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That’s about my understanding. If you keep your eye on wholesale trends you might be able to make this work by switching to another tariff if/when prices look like they’re heading up. Octopus are great generally too, so I’d feel confident that it will all work as they explain. I’m on one of their other smart tariffs and it works really well for us.
If anyone wants to share some referral credit happy to share a link - drop me a PM. -
Pretty much!
Based on todays prices, the price of electricity and gas are approx 1/3 less than most standard variable tariffs. It can fluctuate, and can fluctuate pretty quickly, but the rates have generally averaged considerably lower than the basic 34p/10p rates.
For example, the highest rate for electric was 37.2p/kWh on Tuesday 13th Dec, where it was cold, gloomy, and no wind.
If it hit that rate, the EPG would kick in and you would pay 34p. Generally its been averaging around 24/25p, and has been down to 12.9p/kwh.Similar with gas, 11.2p/kwh at the highest, averaging around 7p/kwh. Lowest rate 3.2p/kwh. Price held at 10p for gas until the EPG runs out, and then its subsidised by the EPG.
If gas prices stay lower, (though still higher than last year of course) then the gas tracker should hopefully save a 1/3 off your gas heating bill until spring turns up and heating is less of an issue.
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JonD
Acliff
@Scrabble
Ok, think I've got it. The tracker is good now (cos energy prices are well below the EPG assumed base. The tracker will also be good even if prices increase a fair bit, but once they go over about 52p for elec and 17p for gas, you'd be better off on a standard tariff.
Is that right?