How has my energy bills halved

[fiskalina]

Octopus have roughly halved my estimated bills from £270 to £115 per month.

I cannot understand how they can have dropped so dramatically. I knew costs were due to come down but this is dramatic.

Does this mean I should fix the tariff?

I'm totally confused.

You need to base any decision on actual bills rather than estimates.

Do you have a large amount of credit to use up? I find the Octopus Balance Forecast feature quite useful on their website, and it changes every month after they bill me.

Have they been taking too much for so long that you’ve built up a big credit balance?

What about your actual meter readings ? What do they say

Maybe you were paying way to much before

Don't work on an estimate you must read your meter regularly and submit the readings if you don't have a smart metwr

Maybe I should call them

Last month and this month I built up around £400 credit which I withdrew.

I have meters and submit monthly readings.

You need to check your estimated annual cost in your account, because this will tell you what you should be paying each month.

Building up credit in February to April would suggest that you paid too much over the past year, as you'd expect to come out of winter in debit, which you then pay off over the next few months, with the aim of being at zero in the summer when you build up some credit towards next winter.

This is illustrated by the balance forecast in your account so have a look at that.

So it could be correct that £270 was too much for your usage and £115 is more like what you should be paying. But whether or not you should be fixing your unit costs, is a separate issue.

They have reduced your estimated bills or they have reduced your monthly payments?

It is pretty easy to see your actual usage on your online account or the app.