Agile Octopus is the first tariff of its kind. To switch you onto it, we'll need half-hourly … Contact online >>
Agile Octopus is the first tariff of its kind. To switch you onto it, we''ll need half-hourly
Agile Octopus is one of our beta smart tariffs, offering customers electricity
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Agile Octopus is a smart energy tariff provided by Octopus Energy. Much like its popular tracker tariff, this smart tariff directly tracks the price of wholesale energy, but with one crucial difference; rather than updating the energy price once a day, it updates every half an hour. While it is only available to existing Octopus customers, new customers can join Octopus Energy on a standard tariff and request to make the switch, so long as they have a smart meter.
In this article, we explain how the Agile Octopus energy tariff works, the pros and cons and whether it is worth switching to the Agile Octopus tracker tariff. For the latest on the best and cheapest fixed-price energy tariffs, check out our regularly updated article ''What is the cheapest fixed-price energy tariff? - Best deals compared''.
The Agile Octopus energy tariff tracks the wholesale price of electricity every 30 minutes. So, instead of paying an ongoing ''fixed'' rate for electricity, the rate fluctuates every half an hour based on the price of wholesale energy at that time. Wholesale energy prices can be significantly cheaper outside of the typical energy ''rush hours'', which tend to be between 6am to 10am and 4pm to 7pm. Those who can shift their energy usage can take advantage of cheaper electricity outside of the busiest periods, potentially saving money on their energy bills.
Interestingly, the Agile Octopus tariff includes ''Plunge Pricing'' a feature that allows you to get paid for taking excess energy off of the grid. Octopus will send alerts whenever the prices fall below zero for you to take advantage. According to Octopus data, unit prices dropped below 2p per kWh 163 times between July 2020 and July 2021.
It is worth remembering, however, that energy prices can fluctuate wildly, so while you may end up paying a rate far lower than the current energy price cap – especially when wholesale prices are low – you won''t be protected by the energy price cap should wholesale prices quickly rise.
Wholesale electricity prices have fluctuated wildly in recent years, but based on recent data, those who have shifted their energy usage to quieter times would have saved around 30% in energy over the last few months with the Agile Octopus tariff, when compared to the energy price cap. Octopus says that the Agile Octopus tariff is "Perfect for electric vehicles, storage heaters, or anyone who can shift their electricity use outside of peak times".
Yes, while there are no exit penalties for leaving the Agile Octopus energy tariff, it could take up to two weeks to complete a switch to an alternative tariff. Additionally, if you decide to leave the Agile Octopus energy tariff, you will not be allowed to switch back to it for at least 30 days.
Follow the below steps to switch to the Agile Octopus tracker tariff:
Make sure you are an existing Octopus customer. If you are not an existing customer you''ll first need to sign up. Once complete, you will join on its standard tariff and you''ll need to follow the next steps to move onto Agile Octopus.
Ensure you have an eligible smart meter. Octopus can connect to second-generation meters (SMETS2) and some types of first-generation (SMETS1) smart meters. If you don''t have a smart meter yet, read the section above titled ''Will I need a smart meter to switch to the Agile Octopus energy tariff?''.
Once it has confirmed that you are connected and Octopus is receiving 30 minute readings from your smart meter, you will be sent the terms & conditions via email, which you will need to accept to progress.
Once the terms & conditions are accepted, your tariff will change automatically to Agile Octopus and you should see the change immediately in your online account.
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The Octopus Energy Agile tariff is a unique and innovative electricity-only tariff designed to help you save money on your energy bills if you can be flexible with your usage.
The tariff is based on near real-time wholesale electricity prices, which means that the cost of your energy can vary every 30 minutes, depending on the demand and supply in the market.
As mentioned above, the main advantage of the tariff is that it could save you money over other tariffs (both from Octopus and other suppliers). There are some other non-financial benefits to the tariff too:
After reading the above, you might be itching to find out how to switch. The Octopus Agile tariff is not perfect, however, here are some of the disadvantages:
The Octopus Agile tariff changes every 30 minutes because it is based on wholesale energy prices, which can fluctuate every half-hour depending on the demand and supply in the market. This dynamic pricing system is designed to reflect the real-time cost of energy and encourage you to be more mindful of your energy usage during periods of high demand when energy prices are likely to be higher.
The Octopus Energy Agile tariff uses a technology called the “half-hourly settlement system” which allows energy suppliers to receive a half-hourly settlement price for the energy they supply to customers. This means that the price of energy can change every 30 minutes, based on factors such as weather conditions, energy demand, and supply.
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