Anchored Octopus for SME
It’s a tough time for small businesses - just as you start opening up again after several lockdowns, energy prices jump to record highs. We choose to remain committed to offering you green power that’s fair and affordable.
We appreciate price certainty has always been vital to you as small businesses and it is near impossible in the current climate. So to help manage costs, we've created a new tariff.
Introducing the new 36-month business tariff, Anchored Octopus
Helping you spread a fixed cost over a longer term to bring your business monthly price certainty.
Switching to Anchored Octopus guarantees you a fixed price for 36 months.
The downside is that, for the first time, we have to charge exit fees on this particular deal. Simply put, this is because we have to pay upfront for the energy we buy from the wholesale market to power your business. This is an exceptional measure that can only happen in a very expensive and unpredictable market. Exit fees have never been our thing, but this is the only way we can promise the lowest rates.
If you decide to switch to another tariff or energy supplier before the end of your agreement, we would retain 40% of your remaining contract value. This is all explained in more detail in our FAQs below.
What are all the fees?
Before quoting you on this tariff, we want to make sure that you are totally clear about the advance payment and the exit fees that are needed for the lower rates.
Your advance payment amount is calculated and shown to you during your sign up and will be taken when you come on supply with us. We'll refund this to you at the end of your contract.
Then, there are the exit fees. For the average small business we have calculated the potential exit fees below:
Exit fee at 18 months before contract end: £1,359
Exit fee at 12 months before contract end: £906
Exit fee at 6 months before contract end: £451
The calculations above are based on a customer consuming 8,000 kWh of electricity only with the Anchored unit rates available on the 1st February 2022.
To give yourself an estimate of how much your exit fee would be, you can take your last month's bill, multiply that by the number of months you have left on your contract, then multiply that figure by 0.4. But we always advise calling our customer service team for the final figure!
Is this tariff right for my business?
Anchored Octopus is good for SMEs looking for price certainty. The tariff allows businesses to spread this short-term energy cost spike over a longer period of time, which we think is the most appropriate solution to the current situation.
But we know this tariff will not be right for all businesses. Exiting the tariff will be expensive before the very end of the 3-year term. Before signing up, you should consider that when the market hopefully returns to normal this tariff may be uncompetitive on price compared to others available to you.
Hey I'm Constantine, welcome to Octopus Energy!
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