Are there exit fees?
For most UK households, the answer is no. Exit fees are banned by Ofgem on standard variable tariffs, which is where the majority of UK electricity customers currently sit. A standard variable tariff (SVT) is any tariff that does not have a fixed end date. The Ofgem price cap tariff is a standard variable tariff. The "deemed rate" tariff you are placed on if you never actively chose a deal is a standard variable tariff. If you are on any of these, you can leave at any time with no exit fees, no penalties, and no minimum notice period beyond the standard switching timeline.
In July 2026, the Ofgem price cap stands at 26.11p per kWh, equivalent to £1,862 per year for a typical household. Agile customers who shift their usage to off-peak windows consistently save an average of £440 a year versus this benchmark. There is no financial penalty for making that move.
Exit fees only apply to fixed-term tariffs, which typically run for 12 or 24 months and offer a guaranteed unit rate in exchange for a commitment to stay. If you are on a fixed deal, check your contract end date before switching. Your bill or your supplier's app will show this clearly.
Fixed tariff early exit fees: when they apply and how much
If you are on a fixed-term deal and want to leave before it ends, your supplier can charge an early exit fee. These fees are regulated and typically sit between £50 and £100 per fuel. For electricity only, expect a fee in the £50-75 range. For dual fuel (electricity and gas), you may face separate exit fees for each.
The question is whether paying the exit fee makes financial sense. Run the numbers before writing it off as a barrier.
If your fixed tariff is charging 26p or more per kWh and you have a year or more left on the deal, the £440 average annual Agile saving often exceeds the exit fee within the first 2-3 months of switching. In that scenario, paying £75 to unlock £440 per year is an straightforward decision.
If your fixed deal ends within 6 months, it is usually worth waiting. Your supplier cannot apply an exit fee in the final 49 days of a fixed term, so you can initiate a switch and have it complete right at the end of your contract period. Use that time to get your smart meter installed and set up AgileAlert for your region in advance.
Check your specific exit fee amount in your contract terms or by calling your supplier. It will be listed as an "early termination fee" or "exit fee" in your tariff terms document.
The automatic notification: your old supplier handles the rest
One of the most persistently misunderstood aspects of energy switching is that you do not need to contact your old supplier yourself. The entire notification process is automated under Ofgem's switching regulations.
When you initiate your switch with Octopus Energy, they submit a transfer request through the central industry switching system. Your old supplier receives a formal notification within 24-48 hours. From that point, they begin the closure process on their side: preparing a final bill, releasing your meter point for transfer, and scheduling the termination of your direct debit mandate on your switch completion date.
You do not need to write a cancellation letter. You do not need to call their customer service line. You do not need to log into their portal and click "cancel my account." The industry infrastructure does all of this automatically.
The only action you should take regarding your old supplier is to submit a meter reading on your switch date. This ensures your final bill is based on an accurate reading rather than an estimate, which protects both you and your new supplier from any billing disputes.
Final bill from your old supplier: what to expect
Your old supplier has up to 6 weeks after your switch date to issue a final bill. In practice, most issue it within 2-3 weeks. This bill covers all electricity usage from your last regular billing date up to and including your switch date.
The final bill should show a meter reading on your switch date. If you submitted a reading, this will match. If no reading was submitted, your supplier will use either an industry-agreed reading (produced by the metering system as part of the transfer) or an estimate. If the final bill uses an estimate that looks inaccurate, contact your old supplier with your actual reading. They are required to amend the bill if you provide evidence of the correct reading.
Check the final bill carefully. Confirm the unit rate matches your old tariff and that no additional charges have been added. If anything looks incorrect, raise a complaint with your old supplier before paying the disputed amount. You have the right to query every line item.
If you were in credit with your old supplier (paid more in direct debits than you used), this credit balance appears as a refund on the final bill. More on what happens to that money in the next section.
What happens to your credit balance when you leave
Many households, particularly those on monthly direct debits, build up a credit balance during summer when their consumption is lower than the standing charge covers. If you switch in spring or summer, your account may have a positive balance, money you have paid that exceeds the electricity you used.
UK energy suppliers are legally required to refund your credit balance within 10 working days of issuing your final bill. This is not optional and not subject to the supplier's goodwill. It is a consumer protection requirement enforced by Ofgem.
In most cases, the refund arrives automatically by bank transfer to the account linked to your old direct debit. Some suppliers issue a cheque if they do not have bank details on file. If you have not received your credit refund within 10 working days of your final bill, contact your old supplier in writing. Keep a copy of all correspondence.
If your old supplier refuses to refund within the legal timeframe or disputes the credit balance without reasonable grounds, escalate to the Energy Ombudsman (ombudsman-services.org/energy). The Ombudsman can compel refund payments and award compensation for delays. Suppliers do not want Ombudsman cases on their record, so mentioning you intend to escalate usually resolves the matter quickly.
The 14-day cooling-off period
Once you confirm your switch to Octopus Agile, a 14-day cooling-off period begins. During this window, you can cancel the switch completely with no consequences: no fees, no admin charge, no penalty of any kind. Your old supplier is notified of the cancellation and the transfer request is withdrawn. You remain on your existing tariff as if nothing happened.
The cooling-off period exists to protect consumers from pressure selling and to give people time to reconsider after any impulsive decision. In practice, cancellations are rare. The process of signing up for Agile requires active intent and most people who go through it have already done their research.
If you genuinely want to proceed, you do not need to do anything during the cooling-off period. The switch continues automatically. You will receive an email from Octopus when the cooling-off period ends and the transfer enters its final stages.
To cancel within the cooling-off period, log into your Octopus account and select "cancel switch" or contact Octopus support directly. Act within 14 calendar days of your original confirmation email.
Once you are on Agile and seeing your live prices on the AgileAlert dashboard, you will understand why cancellation rates are so low. When you can see 2p electricity appearing at midnight, the decision to stay is immediate.