Octopus Energy tariffs

octopus energy tariffs

Octopus energy has a myriad of energy tariffs on offer to both the business and residential consumer. For our comparison we are looking at the fixed and variable tariffs they have on offer and how they compare to the smaller and larger energy providers in the UK. What we want to know is do they have any good cheap energy deals that will translate to lower bills.

So according to our list of the cheapest energy suppliers Octopus Energy is listed 35 out of 55 meaning that there cheapest available tariff is more expensive than 34 other cheap tariffs. So if you are looking for cheap domestic energy then you are not going to get it from Octopus. However for business energy Octopus has some of the cheapest business energy deals on the market.

They do have a number of tariffs including some innovative ideas such as the Octopus Energy Fan tariff that reduces the cost of your electricity on windy days. Unlike Bulb they have a large number of tariffs, not all are available through energy comparison sites so we will focus on their best offerings.

I've added an Octopus Energy review based on my experience so far as an Octopus Energy customer and offered some insights into their value in terms of customer service and pricing.

Octopus 12m Fixed tariff

Octopus Fixed is their 12 month fixed rate tariff and like Outfox the Markets fixed tariffs they do not charge an early exit fees which means that you can switch to a cheaper tariff at any point without any repercussions.

At the time of writing Octopus energy is showing their 'OctopusFixed' tariff as costing £917.48 or £76.46 a month. Our cheapest energy supplier (May 2020) tariff is Yorkshire Energy variable costing £743.23 (£61.94 a month) which is £174.25 cheaper per year. In fact looking at the top 10 cheapest tariffs available that month they are still over £100 more expensive than ESB's Brighter Future Digital 12 v14 tariff.

December 2020 price update

With new prices in December 2020 their 12 month fix has seen some price increases (as have most suppliers since June). The monthly cost for the average household increased from £76.46 a month to £80.09 a month which means a 1 year fix from Octopus is about £10 a month more than the current cheapest in December 2020.

The increase in the cost of this fixed deal is due to an increase in the kWh unit price of electricity by about a penny from 15.0255p to 16.065p and the kWh unit price of gas up by about one tenth of a penny from 2.562p to 2.6565p.

January 2021 price update

The 12 month fix from Octopus has seen an increase in price with both the standing charge and kWh unit price for gas and electricity. This brings the monthly cost of their tariff to £86.11 for the average household having previously cost £80.09 so a modest but noticeable rate increase.

Get £50 for Switching

Switch to Octopus Energy and get £50 credit when you switch.

Super Green Octopus

The 'Super Green Octopus' is essentially the same as their Octopus Fixed tariff except you pay extra on your gas usage to have it offset through their carbon offset partner Renewable World a Brighton based charity.

It's their greenest tariff designed to compete with their main rival Bulb, take a look at our Bulb vs Octopus comparison to see which supplier is better.

Essentially the extra 0.399p per kWh (2.961p kWh rather than 2.562p kWh) goes towards replacing dangerous and polluting electricity generation with clean renewable energy in places like Kenya and Nepal.

Super Green Octopus works out at £965.36 a year or £80.45 per month, about £68 a year more expensive for the average household compared to their fixed tariff.

December 2020 price update

The Super Green Octopus tariff has seen a slight monthly increase by about £2 a month from previous prices to £82.61 for the average household. Whilst the standing charge has remained the same a penny has been added to the kWh unit cost for electricity (15.0255p to 16.065p) and a small decrease in the gas unit price from 2.961p to 2.9085p.

January 2021 price update

An increase in the unit rate for electricity and the daily standing for both gas and electric has increased although the cost per kWh rate for their offset gas remains the same at 2.9085 pence. The increase takes their greenest tariff to £87.50 a month for the average home in the UK.

Flexible Octopus

Their variable tariff 'Flexible Octopus' currently shows up as more expensive than their 12 month fixed offering. Generally variable tariffs are cheaper and you pay a bit more for the privilege of having a fixed price for your energy for 12 months.

The quote on their 'Flexible Octopus' tariff came out at £997.46 a year (£83.12 a month). It works out to be about £80 more expensive a year than the fixed tariff which doesn't sound very tempting since their fixed tariff has no early exit fees. You'd be a real fool parting with the extra money to choose this tariff.

December 2020 price update

The variable rate 'Flexible Octopus' has seen a decrease from £83.12 to £81.39 a month. The reason for the price drop is that even though they have increased the cost of the standing charge for both gas and electric and increased the kWh unit price of electricity the unit gas price has dropped from a hefty 3.2025p to a much cheaper 2.73p.

January 2021 price update

Their variable tariff has not changed price in January 2021 but both their fixed energy tariffs have increased quite a bit albeit inline with current wholesale market increases.

Table of Octopus Energy tariffs

Below are the prices for each of the main energy tariffs that are available through the Octopus website. The previous rates for each tariff are included as it helps to show how much they increase or decrease their prices over time.

Rapid drops in prices to undercut the competition can sometimes be a sign that an energy company is in financial trouble and are desperately trying to attract new customers. Multiple price increases well above other suppliers can indicate the company is not offering good value. Ideally you want to see a steady price which reflects a stable provider who are not likely to rip off their customers.

January 2021 tariff prices

Tariff Electricity daily standing charge Electricity pence per KWh Gas daily standing charge Gas pence per KWh
Octopus Fixed 22.722 16.968 21.00 2.898
Flexible Octopus 21.672 16.2855 17.85 2.73
Super Green Octopus 22.722 16.968 25.2 2.9085

December 2020 tariff prices

Tariff Electricity daily standing charge Electricity pence per KWh Gas daily standing charge Gas pence per KWh
Octopus Fixed 21.672 16.065 17.85 2.6565
Flexible Octopus 21.672 16.2855 17.85 2.73
Super Green Octopus 21.672 16.065 17.85 2.9085

June 2020 tariff prices

Tariff Electricity daily standing charge Electricity pence per KWh Gas daily standing charge Gas pence per KWh
Octopus Fixed 21.672 15.0255 17.85 2.562
Flexible Octopus 19.383 15.519 16.8 3.2025
Super Green Octopus 21.672 15.0255 17.85 2.961