The Cosy Octopus Tariff
The Cosy Octopus tariff is a super smart, super green tariff available to Octopus Energy customers who own a heat pump. It provides 8 hours of off-peak electricity and is designed to help heat pump owners keep their homes cosy while spending less.
The cheap daytime off-peak rate on the Cosy Octopus tariff is approximately 11.1p per kWh between 4 am – 7 am, 1 pm – 4 pm and 10 pm to midnight. (This will vary depending on where you live in the UK) Octopus refers to this as the triple dip.
Written by Sarah Chambers
Cosy Octopus – The Octopus heat pump tariff.
Switching from gas to electricity to heat your home is better for the planet. However, during the current energy crisis being green isn’t always the cheapest way. The Cosy Octopus tariff aims to address this by offering a cheaper electricity rate not once, not twice, but three times a day, every day. You could even use this as a seasonal tariff and switch to a different Octopus smart tariff in the summer.
New Octopus Cosy rates as of 1st July 2024.
- Off-peak Rate: 11.1p per kWh.
- Peak Rate: 32.85p per kWh.
- Standard Day Rate: 22.66 per kWh.
- Daily Standing Charge for electricty: 61.19p
The off-peak rate is around 50% below the July Energy Price Cap and you get 10 hours now instead of 8. The additional off-peak window between 10 pm and midnight is a game changer for the Cosy tariff. If you have green technology such as battery storage, solar panels or an EV in addition to a heat pump this tariff now makes more sense and is a real competitor for Octopus’ other smart tariffs.
These are the new Cosy rates for South Wales so they may vary depending on where you live in the UK.
You can obtain a quote and sign up for the Cosy Octopus tariff on the Octopus website.
What are the benefits of the Cosy Octopus Tariff?
- Reduce your overall energy bill.
- Reduce the cost of heating your home using a heat pump.
- Decrease your environmental impact.
- Support load shifting with three off-peak periods during the day. 🌍
During your cosy octopus triple dips, you need to hustle and load shift as much electricity as you can. If you have battery storage you could even charge up during the dips to try and make it through higher rate periods. You would need quite a big battery BUT remember it is the average price per kWh that counts. So even when you use energy outside the dip it’s the average that counts.
Is the Cosy Tariff more expensive than other Octopus smart tariffs?
On the face of it, the Cosy Octopus tariff is more expensive during off-peak periods than Octopus Go or the Intelligent Octopus Go tariff. However, the day rate is lower on the Cosy tariff. The day rate on both Go and Intelligent Go tariffs is currently over the standard variable rate, which is the Flexible tariff. So you need to load shift as much as you can to get the price per kWh down. You also need an EV to qualify for the Go or Intelligent tariffs.
As heat pumps work on a more continuous basis the option to have a tariff that isn’t more than the flexible tariff for most of the day with discounted periods thrown in is great! The only fly in the ointment is the peak rate between 4 pm and 7 pm.
One option would be to use the triple dip for your hot water cycle helping meet morning and evening bath and shower needs. Followed by an extra heating boost so you can switch off your heat pump and get through the evening peak period.
You could also consider an Economy 7 or 10 tariff if you have a heat pump but the discounted period is during the night rather than during the day which is less convenient. The day rate is also higher on Economy 7.
Here are the current rates for Economy 7 in South Wales v Cosy Tariff.
| Compare Energy Prices From 01/07/24 | |
|---|---|
| Octopus Flexible Tariff -EPC average price (Electricity) 01/07/24 to 30/09/24 | Octopus Cosy Tariff.(Prices 1st July 2024) |
| 27.53p per kWh - 17 hours. | 22.66p per kWh - 13 hours. |
| 11.90p per kWh off-peak Eco 7. | 11.1p per kWh off-peak - 8 hours |
| No Peak rate. | 32.85p per kWh (4pm - 7pm) |
| 60.73p per day standing charge. | 61.19p per day standing charge |
Is the Cosy Octopus tariff a fixed tariff?
No, the Cosy Octopus tariff is a variable tariff so the rates could change. Like all Octopus tariffs, you are free to switch away from this specific tariff at any time.
How do you switch to the Cosy Octopus Tariff?
As a new customer, you’ll simply have to switch to Octopus Energy and go on their Flexible tariff before making your switch to the Cosy Octopus tariff. As a new customer, you have to sign up for a nonsmart tariff when you switch. It’s then a case of moving from your interim tariff to your chosen smart tariff, such as Cosy Octopus.
- Switch to Octopus Energy. (This usually takes around 5 days)
- Octopus must be satisfied that they are receiving half-hourly readings from your smart meter. (This usually happens within 14 days but could take longer.
- Once Octopus has connected are getting half–hourly readings from your smart meter, you’ll receive an email asking you to accept the Terms & Conditions of Cosy Octopus to complete your switch. Have a read of our smart tariff Terms & Conditions now.
If you haven’t got a smart meter it’s a case of switching, requesting a smart meter, and waiting for an installation date to become available in your area. You’ll need a Secure SMETS1 (Secure is a brand name and it’s written on the front of the meter) or a SMETS2 smart meter to switch to any of the Octopus smart tariffs.
If you have a heat pump installed or you are in the process of getting a heat pump installed you can switch to the Cosy Octopus Tariff.
Your heat pump doesn’t need to be supplied by Octopus to be eligible for this tariff.
Your interim tariff switch.
All traditional and smart tariffs are available to new customers. Yes, you can switch to Octopus Energy using the link above. Once you have entered a few short questions you will be given a quote.
For any smart / tracker tariffs, you will have to sign up for the Octopus Flexible tariff first and then when the switch is complete ask to be moved to the smart or tracker tariff. It can sometimes take a little time as Octopus needs to make sure they are receiving readings from your smart meter.
How can I tell if I have a SMETS2 smart meter already?
Look out for ‘GUID’ or a Device ID which looks like this: AA-BB-CC-DD-EE-FF-00-GG-ZZ on the front of the meter. If you can see a number like this it is a good indication you have a SMETS2 meter.
There’s no getting around it switching to Octopus Go does take a little more time than a standard tariff.