Cost of living: Octopus relaunches popular Tracker tariff that could help customers save money on energy bills
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Octopus Energy has relaunched a popular energy tariff which could help save money on bills. The “Tracker” tariff allows customers to follow wholesale prices as well as cut their usage on more expensive days.
The energy company shared the news as Ofgem announced its July energy price cap. According to Octopus, over the last year an average household on the Tracker tariff would have saved four per cent compared to the new price cap of £2,074.
The product had been closed to protect consumers when wholesale costs shot up in 2022. But the tariff, which is designed for households who are able to shift large amounts of their energy use to avoid any expensive peaks, has now been reopened.
Those wanting to sign up have been warned that wholesale prices will go up later in 2023. However, Octopus has introduced a maximum cap for energy costs - 100p/kWh for electricity and 30p/kWh for gas.
Rebecca Dibb-Simkin, chief product officer at Octopus Energy Group said: “The energy market is changing rapidly, and we believe it’s essential for consumers to have the tools to harness this change for their benefit. We’re glad we can bring our popular Tracker product back to the market, allowing customers to become an active part of the future energy system once more.
“By creating a transparent tariff that allows customers to access wholesale rates and plan their energy consumption accordingly, we’re empowering customers to become actively and directly involved with the energy market, and see how prices rise and fall.”
There are currently limited places but you can register your interest on Octopus’ website. The product has no exit fees but customers choosing the tariff should consider whether it is right for them, as once you switch away from the tracker uou cannot sign up for it again for another nine months.