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Ovo Energy Tariffs: Prices for Customers in 2021

Gas flame and light bulb in box beside Ovo Energy logo

Want to find out about Ovo Energy tariffs? We’ve collected the information we could find in an easy-to-follow format. Which one is best for you? Find out in our in-depth guide.


💸Ovo Energy Tariffs: Are Ovo prices cheap?

Ovo Energy tariffs come either at a fixed or variable rate. There’s also a separate bundle if you’re an electric vehicle owner. If you’d prefer an Economy 7 tariff offering a day and a night rate, Ovo also has you covered. In this article, we're going to take you through Ovo tariff to give you an idea of what they entail, but let's start by comparing their pricing to the rest of the market:

Suppliers' value for money ranked by Which? score
Energy Supplier Which? Value for Money score
Outfox the Market ⭐⭐⭐⭐⭐
Avro Energy ⭐⭐⭐⭐
Octopus Energy ⭐⭐⭐⭐
People's Energy ⭐⭐⭐⭐
Pure Planet ⭐⭐⭐⭐
Sainsbury's Energy ⭐⭐⭐⭐
So Energy ⭐⭐⭐⭐
Bristol Energy ⭐⭐⭐
Boost ⭐⭐⭐
Bulb Energy ⭐⭐⭐
Green Energy UK ⭐⭐⭐
Green Network Energy ⭐⭐⭐
Ovo Energy ⭐⭐⭐
Shell Energy ⭐⭐⭐
Utilita ⭐⭐⭐
Utility Point ⭐⭐⭐
Utility Warehouse ⭐⭐⭐
British Gas ⭐⭐
E ⭐⭐
Ecotricity ⭐⭐
EDF Energy ⭐⭐
E.ON ⭐⭐
Npower
Scottish Power
SSE

*For illustrative purposes only. Figures taken from Which?'s September 2020 survey.

 
 

As you can see, Ovo is about par for the course when it comes to pricing. It's neither particularly expensive nor particularly cheap, but its great reputation and renewable credentials may be enough to convince you. All of its tariffs offer 100% renewable electricity and every year plants a tree for each of its customers. They also all offer the Ovo Interest Reward Scheme:

OVO Interest Reward scheme

Regardless of the length of your term, Ovo entices you to stay with them for as long as possible with their Interest Reward scheme. Think of it as a savings bank account. This is how it works:

  1. Whenever your statement shows a credit on your balance, instead of giving that money back to you or offsetting it against your future bills, it stays in your account.
  2. On that sum of money, you earn interest at the following rates:
    • 3% for the first year
    • 4% for the second year
    • 5% for the third year (and every year thereafter)

When do I get my interest?

Your interest rate increases each year from your OVO Anniversary. This is the day you first signed up with Ovo. Even if you’ve changed tariff once or several times, it doesn't matter - it’s the date from when Ovo started supplying you, be it for gas, electricity, or both.

What does this mean for me?

If you like the idea of making money from your money, just like you would do with a savings account, then you’ll want to stay with Ovo Energy for well over two years. If that’s the case, the two-year tariff may seem more appealing than the one-year tariff, as you’ll be paying a lower fixed rate. You can check the current state of your awards by logging in to Ovo.

What if I don’t renew my tariff?

At the end of the two years, it’ll be in your benefit to renew that tariff or switch to the 12-month one. If you fail to do this, you’ll be placed on the more expensive variable-rate tariff. If you forget to renew, nothing will change with your interest payments. You will continue to receive your increased interest rate from the date you joined Ovo, regardless of the tariff you’re on or the one you were subsequently switched to.

Are there any restrictions on the Interest Reward scheme?

  1. If you move property, you will continue in the scheme on the condition that you stay with Ovo... BUT your interest rate will reset to 3%, even if you’ve been with Ovo for three years or more.
  2. The scheme is only available to customers paying in advance by direct debit.
  3. Interest is only payable on balances of up to £1,000.
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💡Ovo Energy Standard Variable Tariff

Ovo offers one variable tariff whose rate is adjusted according to the wholesale cost of electricity and is always under the energy price cap. Most of the features of this tariff are the same as its fixed ones, except in that you will be charged no exit fees for switching to another deal.

At the time of writing (last updated 18/08/2021), Ovo's variable tariff is its cheapest deal. As its name suggests, however, this can and will change, and we always recommend signing up to a fixed deal rather than leaving your energy bill up to chance.

📈Ovo Price Increases in the News

Like all energy providers, Ovo Energy has a history of putting its prices up and down. Here's a timeline of how Ovo prices have changed in recent years:

  • April 2019: Ovo puts up the price of its Simpler Energy tariff in line with the price cap.
  • April 2020: The price cap is lowered again to account for the Coronavirus pandemic, and Ovo again brings down its standard rate.
  • October 2020: Another cut to the price cap, which hit its lowest ever point at £1,042 a year, sees Ovo lower its rate for a third successive time.
  • April 2021: The price cap is finally brought up by an average of £96 per year following a upsurge in wholesale prices, and Ovo ups its standard rate to slightly below this.

The energy price cap is expected to be put up again in October 2021, though it is not clear whether or not Ovo will follow suit and put up the rates of its variable tariff. To make sure you won't be affected, we recommend signing up to a fixed tariff.

🧾Ovo Energy Fixed Tariffs

Ovo’s two main tariffs offer fixed rates. This means that your unit rate and standing charge will be fixed for a set amount of time which is defined by the provider.

Ovo Better Smart Energy (1 Year Fixed)

Ovo's first fixed plan offers customers with a smart meter, or those who are happy to have one installed, fixed energy rates for one year. Here's a summary of the deal:

Better Smart Energy (1 Year Fixed)
Term Fixed for 12 months
Exit fee £30 per fuel
100% renewable electricity  
One tree planted every year  
Smart meter installation required  
3-5% interest rewards  

Ovo 2 Years Fixed

If you're willing to sign up to a two year contract, you can get a similar deal with no obligation to have a smart meter installed. If you want one, however, Ovo will still fit it for free! Here's a complete summary:

2 Years Fixed
Term Fixed for 12 months
Exit fee £30 per fuel
100% renewable electricity  
One tree planted every year  
Smart meter installation required  
3-5% interest rewards  

Electric vehicle bundle

Ovo’s EV Everywhere bundle is a package deal that you can benefit from if you own an electric vehicle. With this bundle, you’ll be on a fixed-term tariff for two years (called the Two Year Fixed Energy) with this main perk:

  • Free green electricity to charge your car, instead of the OVO Beyond membership charge.

To sum up, the EV Everywhere bundle is the same as the 2 Year Fixed tariff, with the added bonus of free 100% renewable electricity to power your vehicle. This is a great deal if you have an electric vehicle and can commit to staying with Ovo for at least two years. Find out what Ovo customers are saying about this bundle and its other tariffs in our Ovo Energy Reviews guide (coming soon).

Economy 7 tariffs

If you have an Economy 7 meter and you mostly use your energy during the night, you could opt for an Economy 7 tariff. This means you get two unit rates: A day rate and a night rate. The company doesn't specify what those unit rates are, so you could contact Ovo to get a personalised quote for its Economy 7 tariff.

Prepayment tariffs

Ovo customers with a prepayment meter are on a pay as you go (PAYG) tariff. This means that they pay in advance for their energy.

Ovo Energy has created a separate brand, called Boost Energy, that's responsible for all of its PAYG tariffs. Boost Energy offers a ‘smart PAYG+ meter’ which allows you to top up online. It also facilitates digital communication between all of your PAYG meters and Ovo’s central database.

Boost's Smart PAYG+ plan gives its customers more freedom if they usually top up their card at a PayPoint. They can also top up online, by text, by phone, or through the mobile app. Let’s have a look at some of the features you’ll get with this Smart PAYG+ App:

  • Submit your meter readings.
  • See how much energy you’ve used.
  • Work out how much you’re likely to spend.
  • Download your statements.
  • See your account details, including which tariff you are on.
  • Contact Boost if you have any questions.
  • A traffic light system tells you when you need to top up your PAYG+ meter.

🏢Ovo Business Energy Tariffs

Ovo Energy no longer offers business tariffs. This doesn't mean that it has stopped supplying its previous business customers. It just means that it won’t take new business customers from now onwards.

Find better business energy.

Save an average £1,305* on your business energy bills when you switch with Selectra.

*Of customers who made a saving on a three-year business energy contract when switching through our trusted partner Bionic, the average amount saved was £1,305. Based on data between January 2020 and May 2020.

Ovo Energy Tariff FAQs

Are OVO and Boost the same company?

Boost is a sister company that covers Ovo’s smart prepayment platform. It allows customers with prepayment meters to top them up using a Smart PAYG+ mobile application.

Has OVO taken over Spark Energy?

Ofgem appointed Ovo Energy in November 2018 to take on Spark Energy Supply Ltd customers. This means that customers of Spark Energy are now being supplied under Ovo Energy's supply licence.

Is Ovo putting its prices up?

In April 2021, Ovo put up its prices in line with the energy price cap increase. It's not yet clear whether it will do the same when the price cap goes up again in October. We suggest you get yourself on a fixed energy tariff so you're not at risk.

Does Ovo currently offer business energy?

No, Ovo Energy does not supply business customers at present.

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