Octopus Tracker Tariff Prices.
A complete guide to the Octopus tracker tariff.
The Octopus Tracker Tariff follows wholesale energy prices. Every day at midnight Octopus Energy updates the price you pay per kWh. You can choose the Octopus tracker tariff for either your gas, electricity or both. The tracker tariff can be a stand-alone tariff.
The benefit of the Octopus Tracker tariff is that if prices drop you see that almost immediately in the price you pay per kWh. However, you also feel the pain if wholesale energy prices rise.
The Energy Price Cap, which most customers are on, will see prices rise and fall with wholesale prices BUT there is a lag. The energy cap is reviewed every 3 months. This slows down price rises and also price reductions. With the Octopus tracker, you see these price fluctuations reflected in the price you pay for your gas and electricity almost instantly.
If you are considering moving to the Octopus Tracker tariff you need to make sure you keep a very close eye on the price you pay per kWh for energy.
Octopus are still the only company to offer this tariff, no one else ever has! So get on the waiting list for this tariff if you are interested. You will receive amazing customer service from a company that always aims to do the right thing for its customers AND the planet.
How does the Octopus Tracker tariff work?
Every day, Octopus Energy updates the price you pay per kWh for your energy. The price you pay is based on an independently published wholesale market price. This is the price available to all suppliers.
Your Octopus dashboard will be updated each day to show the price you will pay per kWh.
How does the new December version 1 of the Octopus Tracker tariff differ from the previous version?
On the 11th of December 2023, Octopus changed the pricing of the Octopus Tracker tariff.
- The formula for calculating the daily pricing has changed.
- There is also an increase in the standing charge so that it is in line with other Octopus tariffs. (Still 4% cheaper than the January Energy Price Cap standing charge and around 7p per day cheaper for electricity and 2p for gas come 1st April when the standing charge increases under the Energy Price Cap! )
- It’s now a 12-month fixed period. This does not mean you are stuck on this tariff for 12 months. It just means the terms, such as the formula or standing charge, will not change for 12 months. Ideal if you want that lower daily standing charge too.
Note: There is no exit fee on the Octopus Tracker tariff.
This is still a great tariff and the 12-month fixed term does mean if Octopus changes the formula for the tariff again you will remain on this version, which might work in your favour. From memory, I believe it is how the tracker tariff used to work before the energy crisis.
UPDATE 23/02/24 – Keep the lower daily standing charge for the next 12 months.
At the moment the existing Octopus Tracker tariff, Octopus Tracker December v1, is using the current daily standing charges not the increased April 2024 standing charges as announced by Ofgem on 23rd February 2024.
The terms of your Octopus Tracker tariff are fixed for 12 months. If you switched to the Octopus Tracker tariff on December v1 of the tariff you would keep the existing standing charges for the next year!
As an example in South Wales from 1st April, the standing charge will increase under the Energy Price Cap;
Electricty – 52.17p per day to 62.57p per day.
Gas – 27.47p per day to 31.06p per day.
That’s almost £48 extra a year!
I can see this tariff being amended to an updated version with the increased standing charge very soon but for now, you can get the lower standing charge within your 12-month terms.
Is the Octopus Tracker Tariff still a good deal?
The Energy Price Cap will decrease by 12% on 1st April, this is based on past wholesale energy rates. On the Octopus Tracker tariff, we have already been through these prices and reaped the benefit of following wholesale energy prices.
The most up-to-date predictions by Cornwall Insight published on 21st February 2024 (the ones used by Martin Lewis) predict that the Energy Price Cap will reduce in price by a further 13% on the 1st of July 24. The announcement will be made on the 25th of May 2024.
The July 2024 Energy Price Cap will be based on wholesale prices for the next 3 months. If you are on the Octopus Tracker tariff these are the prices you will pay now, so if prices do fall, as predicted you will see these bigger price reductions in the second quarter of 2024 rather than the third.
In short, the Octopus Tracker tariff is still an amazing tariff but as always you have to be prepared to check prices each day.
You can read more on the Octopus Tracker Tariff FAQ page.
Itemised billing on the Octopus Tracker tariff.
When you are on the Octopus Tracker tariff, your Octopus bill will be itemised if you have a smart meter. There will be a row for each day this will include;
- The date
- Wholesale price
- Day’s unit price per kWh
- Energy used.
You must have a smart meter for the Octopus Tracker tariff. Previously you could sign up without one.
I have listed historical prices for the last month on the Octopus tracker tariff at the bottom of this page.
It is important to note that your In Home Display will not display your Octopus tracker rates. The display becomes fairly pointless when you are not on a standard tariff. I would suggest using the Octopus app, Octo Aid, or Loop.
I would also sign up for the new Octopus home mini, it’s free. The little pink tile is a brand-new device. It sends your smart meter’s data straight to your Octopus Energy app, so you can see your electricity use in near real-time.
It is important to glance at your rates each day.
Octopus suggests you check the price you pay per kWh frequently whilst on the tracker tariff. You can check the day rate by looking at your Octopus dashboard. By doing this you will get a feel for how much you are paying for your energy. They compare it to checking petrol prices at a garage forecourt. If you check often enough you will know if prices are going up or down. Remember that the average price you pay per kWh over the month is most important.
Key facts – Octopus Tracker Tariff.
Is the Octopus Tracker tariff Britain’s fairest tariff?
The Octopus Trackers tariff was launched on 8th May 2017. Greg Jackson, CEO of Octopus Energy said, “This tariff is the first guarantee that you won’t get ripped off.” At this time Octopus Energy had just 90,000 customers and was challenging the Big 6 energy suppliers. Now Octopus has over 5 million customers are the 2nd largest energy supplier in the UK. Octopus has always stood out doing the right thing even when they were considered of little threat to the Big 6.
With the Octopus tracker tariff, you know exactly what you are paying for each day. There’s a breakdown of the unit price and you know it reflects the current wholesale price in the UK.
Here’s the result of one person moving to the Octopus Tracker Tariff.
Thanks to my friend Sarah, I’m on tracker, had the odd day when there’s been no wind and foggy, highest I’ve ever paid for leccy was 23p and that was for ONE day only. It dropped to 21p the next day then 15p. Today it’s 17p. Still far below the fixed or normal rate.
— Brian (@Brian70362077) December 13, 2023
Octopus Tracker Tariff and the April 2024 Energy Price Cap.
At the moment you would be paying less than the January 2024 Energy Price Cap if you were on the Octopus Tracker tariff for gas and electricity. The Energy Price Cap is set to reduce in price on 1st April 2024 by 12%. It will remain at a fixed price until it is reviewed by Ofgem on 25th May with prices changing on the 1st of July 2024. (The Energy Price Cap changes 4 times a year.)
The April 2024 Energy Price Cap is based on the past 3 months’ pricing of wholesale energy. Prices have decreased over the last 3 months. This is why the Energy Price Cap is set to fall on the 1st of Apil 2024. On the Octopus Tracker tariff, the price you pay is based on wholesale prices now, not in the past and prices are predicted to drop even further so you will see even bigger reductions now on the Octopus Tracker tariff. However, anything could happen in the world and prices could go up as well as down.
If you decide to switch to the Octopus tariff tariff I would strongly suggest you keep an eye on the price you pay each day.
The Flexible tariff isn’t as responsive to wholesale energy prices as the Octopus Tracker tariff.
If you are on a standard tariff, such as the Octopus Flexible tariff, the amount you pay will decrease from 1st April 2024. The price you pay will remain the same until the new Energy Price Cap in July 2024. If it gets very cold, a conflict arises or there is a restriction on supply your price will remain unchanged until the 1st of July. If you are on the Octopus Tracker tariff you will feel these changes almost instantly. However, if prices fall further as predicted you feel this much quicker too.
You can monitor both gas and electricity wholesale prices on this website. You can also take it a step further and see how wholesale prices change by the hour on this site BUT there’s no need unless you are interested in the wholesale energy market. I will explain more below.
If you are interested in energy prices and what the future holds this is a very informative document from the House of Commons Library. It is a research document (that isn’t too heavy) written in February 2023.
You will need to keep a close eye on your daily rate on the Octopus Tracker tariff but at the moment it is cheaper than the Octopus Flexible tariff.
Energy prices can change at the drop of a hat so be sure to do some maths based on your own circumstances to work out if the tracker tariff is right for you.
I live in South Wales and here are the prices for the last month or so on the Octopus tracker tariff. Remember to keep a close eye on the average price you pay per kWh per month and switch back to the Octopus flexible tariff if you start paying more per kWh than the energy price guarantee. There is no point in spending more than you need to!
I made this TikTok last summer. The cap for gas has now increased to 30p per kWh and for electricity, the cap has increased to £1.
@sarah_go_green You could get your #gas price cheaper than the #energypriceguarantee on the #octopustrackertariff. #moneysavingtips #energybills #gasheating #reduceenergybills ♬ original sound – sarah_go_green
Do you need a smart meter to switch to the Octopus tracker tariff?
Yes, you now need a smart meter to be on the Octopus Tracker tariff I have an elderly neighbour who switched to the Octopus Tracker tariff last August. He takes a monthly meter reading and Octopus calculates the average price per kWh for both his gas and electricity BUT this recently changed and you now need a smart meter. He has been lucky and has managed to get one fitted.
How do I check if my meter is a smart meter?
You can check if your meter is working in smart mode on the Citizens Advice website. This online checker tool can tell you what type of smart meter you have in your home and if it’s working in smart mode.
Is the Octopus Tracker tariff the cheapest tariff available for Octopus customers?
The Octopus Tracker tariff is currently cheaper than any other traditional tariff they have for gas and electric It is a bit of a no-brainer at the moment. You could also look at the Octopus Agile tariff but that takes more thought and planning as the price changes every 30 minutes.
(Energy Price Cap 1st April 2024 to 30th June 2024)
|Octopus 12 months fixed tariff -
February 2024 v3
|Loyal Octopus 12 months fixed tariff - February 2024 v3
|Tracker Tariff - (December 2023 version 1.)
(Rate changes daily) 26th February 2024
If you are considering switching to the Octopus Tracker for electricity I would first review all the other Octopus smart tariffs available. Depending on your usage and personal circumstance you may find another smart tariff that reduces the price you pay per kWh for electricity so that it is cheaper for you. There are so many variables you need to review all the Octopus smart tariffs. You will however need a smart meter for all the Octopus smart tariffs. You need a smart meter for the Octopus tracker tariff.
One size doesn’t fit all when considering an electricity tariff.
Just for those who are new to smart tariffs and are unsure if the Octopus tracker tariff would work out cheaper NOW for electricity, you can consider the following.
The Octopus tracker tariff over the last month has been cheaper than the standard variable tariff, ie Octopus flexible tariff. Just be mindful that wholesale prices can go up as well as down. You can see the rates for the last month at the bottom of this page.
If you own any of the following and have a smart meter I would consider another Octopus smart tariff first.
- Electric vehicle. – Intelligent Octopus Go tariff / Octopus Go tariff
- Heat pump. – Cosy Tariff
- Solar panels at home. – Agile tariff – Octopus Flux, Octopus Intelligent Flux
- Just battery storage – Economy 7 / Agile tariff or an electric vehicle tariff if you own one.
There may be other factors that change this but this is a generalisation based on current wholesale electricity prices.
There are so many variables trying to work out which electricity tariff is the cheapest you can’t give a blanket answer for everyone as everyone’s home setup and needs will be different.
What does Martin Lewis say about the Octopus Tracker tariff?
On the 13th of June 2023, Martin Lewis posted a review on the Octopus Tracker tariff. This is the first time it has been featured on his Money Saving Expert website. He has since mentioned it several times online and on his TV show. I think he has previously steered away from it as customers have to be on the ball with this tariff as prices change daily but it is just a good deal I am glad he has now done a review. This won’t be for everyone but it is well worth it now!
As consumers, our behaviour has already changed in terms of our energy use. More people than ever are aware of their energy tariffs and usage. To add in a regular check on the price you pay each day shouldn’t be beyond most people. It’s quite an incentive as it could allow you can keep the heating on for longer or reduce your energy bill if wholesale prices don’t rise beyond the Energy Price Cap!
Is the Octopus Tracker Tariff a safe bet?
The Octopus tracker tariff is a safe tariff to be on IF you know you will keep an eye on your daily rates. You just need to be ready to jump ship if prices rise dramatically. The Octopus Tracker Tariff offers a good alternative and significant cost savings for households who are prepared to keep a close eye on the price they pay for their energy. At the moment most of us are doing that anyway so it shouldn’t be too much of a chore when there are quite considerable savings to be made to your energy bill.
At one stage this tariff was almost exclusively taken up by customers who love spreadsheets but now everyone is monitoring their energy costs so it’s become quite popular in recent months.
Can I switch to Octopus Energy as a new customer?
All traditional and smart tariffs are available to new customers. Yes, you can switch to Octopus Energy using the link below. For any smart / tracker tariffs, you will have to sign up for the Octopus Flexible tariff first and then when the switch is complete add yourself to the waiting list.
For the Octopus tracker tariff, you’ll need a smart meter. You’ll also need to be an Octopus customer. Once you have completed your switch to Octopus you can ask to move to the Octopus tracked tariff.
If you use my referral link to switch we will both receive £50 credit on our energy bill. So a big thank you if you use mine!
After answering a few short questions you will be given a quote for the Octopus Flexible tariff and Octopus Fixed tariff. You can choose either tariff as there are no exit fees. You can switch to the Octopus tracker tariff from both.
You’ll be an Octopus Energy customer in no time. Switch and claim your £50 new customer credit by using my referral link. There’s no exit fee or long-term lock with Octopus Energy. The switch is usually completed within 17 days. It’s a great way to get cashback when you join Octopus Energy as a new customer. (no code required just use the linked pages.)
Switching to Octopus and changing tariffs as soon as your switch is complete does not affect your £50 credit.
You’ll be given £50 credit after your first direct debit is taken and you’ll get your own personal referral code to share with friends and family as soon as you have signed up.
Tip: The £50 credit is added to your balance after your first payment is made. If you opt to make a one-off payment eg £5 (the link is on your Octopus dashboard) this should trigger the £50 credit being added a day or two later. So you should get it earlier.
How can I check the standing charge price for my area?
If you go to the Octopus website you can check the current daily rate and standing charge for the Octopus tracker tariff.
- First head to the Octopus tariffs page.
- Input your postcode BUT do not click get “Get a quote”.
- Scroll down and click on “filters.”
- From the drop-down menu select “domestic.”
- The tracker tariff is listed about the 3rd tariff down – Octopus December 2023 v1.
The standing charge in South Wales on the Octopus tracker is 52.17p per day for electricity and 27.47p per day for gas.
What’s the latest version of the Octopus Tracker tariff called?
The latest version is the December 2023 v 1.
The tariff will appear on your dashboard and show an end date. This just means that you will stay on this version of the Octopus Tracker tariff for 12 months. The rate will change every day.
There have been several versions of the tracker tariff but December 2023 version 1 is the one you will be on if you switch to the Octopus Tracker tariff today.
Once you have switched to the Octopus Tracker tariff the formula and the cap used will remain the same on your account for 12 months. Unless of course, you switch tariffs which you are free to do at any time.
If you decide to switch to another tariff after you have been on the Octopus tracker tariff you cannot switch back to the Tracker tariff for 9 months.
Should I switch to the Octopus Tracker Tariff?
Without a doubt, the Octopus Energy Tracker Tariff offers households a way to save costs right now. The risks are low, as long as you actively monitor your daily costs, you can easily switch to another tariff if necessary and there are no exit fees.
What’s the difference between Octopus Agile and the Octopus Tracker tariff?
The Octopus tracker tariff was launched 9 months before the Agile tariff in May 2017. The tracker tariff has a different price for gas and electricity every day based on wholesale energy prices. Here is a quick summary of the differences between the two tariffs.
1. The Octopus tracker tariff offers customers electricity and gas prices that change every day, based on the wholesale price of energy.
1 . Octopus Agile offers customers electricity prices that change every half an hour, based on the wholesale price of energy.
2. You don’t need to shift your energy use throughout the day as it does not fluctuate.
2. You need to be able to shift your energy use to use energy when there’s less demand or excess electricity on the grid. During these 30-minute periods, prices drop.
Octopus Agile v Octopus Tracker Tariff.
The Octopus Agile tariff follows current wholesale electricity prices and incentivises customers to use energy when there is spare capacity on the grid to help the planet. You change how and when you use energy throughout the day depending on prices which change every 30 minutes. Similarly, the Octopus Tracker tariff follows current wholesale electricity and gas prices but only changes once a day at midnight. Customers do not benefit from using energy off-peak.
This is an Offical Octopus website which isn’t widely known about. It allows you to look at historical Octopus Agile prices for your area and if you are already an Octopus customer you can compare them to your current tariff.
If you switch away from either of the Tracker tariff you cannot return to it for 9 months, for the agile tariff it’s currently 30 days. This stops customers from trying to game the system.
Octopus Agile Tariff – The price per kWh changes every 30 minutes.
Octopus Agile Tariff. Average price kWh Cheapest price 30 minutes.
National Average Price of Energy. Energy Price. Energy Price.
Average price per kWh over 7 days. Monday 26/02/24 14.6p per kWh 9.4p per kWh (00.00)
Sunday 25/02/24 15.0p per kWh 9.1p per kWh (22.30)
Saturday 24/02/24 15.8p per kWh. 11.4p per kWh.(14.30)
Friday 23/02/24 15.0p per kWh 8.4p per kWh (04.30)
Thursday 22/02/24 13.4p per kWh 3.4p per kWh.(00.00)
Wednesday 21/02/24 13.4p per kWh 4.7p per kWh.(22.30)
Tuesday 20/02/24 14.3p per kWh 8.1 per kWh (00.00)
Octopus Gas Tracker Tariff – Price per kWh in South Wales. (The price changes every day at midnight)
You have to keep a close eye on this to ensure you are not spending too much. Your day-ahead rate is shown on your Octopus Energy dashboard.
Just as a reminder the Octopus Flexible tariff from 1st January 2024 in South Wales is 7.57p per kWh for gas and 28.71p per kWh for electricity. (It varies slightly throughout the UK)
The new rates for the 1st April 2024 have just been announced but we’ll have to wait for Octopus to publish the rates and standing charges for the Flexible tariff to compare. The Energy Price Cap will drop by 12% from the 1st April 2024 but the daily standing charge will go up.
I will place a green heart 💚 next to the Octopus Tracker rates that are cheaper than the flexible tariff.
Octopus Tracker Tariff.
The cap set by Octopus on the gas tracker is 30p per kWh.
Octopus Electricity Tracker Tariff – Price per kWh in South Wales.
The cap set on the Octopus electricity tracker is 100p per kWh.
I update this list manually each day by checking prices on the Octopus Energy tariffs page. (Old school no API Key used yet.) Similarly, I update prices on the rest of my website by checking prices on this page too.
I am a bit of an Octo spotter! It’s a little like a train spotter but without the need to get cold. 😂⚡️🚇🚃
Last tip: Take advantage of your Octopus Energy API Key to monitor your energy usage and keep on top of which tariff is right for you.
There are lots of third-party apps that allow Octopus customers to use their unique API key to drill down into additional data about their energy use.
I like Octoprice. The graphics are stunning and more importantly you can very easily see if you are saving money compared to the Standard Variable Tariff. (Energy Price Cap) It shows the price you are paying today on the Octous Tracker Tariff and the difference in price between this and the Energy Price Cap. So you can see if you are saving money by being on the Tracker Tariff or not.
You don’t need to add your API key to use this website, just add your postcode so you get the correct tracker tariff prices. If you add your API key it will be able to show how much you have saved or not on the tracker tariff.
I moved to @OctopusEnergy gas tracker in July 2023.
My average unit price for gas over 6 months has been 4.71p per kWh.
Prior to the energy crisis anything 3p per kWh or below was normal.
The current Energy Price Cap is just over 7p per kWh!!
Saved £204 just in gas. pic.twitter.com/jF1YDZby3n
— Sarah Go Green💚 (@sarah_go_green) January 23, 2024
This is how to find your Octopus API Key and use it.
@sarah_go_green How to get your @Octopus Energy #apikey #octopustrackertariff #smarttariffs ♬ original sound – sarah_go_green
If would like to add Octopus Tariff iOS shortcuts to your iPhone I have done a tutorial here. Most people will find 3rd party apps much easier to use and compare prices.