Cost of living: Octopus relaunches popular Tracker tariff that could help customers save money on energy bills

Octopus Energy has relaunched a popular energy tariff which could help save money on bills. The “Tracker” tariff allows customers to follow wholesale prices as well as cut their usage on more expensive days.

The energy company shared the news as Ofgem announced its July energy price cap. According to Octopus, over the last year an average household on the Tracker tariff would have saved four per cent compared to the new price cap of £2,074.

The product had been closed to protect consumers when wholesale costs shot up in 2022. But the tariff, which is designed for households who are able to shift large amounts of their energy use to avoid any expensive peaks, has now been reopened.

Those wanting to sign up have been warned that wholesale prices will go up later in 2023. However, Octopus has introduced a maximum cap for energy costs - 100p/kWh for electricity and 30p/kWh for gas.