Octopus Energy Tracker Tariff - Follow the Wholesale Price of Energy
Have you heard of Octopus Energy Tracker?
Available to existing Octopus energy customers, it may be a cheaper way to get energy.
Octopus Energy Tracker updates your energy prices on a daily basis.
It follows the wholesale price of energy - what Octopus themselves pay for it - and passes on a very similar price to you.
I recently switched and was amazed to find the prices were up to 40% cheaper (but it won't be all the time).
Here's what I'm paying so you can compare, as at 2nd April 2024:
Electricity:
- 18.64p/kwh
- 47p/day standing charge
- 4.12p/kWh
- 27.47p/day standing charge
If anyone can find cheaper than that please let me know in the comments with screenshots.
Does this save you money?
Maybe. Energy companies tend to charge you more when energy is cheap, and less when energy is expensive. Which blends into an average over the year.
With Octopus Energy Tracker, you will pay cheap when wholesale energy prices are less, and you will pay more when it's expensive. And it could be a lot more than you're used to. This is because when wholesale prices are expensive, you aren't being cushioned by the average prices you had been paying over the whole year essentially subsidising it.
Who should use it?
- If you have an electric car that charges at home, it's definitely one for you. You can see in advance what energy prices will be and charge at the lower rates. There are plans to have hourly rate trackers too.
- If you want to get the savings from wholesale energy prices immediately, rather than wait months - but it works the other way too
- If you don't mind potentially wildly fluctuating bills. Cheaper when it's cheap, more expensive when it's expensive.
How do I get it?
- Press "Get Deal" above and read the information on the Octopus website
- You have to go through a form showing you understand and agree to it
I'm with Octopus and have been since they entered the market, they're a great company to be with.
Bluemoon1960 Worth a look to see if it's of interest to you. Take a look at your current rate within the Octopus website or app and see how it compares to the above.
On Gas and Electric tracker save about 30% on both but it’s a gamble as the prices can soar and I’ve got export for my solar on some days make more than I pay
5d4s8w2nfc That's really cool with solar. I have been tempted but whenever I do number crunching doesn't quite work out for me. Seems to be about a 7-10 year pay off.
Atm I pay for electricity on Flexi Octopus 25.25p/kWh 47.85p/day and for gas 5.96p/kWh 28.95p/day. That's the new rates after price drop. Tracker rates are great especially the electricity per kwh but with tracker is always a risk plus it requires a smart meter.
Just checked and with current rates I would save around £27 with tracker per month.
Unable to get the tracker, as we dont have a smart meter and don't intend to get one!
Hi Tom been on this tariff for over a year my charges are higher.
Elec 19.56p kw standing charge 60.18p
Gas 4.25p kw standing charge 27.47p just checked now 2.4.24 20.36pm
kevinbennett8 Interesting, I know that it changes depending on location (although I don't know why!) Quite similar though. Thank you for the comment 
Ive been on tracker for a year now and had solar and battery installed last june. Due to the energy export and the octopus saving sessions as well as the solar doing a similar incentive over winter; we actually made enough money that we haven’t paid for any electricity since the panels went on, i think to date we are around £10 up and for the entire month of march we actually only paid around 20p towards our electric (plus standing charges).
With the tracker, we paid around half as much as we would have on a normal tariff although the savings aren’t as great now the price cap has come down but we are still saving
alexclifford88 Hey thanks for the comment. That's really interesting. So it seems that you find you still generate sufficient energy from solar in the darker winter months? May I ask how many panels you have, or how much kWh they tend to produce in the Winter months?
I tend to presume it's not much in darker months but maybe I'm wrong! I could look at my usage, then compare to how much is produced.
Tom we’ve generated just over 500kwh so far this year. We have 12 and a 5.2kw battery. The panels haven’t really generated much between October and February but between octopus energy saving sessions and axle battery exports which usually run at the same time, its made up for the lack of generation.
On a cloudy day like today they can still generate up to 1kwh an hour. We export through octopus and get 15p per kwh and they put the credit onto my account every month when they produce my bill. Panels and battery were £11,500 and should have paid for themselves in less than 10 years at the rate they’re going
Tom its also worth knowing that the company who installed the panels offer a payment plan where you pay what you would typically be saving on your energy bills so you don’t need to fork out such a huge sum
I have solar panals but no battery storage how did you go about getting the battery and what was the cost.
Thanks
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