Octopus Energy is advising customers to prepare for the Energy Price Cap as from 1 October it is set to rise 10%.
Octopus Energy has issued a 24-hour notice to millions of households across the UK and are advising it might be “a good time to fix your prices.”
Other energy companies are also advising customer to look at fixed tariff options which could potentially save you money on your bills.
One potential solution is Octopus Energy’s 15-month fixed tariff which could be a good solution to save on your energy bills which is currently priced at £1,656 per annum and there is no cancellation fees.
However, depending on the size of your home and where you live and the type of property you live in, rates could vary, so it is best to check energy prices with your provider.
Octopus Energy said, “It may be a good time to fix your prices. We don’t know exactly what energy prices will do in January and beyond, but most analysts are predicting the price cap will hover above £1,700 for the next 12 months.”
“Our Octopus 15M Fixed tariff is currently £1,656 per year for a typical home, and has no exit fees,” the company added.
“This means if prices continue to fall, you can simply choose another tariff in your online account.”
Craig Lowrey, principal consultant at Cornwall Insight, said, “While households will have to endure a rise in the cap from October, our current forecasts suggest that this is a temporary blip.
“January to March, typically some of the coldest months of the year, often bring with them the biggest energy bills and, while our latest forecast is welcome news, it remains subject to the volatile wholesale gas and electricity markets.
“There remains a further six weeks or so for the wholesale market to influence our forecasts, and while the negligible quarter-on-quarter drop is welcome, it must be remembered that bills will still remain hundreds of pounds above historic levels.”
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