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Agile Octopus: Explained
Energy provider Octopus has just launched a new tariff which works in a radical new way and could save money for some households so we thought we’d take a good look at it.
What is Agile Octopus?
It’s a brand new smart tariff where the rates you pay for energy can change half hourly, based on wholesale prices. When wholesale prices drop, so do your bills.
What is Plunge Pricing?
When more electricity is generated than consumed in the UK, energy prices fall – sometimes below zero for a short time, and suppliers are paid to take energy off the grid. Agile Octopus is the only tariff in the UK that passes these ‘negative’ prices onto customers. In effect, Agile Octopus pays customers to take electricity off the grid.
How do I take advantage of Plunge Pricing?
You’ll receive alerts when prices drop below zero, and you can use Octopus’ Agile API to program your smart device and take energy off the grid.
Will my bills go up when wholesale prices increase?
Yes, but you are protected from too high a price spike by Ofgem’s Price Cap which guarantees you’ll never pay more than 100p / kWh for your electricity,
Is Agile Octopus right for me?
Let’s be clear. Agile is not right for everyone, but if you use the tariff the right way, you could save a lot on your electricity bill and potentially make some money too. If you own battery storage and can shift your electricity use outside of peak times, you can save even more. You’ll need a smart meter for readings and as it’s an electricity-only tariff, you’ll also need a separate gas tariff from Octopus or another supplier.
Who can sign up?
Agile is an electricity tariff for existing Octopus customers only. If you’re not already with Octopus, you’ll need to move to their standard tariff while Agile is set up. The whole process usually takes around 14 days.
Agile and battery storage
You can make the most savings with Agile if you have battery storage. OHM Energy is nationally recognised as industry experts for the technology and we sit on the MCS working group for battery storage. Learn more about Agile and battery storage with our expert team.
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