Intelligent Octopus Price Increase.
Yesterday, the Intelligent Octopus tariff increased in price. Octopus Go, which is one of Octopus Energy’s most popular EV tariffs, increased on the 4th January. It was inevitable that the Intelligent tariff would go the same way.
Octopus has held off increasing its EV tariffs for quite some time. The sharp rise in wholesale energy prices in mid-December must have sealed the deal on the price increases.
Comparing the new Intelligent Octopus tariff.
The off-peak rate which offers 6 hours of charging has now increased from 5p a kWh to 7.5p a kWh. This is still a really attractive rate. It makes home charging so much cheaper than using public EV charging points unless you use a free one. 😀
The rates outside peak times are 30.77p per kWh with a daily standing charger of 24.86p. This is quite a jump in price. The rate is in no way cheap BUT it is still cheaper than the current Octopus 12 month fixed tariff on offer. It is also under the estimated new energy price cap which comes into effect in April. The price cap is expected to rise by 50% in April!
The Loyal Octopus tariff offers existing Octopus customers, who have been with Octopus for more than 8 months, a rate of 27.59p per kWh with a daily standing charge of 24.86p. This is the only cheaper Octopus electricity tariff. The day rate is cheaper by 3.18p BUT you obviously don’t get an off-peak rate. It is the off-peak rate and how much you use it that will drive your average price down overall. So the winner would still be the Intelligent tariff.
Additional cheap hours of charging with the Intelligent tariff.
With the Intelligent Octopus tariff, you get 6 hours of off-peak charging between 11.30 pm and 5.30 am BUT the important point to remember is that you could get more.
The idea behind the intelligent tariff is that it allows Octopus to control when your EV charges. You plug it in when you get home and let Octopus know, via the app, when you will need your EV next and how much charge you will need. If Octopus decides it can offer cheap green energy before 11.30 pm and your car is plugged in then it will charge at the 7.5p per kWh off-peak rate.
Octopus may stop and start your EV charge but you are guaranteed the off-peak rates on ALL your electricity use at home between 11.30 pm and 5.30 pm PLUS during the times’ Octopus decided to charge your EV outside these periods. So you could get more than 6 hours at 7.5p per kWh. This is where it gets interesting!
If you don’t plug in your EV every night do you still get the off-peak rates on your home electricity use?
Yes, your off-peak times are 11.30 pm to 5.30 pm at 7.50p per kWh on all of your electricity use, not just EV charging.
Intelligent Octopus price increase – FAQ’s Intelligent Octopus.
You can find further information including up to date prices on the Octopus website.