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 that list 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. You can check the Octopus Tracker unit price per kWh along with a comprehensive breakdown of how the daily tracker price is calculated.
The price includes;
- Wholesale costs.
- Delivery and network charges.
- Administration, financing and margins.
If there are any other costs they will also be included in the chart. I don’t think Octopus Tracker can be any more transparent with the Octopus Tracker tariff!
This is an example of how the Octopus tracker tariff is displayed on your Octopus dashboard using a mobile device. I have tried to highlight the text on the right. (It is easy to read on the website but not on a screenshot.)
Octopus has opened up the Octopus Tracker tariff to new and existing customers this week. I suspect this is because the 50,000 places that they had available have not yet been filled so go fill your boots if you want to be on this tariff. It WILL close again so be quick!
Rebecca Dibb-Simkin, Chief Product Officer at Octopus Energy Group, comments: “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.
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 need 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 and also Octo Aid or possibly 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.
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 3rd 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.
By matching energy consumption with lower-priced periods, customers can significantly reduce their energy bills. Over the last year, an average household on ‘Octopus Tracker’ would have saved 4% compared to the new price cap of £2,074 also coming into effect on 1st July 2023, but prices can rise as well as fall.
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.
— Sarah Go Green💚 (@sarah_go_green) March 4, 2023
Octopus Tracker Tariff and the July Energy Price Cap.
At the moment you would be paying less than the Energy Price Cap from the 1st of July if you were on the Octopus Tracker tariff for gas and electricity. This is because wholesale prices have fallen in recent months. Energy suppliers have to buy their gas and electricity ahead of time and even though wholesale prices have fallen this is not reflected in such a raw way as it is with the Octopus tracker tariff.
The Energy Price Cap dropped to around 3op per kWh for electricity and 7.5p per kWh for gas on the 1st of July. Whereas, the Octopus Tracker tariff on the 2nd of July is 9.11p per kWh for electricity and 4.48p per kWh for gas. There is more risk as tracker prices change every day BUT they have been a very similar price for weeks and Cornwall Insight predicts that energy prices will remain stable.
I would suggest following the shortcut guide at the bottom of this page and creating a push notification to your mobile device so you get an alert each day of the Octopus Tracker tariff prices. There are step-by-step instructions which are easy to follow. At the very minimum, you could aim to stay on the Octopus tracker tariff for the summer and reduce your bills in half helping to maintain any credit you have or build up credit for the winter. I know we all use less energy in the summer but slashing your bill almost in half is a good plan however you look at it!
What the #EnergyPriceCap change means for you! Video briefing.
Includes how much you’ll pay, standing charges, new rates, prepay, direct debit, should you top up, future predictions & more.
Pls share pic.twitter.com/pr1ygF3O3o
— Martin Lewis (@MartinSLewis) May 25, 2023
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 reduction in wholesale prices won’t have made a difference to the amount you pay per kWh. Even with the drop in prices the Energy Price Cap going forward from 1st July is still considerably more than the tracker tariff. The Octopus Tracker tariff follows wholesale prices and changes each day and so this will be reflected in the price per kWh TODAY.
@sarah_go_green #energypricecap #energybills #energypricecap2023 #energyprices #pricecap ♬ original sound – sarah_go_green
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 really 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.
Is it worth waiting for an Octopus Fixed tariff or taking a fixed tariff with another supplier?
Octopus Energy has recently brought out a 12-month fixed tariff BUT it isn’t for people after a cheap energy deal. It is designed for people who want energy security in terms of pricing for the next 12 months.
If you take a fixed tariff or stay on the Energy Price Cap is a very personal choice BUT I do think you should at least consider the Octopus Tracker Tariff if you have a smart meter. I have followed the Octopus tracker prices for over a year and for the last few months, they have been around half the price per kWh when compared to the Energy Price Cap. You will pay MORE by taking a fixed tariff, but you’d also have the security of prices not going up or you could grab these Octopus tracker rates for the summer and hang onto more of your money for the winter months. A 50% difference is quite staggering!!!!! It is a very personal choice and depends on how you feel about price certainty.
If you opt for the Octopus tracker tariff and wholesale prices do rise so they are consistently over the Energy Price Cap you can just ask to be moved back to the Octopus Flexible tariff.
Once you switch away from the Octopus tracker tariff you can’t go back on it for 9 months but you can jump ship. Octopus has said this could take up to 2 weeks to transfer to another tariff but if you keep a close eye on prices you can do it in plenty of time.
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. Thie 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?
If you are not on an old cheap fixed tariff for your gas then 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.
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 tariff / Octopus Go tariff
- Heat pump. – Cosy Tariff
- Solar panels at home. – Agile tariff – Octopus 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.
The advantage of the Octopus tracker tariff is that you can switch to this tariff without a smart meter and you are not stuck on it for any length of time. You just need to contact Octopus to move to another tariff.
What does Martin Lewis say about the Octopus Tracker tariff?
Here is Martin Lewis explaining why energy prices are not falling under the Energy Price cap even though there has been a significant drop in wholesale energy prices. Martin gives a really good explanation as to why we haven’t seen a reduction in our energy prices despite wholesale prices falling. The Octopus Tracker tariff is different. It is Britain’s first tariff to truly follow the wholesale price of energy!
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. 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 at the moment! (Please note that Martin’s review is very good but it states you can contact Octopus and move onto the tracker tariff. You can’t have to go onto a waiting list until 1st July 2023. Hopefully, they will update this.)
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. In fact, 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 Guarantee!
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.
There is a waiting list for the tracker tariff but as a massive promotion Octopus is allowing up to 50,000 customers to switch to this tariff on 1st July 2023, so get your skates on!
I had my name on the list and have just switched to the Octopus tracker for my gas. After pondering on it for a while I decided that I would be silly not to bite their hand off. I haven’t switched my electricity to the tracker tariff simply because I have an EV and do very well on Octopus Intelligent tariff.
— Sarah Go Green💚 (@sarah_go_green) July 1, 2023
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 add your name to the tracker tariff waiting list.
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. I had circled the price per kWh. You will notice that the price per kWh is currently cheaper Octopus Tracker tariff.
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 Tracker November 2022 v1.
The standing charge in South Wales on the Octopus tracker is 47.52p per day for electricity and 26.84p per day for gas. It is cheaper than the Octopus flexible tariff standing charge which increased on 1st April 2023 to 52.18p per day for electricity and 27.47p per day for gas and will remain at the same rate now the Energy Price Cap changes on the 1st July 2023.
What’s the latest version of the Octopus Tracker tariff called?
The latest version is the Flexible Octopus tracker tariff is November version 1. Octopus may also refer to it by its tariff code in emails. The tariff code is VAR-22-11-01 SILVER-FLEX-22-11-25.
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 a number of versions of the tracker tariff. From memory, I think there were 4 versions of the tracker tariff in 2022. Octopus increased the cap and change the way the energy price guarantee was applied.
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.
Does the Octopus Tracker tariff receive any discount under the Energy Price Guarantee?
I have added this section as there has been some confusion around this. The Octopus Tracker is capped at £1 per kWh for electricity and 30p per kWh for gas BUT up until the 1st of July customers on this tariff would have received a discount under the EPG if the tracker rates went above roughly 34p per kWh for electricity and 10.5p per kWh for gas.
From the 1st of July, the EPG discount no longer applies to the Octopus Tracker tariff. It simply follows wholesale prices changing every day and there is a ceiling of £1 per kWh for electric and 30p per kWh for gas.
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. Wednesday 04/10/23 15.2p per kWh 4.3p per kWh.(22.30)
Tuesday 03/10/23 15.2p per kWh -1.1p per kWh (04.30)
Monday 02/10/23 23.1p per kWh 17.0p per kWh (03.30)
Sunday 01/10/23 19.7p per kWh 10.8p per kWh (02.30)
Saturday 30/09/23 21.4p per kWh. 14.3p per kWh.(13.30)
Friday 29/09/23 18.2p per kWh 5.6p per kWh (03.30)
Thursday 28/09/23 16.9p per kWh -7.4p per kWh.(05.00)
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 in South Wales is 7.66p per kWh for gas and 30.22p per kWh for electricity. (It varies slightly throughout the UK)
I will place a green heart 💚 next to the Octopus Tracker rates that are cheaper than the flexible tariff.
Fri 29/09/235.00p💚/kWhSat 30/09/234.83p💚/kWhSun 01/10/234.83p💚/kWh
The cap set by Octopus on the gas tracker is 30p per kWh.
Octopus Electricity Tracker Tariff – Price per kWh in South Wales.
Fri 29/09/2317.85p💚/kWhSat 30/09/2319.30p💚/kWhSun 01/10/2317.46p💚/kWh
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. 😂⚡️🚇🚃
Final tip: Adding iOS Shortcut for Octopus Tracker Prices.
If you have an iOS device, like an iPhone and use the shortcuts app then you may find this handy. (You don’t need to do it as you can see your rates in the Octopus dashboard.)
You can use both the Octopus tracker tariff shortcuts below to get the daily Octopus tracker rates. I’ve added the shortcut widgets to my home screen and it’s quite handy. You can run the Octopus tracker shortcut as a reminder at a set time during the day. It’s a good way to keep an eye on the Octopus tracker rates especially if you think you might forget.
It’s quicker than buttering a slice of toast to check the tracker prices. So don’t panic about the possibility of wholesale price rises just remember to check them and you can hop back onto another Octopus tariff. (I have a full list of available tariffs along with a review of each.)
The shortcut is a very handy way to automate reviewing Octopus tracker prices. I can’t claim responsibility for creating this shortcut. I stumbled upon it in a group chat and have added it to my iPhone. It was created by Azingk on Reddit and works a treat, well done!
You will need to change the region to your own. You can do this by deleting the letter that appears before daily/current/1/1.
For example, South Wales would be ….K/daily/current/1/1.
A – Eastern England
B – East Midlands
C – London
D – Merseyside and Northern Wales
E – West Midlands
F – North Eastern England
G – North Western England
H – Southern England
J – South Eastern England
K – Southern Wales
L – South Western England
M – Yorkshire
N – Southern Scotland
P – Northern Scotland
A quick tutorial on adding the Octopus Tracker Tariff iOS shortcut widget to the home screen of your iPhone or iPad.
I created this quick tutorial in response to a Tweet from someone who was struggling to work out how to set up the shortcut. The video explains how to add the Octopus tracker tariff shortcuts to the home screen of your iPhone or iPad. (Sorry for slightly too many TikTok videos for one simple button but it is a very quick way to check the Octopus tracker rates on your phone or iPad.)
@sarah_go_green This is how to add @Octopus Energy tracker prices to #shortcuts #octopustrackertariff ♬ original sound – sarah_go_green
One last step to automate the Octopus Tracker iOS shortcut so you’ll get a push notification every morning telling you the current day’s rates.
It is important to know how much you are paying each day for your energy on the Octopus tracker tariff. So it’s worth taking a little time to make this tariff as stress-free as possible. I am on a spectrum and I prefer a fixed rate BUT to save money at the moment this tariff is well worth considering. Automation via shortcuts on your iPhone will help remind you of the rates you are paying each day. You can’t forget if it pops up each day on your screen!
@sarah_go_green Get notified of @Octopus Energy #trackertariff pricing every day. No need to check. #shortcut #energybills #hacks ♬ original sound – sarah_go_green
With the iOS shortcuts app open and the first step completed;
1. Scroll down to the bottom of the page and click on the “Automations” tab.
2. Now click the + at the top right corner and select “create personal automation”
3. Select “time of day” and input a time you want to get the notification every day. (I have mine set to 7.30 am) Make sure you have it set to repeat daily.
5. Now click “next”. A search bar will appear at the bottom of the screen. Enter “run shortcut” and select it.
6. “Run Shortcut” will now appear at the top of the screen. “Shortcut” will appear in light blue text.
7. Click on the light blue text “Shortcut” and select “Electric price tracker”. Now click “next”.
8. Make sure “ask before running” is toggled off, just click on it to toggle it off. Then select done.
I hope you have found the information helpful and you manage to save some money on your energy bill! 💚