Millions of households across the UK are bracing for a significant increase in energy bills as Octopus Energy issues a 24-hour warning ahead of the Ofgem price cap hike.
From October 1, typical energy bills are set to rise by approximately 10 per cent due to the new energy price cap going up.
With only hours left, energy companies are urging customers to explore fixed tariff options that could potentially save them money.
Consumer experts, including Martin Lewis, advise households to review available tariffs from their current supplier and others in the market.
Octopus Energy has introduced a 15-month fixed tariff as a potential solution for customers concerned about rising costs.
The company’s offer, currently priced at £1,656 per year for a typical home, comes with no exit fees.
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The cost of living crisis has pushed energy bills to new heights in recent years GETTY This flexibility allows customers to switch if prices continue to fall.
Octopus Energy stated: “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.”
The energy provider emphasises that rates may vary depending on location and property type.
Customers are encouraged to check their specific rates before the impending price increase takes effect.
This fixed tariff offer comes as a potential safeguard against the upcoming price hike.
The company’s 15-month plan, with no exit fees, allows customers to lock in their rates while maintaining the flexibility to switch if market conditions improve.
“Our Octopus 15M Fixed tariff is currently £1,656 per year for a typical home, and has no exit fees,” the company stated.
“This means if prices continue to fall, you can simply choose another tariff in your online account.”
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Ofgem’s energy price cap hike is a blow to millions of householdsGETTY However, it’s crucial for customers to note that actual rates may vary based on location and property type.
As such, Octopus Energy advises customers to check their specific rates before making a decision.
With the October 1 deadline fast approaching, households are encouraged to act swiftly to potentially mitigate the impact of rising energy costs.
Money experts recommend checking what tariffs are available from current suppliers and other providers in the market.