Martin Lewis has issued a verdict on the upcoming Octopus Go rate rise, set to take effect from May 1. The financial expert responded to a concerned customer on social media who questioned the increase following a recent price drop.
Octopus Go rate change details
From May 1, the off-peak rate for Intelligent Octopus Go will increase to 6.9p/kWh. Despite this adjustment, the tariff remains one of the most competitive standalone EV smart-charging rates in Britain.
Martin Lewis explains the situation
On X, a user wrote: "Octopus putting up their Octopus Go rates from 1st May even though they brought them down just weeks ago for the drop in the price cap? Doesn’t sound right."
Martin responded: "Doesn't sound great, but just to be technical. Octopus Go is not a price capped tariff so it didn't move due to drop in Price Cap. It dropped due to the removal of some govt policy costs from energy bills (which is the same reason the cap moved but still they're separate). As it's not price capped and it is a variable tariff, it is allowed to move the price as long as adequate notice is given. I'm afraid the only option is to ditch and switch elsewhere."
He added: "You're supposed to get thirty days notice of any changes. Some of you saying you got less... We're going to check it out."
What is Octopus Go?
Octopus Go is a smart, 100% renewable energy tariff from Octopus Energy designed for electric vehicle owners. It provides cheap, fixed-rate electricity during off-peak hours (00:30–05:30), offering 5+ hours of low-cost energy for your car and entire home, typically at around 7–8p/kWh. This can result in savings of up to 87% compared to public charging.
Customers affected by the rate rise are advised to consider switching to other tariffs or providers to secure better rates.
