Octopus Energy Tariffs: Compare 2022 Energy Prices
Octopus Energy tariffs come in all shapes and sizes. As well as the more ‘traditional’ fixed and variable energy tariffs, the supplier also offers some really unique tariffs that you can’t get anywhere else on the market. Read on to learn more about all types of Octopus Energy Tariffs.
💸Octopus Energy Tariffs and Prices
Octopus Energy offers a range of different tariffs: from standard fixed and variable tariffs to really innovative plans that help customers maximise their green energy usage while also being more energy-efficient. Plus, all Octopus Energy tariffs use 100% renewable energy!
The list of current Octopus Energy tariffs changes from month to month and is pretty extensive. Below we list some of the supplier’s most popular and interesting tariffs. For a full list of tariffs and a personal quote, head to the provider’s website.
All Octopus Energy household tariffs can be taken out as dual fuel or electricity only plans, but gas-only tariffs are not available. Here's how Octopus tariff prices compare to the rest of the UK market:
| Energy Supplier | Which? Value for Money score |
|---|---|
| Octopus Energy | ⭐⭐⭐⭐ |
| Ovo Energy | ⭐⭐⭐⭐ |
| So Energy | ⭐⭐⭐⭐ |
| Utility Warehouse | ⭐⭐⭐⭐ |
| Outfox The Market | ⭐⭐⭐⭐ |
| Boost | ⭐⭐⭐ |
| Utilita | ⭐⭐⭐ |
| Sainsbury's Energy | ⭐⭐⭐ |
| Shell Energy | ⭐⭐⭐ |
| British Gas | ⭐⭐ |
| EDF Energy | ⭐⭐ |
| SSE (Takeover by Ovo Energy in June 2019) | ⭐⭐ |
| E.ON | ⭐⭐ |
| Scottish Power | ⭐⭐ |
| E.ON Next | ⭐ |
*For illustrative purposes only. Figures taken from Which?'s September 2021 survey.
💡Octopus Energy Variable Tariffs
Flexible Octopus:You can get a Flexible Octopus tariff as either a dual fuel (electricity and gas) or electricity only tariff, depending on what works best for you. This is a variable tariff which means your unit rates and standing charges can rise or fall depending on wholesale energy prices, allowing you to take advantage of any drops in energy prices. Octopus will always give you at least 30 days’ notice before changing your prices.
Octopus Tracker:The Octopus Tracker tariff launched in 2017 and was the first tracker tariff in the UK. A tracker tariff simply means that the price you pay for energy changes on a day-by-day basis according to the wholesale market price. In other words, if one day the market price of energy is more than the day before, your unit rates will increase in line with this overall price rise. If it is less than the day before, your unit rates will decrease accordingly.
While the price you pay will rise when the market price increases, Octopus claims that this tariff usually works out cheaper than standard tariffs in the long run.
Agile Octopus:This is known as a time of use tariff. Its aim is to let customers make the most of cheap energy prices.
With this Octopus Energy tariff, customers have access to half-hourly energy prices based on the wholesale price of energy. These prices are updated every day at 4 pm and customers are given a different unit rate for every half an hour of the next 24 hours. This allows them to maximise their energy usage when the prices are at the day’s cheapest, and minimise it when they are at their highest.
The tariff is designed to work with smart technology through IFTTT applets, which lets customers really optimise their energy usage and save money.
Agile Octopus has also introduced Plunge Pricing. Occasionally, energy prices drop below zero because more is generated than consumed. With the Agile Octopus Plunge Pricing system, the provider will alert you when energy prices have dropped below zero and pay you to use energy at this time!
With a time of use tariff, you are vulnerable to drastic increases in energy prices. Don’t worry, Agile Octopus includes a Price Cap Protect that prevents your prices from going over a certain amount.
🧾Octopus Energy Fixed Tariffs
The following innovative tariffs are designed to help customers be more energy efficient. You must have a smart meter that is compatible with Octopus Energy to benefit from these tariffs.
Octopus 12m fixed:This is one of Octopus Energy’s most popular dual fuel tariffs. On this tariff, your unit rates and standing charges are fixed for 12 months, which makes it easier to calculate your monthly energy bill and keep on top of your spending. It is also the supplier’s cheapest available tariff.
This is the provider’s greenest tariff. If you want to be as environmentally friendly as possible, this is the one for you. As with all other Octopus tariffs, the electricity is 100% renewable. As an added bonus with this tariff, Octopus carbon offsets all of your gas too. It’s not too pricey either. This is a fixed tariff, which means your unit rates and standing charges stay the same for a full year.
Octopus Energy Prepayment Tariffs
Octopus Energy also offers traditional prepayment tariffs for both gas and electricity. Unfortunately, you cannot find out much about these tariffs or get a quote online. If you have a prepayment tariff, you will need to contact Octopus to get a personal quote.
Octopus Energy Tariffs for Tenants
There are currently two Octopus Energy tariffs specifically designed for tenants. The GoodLord Tenant Tariff and the One Utility Bill Tenant Tariff can be taken out as a dual fuel plan, electricity only or an Economy 7 tariff.
🚗Octopus GO: Tariff for EVs
The Octopus Energy EV tariff, known as Octopus GO, is tailored to electric vehicle owners so they can charge their cars for less. Like an Economy 7 tariff, it gives you a different peak and off-peak unit rate for electricity.
The peak rate varies depending on where you live, but the off-peak rate (between (00:30 - 04:30) is the same amazingly cheap 5p per kilowatt-hour (kWh) for everyone, which is on average 50% cheaper than typical Economy 7 night rates.
A smart meter that is compatible with Octopus is essential for this tariff. If you don't have a smart meter, Octopus can arrange for you to have a Secure smart meter installed free of charge.
🏢Octopus Business Energy Tariffs
There are also a number of Octopus Energy business tariffs available. These are very similar to the popular tariffs offered to households, just designed for companies instead of typical household usage. Like domestic tariffs, these also use 100% green electricity.
- Octopus fixed business - this locks in unit rates for 12 months and is available as a dual fuel or electricity only tariff.
- Octopus flexible business - this is a variable tariff with no fixed contract.
- Octopus greenest business - this is the most sustainable business tariff offered. Like the fixed business tariffs, unit rates are fixed for a one year contract, but on top of renewable electricity, all gas usage is carbon offset.
Octopus Energy business tariffs can be adapted for small, medium and big corporations so there is something for all businesses.
7️⃣Octopus Energy Economy 7 tariffs
Yes, Octopus Energy offers lots of Economy 7 tariffs. In fact, nearly all of the provider’s tariffs, except its innovative tariffs (Agile, Tracker and Octopus Go), can be taken out as Economy 7 plans.
An Economy 7 plan means you get a different electricity rate during peak and off-peak times. During these off-peak times (typically 7 hours between 10 pm and 8:30 pm), you get cheaper electricity than during the day.
Octopus Energy Economy 7 Rates
Like rates for traditional tariffs, Octopus Energy Economy 7 rates vary depending on the tariff you choose and area you live in. In the table below we have listed the day and night-time rates for a household in London on the Economy 7 version of the supplier’s popular flexible tariff.
To get an accurate quote for an Economy 7 tariff, you will need to know your electricity usage split, meaning the percentage of your overall electricity consumption you use on the day rate and how much you use during the night rate. If you don’t know your split, head to our guide on average energy consumption to see the average electricity split in the UK for Economy 7 households.
❓Octopus Energy Tariff FAQs
What are the tariff rates for Octopus Energy?
The unit rate for electricity with Octopus is 13.15 pence per kWh and the standing charge is 21 pence per day. If you're on an Economy 7 tariff, the unit rate during the day is 14.49 pence per kWh, while at night it's 7.76 pence per kWh - the standing charge is the same.
Can I change my tariff on Octopus Energy?
Yes, you can, and it's free. Just give Octopus a call and you can be switched over to an alternative tariff of your choice free of charge.
Is Octopus Energy going bust?
No, in fact Octopus has occasionally acted as the Supplier of Last Resort (SoLR) when others have gone bust. This was the case when Effortless Energy went bust in 2020, with the provider being selected by Ofgem to take on customers were it to be necessary.
Does Octopus Energy have exit fees?
No! Not one of the Octopus Energy tariffs has exit fees. This means that if you sign up for a tariff but find it is not working for you, you can leave whenever you want without paying cancellation fees. This is the case if you have been on the tariff for a whole year or just a few months, but you do need to give 28 days’ notice.
Does Octopus Energy do Economy 7?
Yes, Octopus does cater to those using an Economy 7 meter, offering several deals with a day rate and a cheaper night rate to these customers. We would only recommend one of these if you're going to be using 40% or more of your electricity during the off-peak hours.