Octopus 12M Fixed: rates, exit fees and whether it’s a good deal
Octopus’s main 12-month fix is re-issued in numbered versions (v1, v2, v3…) as wholesale prices move. Here’s how to read them — and how to check today’s version against the market.
See live Octopus rates for your postcode →At a glance
| What it is | 12-month fixed tariff, dual fuel or electricity-only |
| Versions | Re-issued as numbered versions (e.g. April 2026 v3, July 2026 v2) as pricing moves |
| Recent average | ~27.78p/kWh electricity, ~6.68p/kWh gas on monthly Direct Debit (regional rates vary) |
| Vs the cap | Recent versions have priced below the Ofgem cap in most regions |
| Existing customers | Loyal Octopus 12M Fixed is often cheaper — existing customers only |
| Availability | Open to new and existing customers |
How the versions work
Octopus doesn’t hold one fixed price all year — it re-issues 12M Fixed as a new numbered version whenever wholesale costs move. The version you see today (for example “12M Fixed July 2026 v2”) is a snapshot: sign up and that price is locked for 12 months; wait a week and the next version may be cheaper or dearer. That’s why dated searches like “Octopus 12M Fixed June 2026 v3” exist — each version is a distinct product with its own rates.
Our live Octopus tariff list tracks the current versions daily, and each version has its own detail page with full regional rates.
Is fixing with Octopus a good deal right now?
Recent 12M Fixed versions have priced below the Ofgem price cap for most regions — which means a typical household fixes at less than they’d pay on a standard variable tariff today. The catch is the market: the next cap change (announced 26 August, effective 1 October 2026) and week-to-week fixed-deal moves can shift what “good” looks like. A fix is right when the locked rate beats your realistic variable cost over the year — not just today’s.
If you’re already an Octopus customer, check Loyal Octopus first: the retention version of this fix is frequently the cheaper of the two.
Exit fees and the small print
Exit-fee terms vary by version, so check the tariff information label for the one you’re offered rather than assuming. If you’d rather keep flexibility, Flexible Octopus (the supplier’s cap-tracking variable tariff) has no exit fees and no lock-in — the trade-off is your price moves with the cap.
Check it against the whole market in two minutes
Rates differ by region and meter type, and the cheapest deal changes week to week. Run a quick quote with your real usage to see this tariff alongside everything else you can switch to today.
Compare live prices now →More guides in this series
Your questions answered
What is Octopus 12M Fixed?
Octopus Energy’s main 12-month fixed tariff. It is re-issued in numbered, dated versions (for example 12M Fixed July 2026 v2) as wholesale prices move; whichever version you sign locks its unit rates and standing charges for 12 months.
Is Octopus 12M Fixed cheaper than the price cap?
Recent versions have priced below the Ofgem cap in most regions on average — around 27.78p/kWh electricity and 6.68p/kWh gas on monthly Direct Debit — but regional rates differ, so run a live quote for your postcode.
Does Octopus 12M Fixed have exit fees?
It varies by version. Some versions carry per-fuel exit fees and some none, so always check the tariff information label for the current version before signing.
What is the difference between 12M Fixed and Loyal Octopus?
Loyal Octopus 12M Fixed is the retention version offered only to existing Octopus customers, and it is often slightly cheaper than the open-to-all 12M Fixed.
Should I fix or stay on a variable tariff?
Fix when the locked rate beats what you would realistically pay on variable over the next 12 months. With the next cap change effective 1 October 2026, compare the fix against your own usage now rather than waiting.
Product details checked 23 July 2026 from supplier announcements and our live tariff database; rates vary by region — always confirm on a live quote. We may earn a commission when you switch through us — see how we get paid.
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