Octopus Tracker tariff is one of the more talked-about energy deals in the UK. Your unit rate changes every day to follow the wholesale energy market, which often means paying below the Ofgem price cap, but sometimes above it during winter cold snaps or supply shocks.
This page explains the Octopus Tracker tariff in plain English. How it works in 2026, who it tends to suit, and who should stay clear.
What is Octopus Tracker?
Octopus Tracker is a variable energy tariff from Octopus Energy where the unit price for both gas and electricity is updated once a day based on wholesale market prices. There are separate Tracker prices for gas and for electricity, and you can be on Tracker for one fuel, the other, or both.
Unlike the standard variable tariff (Flexible Octopus), which only changes when the Ofgem price cap is updated every three months, Tracker reflects what energy actually costs on the wholesale market more or less in real time. Tighter link to the market, daily movement, more transparency, more variability.
To join Tracker, you need to be an existing Octopus Energy customer with a working smart meter.
How does Octopus Tracker work?
Each afternoon, Octopus publishes the next day’s unit rates. Those rates apply from midnight to midnight, so unlike Agile Octopus there’s no half-hourly pricing to manage. One price for electricity, one for gas, both fixed for the 24-hour period.
The daily price comes from a published formula. It takes the relevant wholesale benchmark (the day-ahead auction for electricity, and separate index for gas) and adds a fixed margin to cover network costs, policy costs, taxes, and supplier operating costs. The formula is public, which is part of the appeal for households who like to verify what they’re paying.
The standing charge is fixed for your region and reviewed every three months when the Ofgem price cap updates. It does not move daily.
Tracker has its own built-in price cap. The current Price Cap Protect limits sit at 100p/kWh for electricity and 30p/kWh for gas. Even during severe market spikes, your daily unit rate cannot exceed those ceilings. They sit well above the Ofgem price cap, so they only really come into play during extreme conditions.
Current Octopus Tracker prices
Tracker prices update daily, so a static figure on this page would be out of date by tomorrow morning. Use our Octopus Tracker dashboard to find today’s actual rate in your area.
In broad terms, Tracker rates often sit below the Ofgem price cap when wholesale markets are calm. During cold winter weeks or geopolitical disruption they can climb, sometimes above the cap, though they remain capped at the Price Cap Protect limits noted above.
The Ofgem price cap fell to £1,641 a year for a typical dual-fuel household from 1 April 2026, partly due to government policy cost reductions. Tracker customers had already been seeing the impact of lower wholesale prices in the months before that change.
Who is Octopus Tracker good for?
Tracker tends to suit households who:
- Have a working smart meter
- Are comfortable with prices changing day to day
- Have some flexibility in when they use energy, particularly heavy loads
- Want the cheapest possible price most of the time and accept occasional spikes
- Like checking rates and engaging a bit with their energy use
It also suits dual-fuel customers, because Tracker covers both gas and electricity. Agile Octopus, by contrast, is electricity-only.
Who should avoid Octopus Tracker?
Tracker is not for everyone, and Octopus is reasonably upfront about that.
It’s probably the wrong choice if you:
- Need predictable, stable monthly bills
- Find price volatility stressful
- Don’t have a smart meter and don’t want one
- Use a lot of gas in winter and would struggle to absorb a cold-snap spike
- Prefer a “set and forget” tariff
Winter is the obvious pressure point. Cold weather lifts gas demand and prices, low wind generation tightens the electricity market, and Tracker rates respond. If a bad week of pricing in January would genuinely worry you, a fixed deal or Flexible Octopus is the safer fit.
Eligibility and how to switch
To join Octopus Tracker:
- You need to be (or become) an Octopus Energy customer
- You need a working smart meter, ideally a SMETS2 model, though some SMETS1 meters are accepted
- Your meter needs to be sending half-hourly readings
Switching to Tracker is done through your Octopus account or by emailing them directly. There is a 12-month term, but no exit fees. You can leave at any time.
One important rule: if you leave Tracker, you cannot rejoin for nine months. Octopus uses this to manage the cost of customers switching back and forth between dynamic and standard tariffs.
If your smart meter is currently set up for Economy 7, it will need to be reconfigured to a single register before you can go on electricity Tracker. This is usually done remotely.
Octopus Tracker vs other Octopus variable tariffs
| Tariff | Pricing | Smart meter required | Best suited to |
|---|---|---|---|
| Octopus Tracker | One price change per day for gas and electricity, set from wholesale prices | Yes | Households comfortable with daily price changes |
| Flexible Octopus | Standard variable tariff, capped by Ofgem and updated every 3 months | No | Households who want simple, stable pricing |
| Agile Octopus | Half-hourly electricity prices, changing every 30 minutes (electricity only) | Yes | Households who can shift usage to cheap windows |
Tracker sits in the middle for complexity. More dynamic than Flexible, simpler than Agile.
FAQ
Is Octopus Tracker cheaper than the price cap?
Often, but not always. Over long periods, customers who have stayed on Tracker have generally paid less than they would have on Flexible Octopus. On a given day, week, or month, Tracker can be above or below the price cap depending on wholesale market conditions.
Do I need a smart meter for Octopus Tracker?
Yes. A working smart meter sending half-hourly readings is required. This is usually a SMETS2 meter, though certain SMETS1 models are also accepted. If you don’t have one, Octopus will install one for free, but you’ll need to start on a different tariff first.
Can I switch back if Octopus Tracker prices spike?
Yes, you can leave Tracker at any time with no exit fees. The catch: once you leave, you can’t rejoin for nine months. Switching off Tracker during a spike means committing to that decision for a while.
Are there exit fees on Octopus Tracker?
No. The only constraint is the nine-month wait if you want to come back.
Is Octopus Tracker the same as Octopus Agile?
No. Both follow wholesale prices, but they work differently. Tracker has one price per day for gas and electricity. Agile has 48 different electricity prices each day, one for every half-hour, and doesn’t cover gas. Tracker is simpler. Agile rewards households who can actively shift usage to cheap windows.
How often do Octopus Tracker prices change?
Unit rates change once a day. Octopus publishes the next day’s prices in the afternoon, usually after 4pm. The standing charge is fixed for your region and only changes when the Ofgem price cap is updated, every three months.
What happens if my smart meter stops working?
Unlike some other smart tariffs, Octopus does not automatically remove you from Tracker if your smart meter stops sending readings. You’d be asked to get the meter fixed, but you wouldn’t be forcibly switched off.