh

     

    Standing charge: 63.31p per day

    North Wales & Mersey

    Unit rate: 6.01p per kWh

     

    Standing charge: 31.89p per day 

    Unit rate: 25.42p per kWh

     

    Standing charge: 67.04p per day 

    London

    Unit rate: 6.11p per kWh

     

    Standing charge: 32.04p per day

    Unit rate: 25.72p per kWh

     

    Standing charge: 40.79p per day 

    South East 

    Unit rate: 5.97p per kWh

     

    Standing charge: 30.94p per day

    Unit rate: 25.29p per kWh

     

    Standing charge: 56.90p per day 

    Eastern

    Unit rate: 5.96p per kWh

     

    Standing charge: 31.01p per day

    Unit rate: 25.26p per kWh

     

    Standing charge: 49.92p per day 

    East Midlands

    Unit rate: 5.90p per kWh

     

    Standing charge: 31.11p per day

    Unit rate: 23.77p per kWh

     

    Standing charge: 56.00p per day

    Midlands 

    Unit rate: 6.00p per kWh

     

    Standing charge: 31.45p per day

    Unit rate: 23.84p per kWh

     

    Standing charge: 62.73p per day  

    South Western

    Unit rate: 6.33p per kWh

     

    Standing charge: 30.97p per day

    Unit rate: 24.21p per kWh

     

    Standing charge: 67.19p per day 

    South Wales

    Unit rate: 6.25p per kWh 

     

    Standing charge: 31.75p per day

    Unit rate: 24.51p per kWh

     

    Standing charge: 63.26p per day 

    Assumes payment by Direct Debit and includes VAT (at 5%).

What are the alternatives to fixing?

If you don't want to fix you energy tariff, there are other options, including...

  1. Do nothing – stick on the Price Cap

    The vast majority of homes in England, Scotland and Wales are on standard variable tariffs set on or near the maximum level they can be under regulator Ofgem's Price Cap. This cap changes every three months – the next change will take place on 1 July 2024.

  2. Cheaper variable tariffs that undercut the Price Cap

    While firms are unable to charge those on standard tariffs more than the Price Cap, they can charge less if they wish to. There are currently four variable tariffs to switch to that can work out cheaper than the current Price Cap:

    E.on Next Pledge – tracks £50 below the Price Cap and changes quarterly

    2060743706

    E.on Next is offering new and existing customers who pay via Direct Debit a 12-month tariff priced £50 below the Price Cap (at average annual use). The unit rates you pay will change every three months, while the standing charges are fixed. This means when the Price Cap changes, the amount you pay on the Next Pledge tariff will also change (and you'll always be paying less than the Cap).

    The Price Cap unit rates will be discounted so a typical-use household will pay £50 under the Cap over the next 12 months. However, your actual discount will vary depending on your usage. If you're already with E.on Next and on its price-capped standard variable tariff, it's worth considering.

    Plus there are no exit fees with the latest version of this tariff (previously £25 per fuel), so you're free to move to another tariff with E.on or any other supplier. If you're already on the previous version of the Pledge tariff (v3) you can switch penalty-free to the latest version (v5) to take advantage of no exit fees.

    • Watch: Martin Lewis explains how E.on Next's tracker tariff works and why it's worth considering

      Martin Lewis explains how Eon's tracker tariff works
      Embedded YouTube Video

    New electricity-only provider Fuse Energy tariff is 6% below the Cap 

    Fuse's electricity-only tariff is price-capped but doesn't charge the maximum rates. Crucially, it has lower standing charges which make it on average 6% cheaper (based on electricity-only), and even more so for lower users. Plus it gives every customer £5 bill credit on their birthday each year.

    However, as it's electricity-only, you'll need to get your gas supply elsewhere (assuming you need it). Plus it's a new firm with no track record. If you're interested in switching, see the current rates and read our need-to-knows below.

    Fuse Energy has just launched a new FIX that's 11% cheaper than the Price Cap

    It's new 12-month fix is on average 11% cheaper (based on electricity-only) than the Cap, and even more so for lower users. But you'll have to pay £50 exit fee if you want to switch away before the 12 months is up.

    We've not included it our 'Should you fix?' table, as currently that only focuses on dual-fuel tariffs. But you can get a bespoke comparison in our Cheap Energy Club.

    • How Fuse Energy's VARIABLE tariff unit rates and standing charges compare to the Price Cap

      Fuse Energy average electricity unit rates and standing charges
      Bill element

      Fuse Energy 

      (from 28 May 2024)

      Current Price Cap
      (1 April to 30 June 2024)

      New Price Cap

      (1 July to 30 September 2024)

      Unit rate 21.25p/kWh 24.50p/kWh 22.36p/kWh
      Standing charge 57.36p a day 60.10p a day 60.12p a day

      Figures shown are averages, which vary by region. Assumes payment by Direct Debit and includes VAT (at 5%).

    • How Fuse Energy's FIXED tariff unit rates and standing charges compare to the Price Cap

      Fuse Energy average electricity unit rates and standing charges
      Bill element

      Fuse Energy 

      (from 1 April 2024)

      Current Price Cap
      (1 April to 30 June 2024)

      New Price Cap

      (1 July to 30 September 2024)

      Unit rate 21.66p/kWh 24.50p/kWh 22.36p/kWh
      Standing charge 54.54p a day 60.10p a day 60.12p a day

      Figures shown are averages, which vary by region. Assumes payment by Direct Debit and includes VAT (at 5%).

    • Need-to-knows before you decide to switch to Fuse Energy

      If you're thinking of switching to Fuse, it's worth bearing the following in mind before you make the move:

      • It's an app-only supplier. You'll need to download Fuse Energy's app to get a quote, start a switch and manage your account. It's available on the Apple App Store and Google Play Store. Customer service is also mostly handled through the app, though the firm told us customers can also email it on support@fuseenergy.com. Potential customers can check their rates (based on their postcode) on the firm's website before committing.

      • You pay by Direct Debit based on the electricity you used the previous month. Fuse uses variable Direct Debits, where you just pay for what you use month by month. The advantage of this is you won't build up too much credit; the disadvantage is you'll need more cash in the winter months as your usage isn't smoothed out across the year.

        Fuse also doesn't currently support any other type of Direct Debit, nor does it support standard credit (where you pay by card, cash or cheque on receipt of a bill) or prepayment (where you top up your meter before using any energy).

      • Customers are able to make one-off top-ups to their account to build credit ahead of the winter.

      • 'Fuse Protect' guarantees that all Fuse's tariffs will be the cheapest of its kind in the UK and will refund customers the difference if there is a cheaper alternative. Remember, this is based on electricity-only.

      • It now supports Economy 7. Households that have a multi-rate meter can join Fuse's Economy 7 tariff. See our Economy 7 guide for details.

    The Octopus Tracker tariff – prices change daily based on wholesale rates

    It's available to existing Octopus customers (though others can just switch first to its standard tariff, then to this) as a dual-fuel, electricity-only or gas-only tariff.

    Rates change daily depending on wholesale costs (and where you live), which makes it more of a gamble, but over recent months it would've very substantially undercut the Price Cap – it's been £700 cheaper than the Price Cap on average over the last year. But there's no guarantee – it can go the other way.

    If it does start to get expensive, you can just switch back to its price-capped standard tariff (though it may take two weeks and you can't go back to the Tracker for nine months). Plus you'll need to get a smart meter if you don't already have one.

    • While rates are cheaper right now, they can spike suddenly if wholesale costs rise

      Currently, energy prices are controlled by regulator Ofgem's Price Cap. These are largely based on wholesale energy prices, and only change every three months, so there's a big time-lag between changes in wholesale prices and any change to the actual rates we pay. 

      Yet Octopus Tracker tracks wholesale costs daily, and prices are reflected in the rates you pay the next day, so gives quicker access to falling prices. But if wholesale prices start to climb, so too will the rates you pay (Octopus is allowed to offer different rates as it's not a standard tariff).

      So you'll need to be willing to keep an eye on the changing unit rates to ensure it's still competitive. What's more, Octopus has said its rates will likely double during the winter period, when demand for energy is much higher, so you'll need to keep a close eye on the tariff.

      However, Octopus Tracker has a 100p-a-kilowatt-hour maximum cap on electricity and 30p-a-kilowatt-hour maximum cap on gas, so if prices do rise rapidly, there is a limit on what you would pay for each unit of energy you use.

    • How much one week's energy would cost

      How much one week's energy would cost
        Gas Electricity Total (2)
      Octopus Tracker (1)

      Unit rate: 4.50p a kilowatt hour (kWh)

      Standing charge: 27.47p a day

      Unit rate: 19.70p a kWh

      Standing charge: 52.31p a day
      £26
      Energy Price Cap until 30 June 2024

      Unit rate: 6.00p per kWh

      Standing charge: 31.45p per day

      Unit rate: 23.84p per kWh

      Standing charge: 62.73p per day

      £32
      Energy Price Cap from 1 July 2024

      Unit rate: 5.44p per kWh

      Standing charge: 31.44p per day

      Unit rate: 22.37p per kWh

      Standing charge: 62.75 per day

      £30
      (1) Average of the daily rates in the Midlands on 20 to 26 May 2024. (2) Calculated using regulator Ofgem's typical-use figures: 11,500kWh for gas and 2,700kWh for electricity.
    • Octopus has recently changed how it calculates unit rates for this tariff

      The unit rates will still vary each day depending on wholesale prices, but according to Octopus it means that, on average, electricity unit rates will be 2.3p/kWh higher and gas unit rate 0.38p/kWh higher than previously. Standing charges also increased but are still under Price Cap.

      The new calculations took affects for new customers from 1 December 2023, and affects existing customers from 15 February 2024.

  3. 'Time of use' tariffs – good for those who can control peak usage, for example, electric vehicle charging

    These specially designed Electric vehicle energy tariffs are great for those who have an EV and a home charger. They allow households to take advantage of cheaper off-peak rates to charge their vehicle, when there's less demand on the grid. With some of these tariffs, you can also take advantage of the off-peak rate for your other electricity use too.

    The flip side is they can be pricey during the peak times, so you need to make sure you charge your vehicle overnight when the rates are cheap, plus you could end up paying more for your general electricity use.

    It's worth noting some of these tariffs are only available if you have certain car models or chargers, and most suppliers will say that they can ask for proof you own an EV.

    The Agile Octopus Tracker tariff – prices change half-hourly based on wholesale rates

    Octopus Energy also has its Agile Octopus tariff. It works a little differently to other EV tariffs. Here the rates you pay change every half-hour depending on nationwide demand. 

    As prices change every 30 minutes, with cheaper rates at certain times of the day when nationwide demand is lower, if you can shift your usage outside of peak periods, the tariff could help you save even more. Yet if you need to use lots of energy during peak periods, you could end up paying more.

    According to Octopus, due to volatile wholesale energy prices, it is currently only recommending the tariff to customers with solar panels, home batteries and electric vehicles (EVs) –  as these households may be able to more easily shift use outside of peak periods, or they need to use a lot of electricity overnight to charge their EVs. 

    The tariff is electricity-only (so you'll need a separate gas tariff if you have gas) and for existing customers only. If you're not already with the supplier, you'll need to move to its standard tariff first. You'll also need to get a smart meter, if you don't already have one, so if you don't want (or can't get) one, it's not for you.

    • Changes in wholesale prices are reflected in the rates you pay almost immediately

      This means quicker access to falling prices – but if wholesale starts to climb, so too will the rates you pay. 

      The tariff has a 100p/kWh maximum cap, so if prices do rise rapidly, there's a limit on what you would pay for each unit of electricity you use.

      If you want to leave Agile Octopus, you can switch to Octopus' standard tariff at any time without charge, but you can’t move back to Agile or to any other of its smart tariffs (such as Octopus Tracker) within 30 days.

    • You can GET PAID to use electricity on Agile Octopus

      Agile Octopus is the only tariff in the UK that passes ‘negative’ prices to customers – through what the firm calls ‘Price Plunge’ events. This happens very occasionally whenever more electricity is generated than consumed, meaning wholesale prices drop below zero for a short period. 

      On Sunday 2 July 2023, for eight hours (between 8am and 4pm), customers on the tariff were PAID up to 20p for every kWh of electricity used - this is the highest paying and longest ‘Price Plunge’ since the tariff’s launch in 2019. Some customers earned up to £22.

      Price Plunge events don't happen frequently, but when they do, customers are notified by text, so you can take advantage of being paid to use electricity.

What to do if you're struggling to pay your energy bills

There are three key areas you can focus on:

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