Octopus Go Price Increase.
Every morning I check the Octopus Energy tariff. I have had a few sharp intakes of air over the last few months as energy prices have risen. The Octopus Go off-peak rate has tariff always remained unchanged. In September the Octopus Go daytime rate increased but the discounted nighttime rate remained the same. It has been 5p per kWh for around 3 years.
Yesterday, however as everyone started to file back to work the inevitable happened. The off-peak rate for the Octopus Go tariff increased from 5p per kWh to 7.5p per kWh. I am not at all shocked. Wholesale prices have increased massively over the last year and I would be naive to think that the Go tariff would remain unchanged. The daytime rate and the standing charge also increased in price but this has happened before.
Today, Tuesday 5th January 2022 the Octopus Go tariff is 7.5p per kWh off-peak with a daytime rate of 30.77p per kWh. The daily standing charging charge is 24.86p.
You can find the up to date Octopus Go tariff prices for your geographical location on the Octopus Energy website.
Is the Octopus Go tariff still worth it?
Yes, I think the off-peak rate is still very attractive for charging an electric vehicle at home. It is a straightforward tariff where you plugin and know that the rate is guaranteed for 12 months. The energy price cap is due to rise in April 2022 and the 7.5p a kWh is miles away from the standard variable rate.
If you own a Tesla or have a Wallbox charger I think the Intelligent Octopus tariff is now looking like the best option. The 5p a kWh off-peak hasn’t risen yet and it is fixed for 6 hours PLUS you may get additional discounted periods if your car is plugged in and scheduled to charge.
Are there cheaper alternatives to the Octopus Go tariff?
EDF have an off-peak tariff which is 4.5p per kWh but their daytime rate is a lot more. There aren’t that many options at the moment, to be honest. The energy crisis has really taken its toll.
Will energy prices fall in 2022?
I really hope so. I have noticed that wholesale energy prices are beginning to fall, however, energy companies are going to want to recoup their losses from the winter months. Energy suppliers have been buying energy for more than they are able to sell it and so even if wholesale prices drop I don’t think it’s going to be that straightforward.
Fingers crossed for 2022. Remember charging your EV at home is still currently cheaper than filling up at the pump and it is better for the planet. That’s one thing that may help put a spring in your step.