Octopus Energy sends 24-hour warning to millions of customers

Energy bills are set to rise for millions of households from October 1

Energy companies are encouraging customers to check out fixed tariff options which could save them money before energy bills rise on October 1. The Energy Price Cap is being raised, meaning typical bills will increase by around 10%.

But households are being told there is a way they can protect themselves from the increase to charges. This is by signing up to a tariff which is fixed below the new rate.

Consumer experts like Martin Lewis are advising people to check what tariffs are available from their supplier or others. Some fixed tariffs will keep bills lower than the October rate.

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Bills may come down slightly in January but not below the current rate, experts believe, which means it could be a good idea to fix. It's always worth checking full details of any fixed account and how long you are locked in for.

One fixed account on offer is Octopus Energy's 15-month tariff, and there are no exit fees. Rates are currently £1,656 for a typical home but may be lower than that for some customers.

It could depend on where you live and the type of property. So it might be worth checking for customers before bills go up.

Octopus said: "It may be a good time to fix your prices. We don’t know exactly what energy prices will do in January and beyond, but most analysts are predicting the price cap will hover above £1,700 for the next 12 months.

"Our Octopus 15M Fixed tariff is currently £1,656 per year for a typical home, and has no exit fees. This means if prices continue to fall, you can simply choose another tariff in your online account."