Martin Lewis has told how Octopus Energy customers are getting £676 off their bills amid the cost of living crisis. Speaking out on his BBC Sounds podcast episode, Mr Lewis said a tariff Octopus is currently boasting is resulting in a £676 reduction on bills.
“Octopus have two tariffs that can be substantially cheaper – their tariff can be cheap but their flexible tariff changes every half hour and can be really cheaper and really good,” Lewis said on this week’s episode. The ITV star continued: “People on those tariffs were 30 to 40 per cent below the cap, so they can be really sophisticated and cheap.”
“You can switch your heating to storage heaters at night. Now let’s move on to repairs – the cheapest solution at the moment is EDF’s, but it won’t be available for long and is on average seven percent below the current price cap.”
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Mr Lewis explained how the agile tariff works. Octopus explains: “Agile Octopus is one of our innovative Beta Smart tariffs that helps to offer cheaper, greener electricity to all our customers, but is directly affected by the volatility of the wholesale market.
“Flexible pricing can rise to as much as 100p/kWh at any time – although a typical household paid an average of around 35p/kWh in winter 2022/23. This tariff is best suited to customers who can shift large parts of their energy use to avoid these expensive peaks, often by using smart home technologies such as solar and batteries.”
Mr Lewis continued: “Fixing it at seven per cent is a good bet – I can’t say it’s a winner – but it’s a good bet.” Mr Lewis continued, telling the caller: “Which of these feels right? You could stick with Octopus, it’s not the cheapest at the moment at three per cent, but if you’re happy with the service then look at it.
“Look at the Octopus Tracker – you can take a look. I’m not saying you should do it, but it could probably save a lot of money and right now there are no answers. If you’re risk averse then by all means fix it.”
