Ovo Energy Tariffs: Prices for Customers in 2019/20

flame and bulb in box beside ovo energy logo

Want to find out about Ovo Energy tariffs but don’t want to waste your time looking for them? We’ve laid them all out here in an easy-to-follow format. Find out which one is best for you and how to get yourself set up.

Ovo Energy tariffs: What’s on offer?

Ovo’s tariffs are either at a fixed or variable rate. There’s a separate bundle if you’re an electric vehicle owner. If you’d prefer an Economy 7 day and night rate, Ovo also has you covered, and customers with a prepayment meter get some interesting perks. Let’s go through each tariff and find out exactly what you get.

Fixed-rate Ovo Energy tariffs

Ovo’s two main tariffs are at a fixed rate. This means that your unit rate and standing charge will be fixed for a set amount of time, which can be either one or two years. The latter will be cheaper as you’ll be committing yourself to a term that’s twice as long. While long-term commitment may make you feel nervous, Ovo rewards customer loyalty. Let’s find out how they do this and keep their customers happy in the long term.

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 in 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 your Ovo account (see our Ovo Login guide coming soon).

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. Terms apply.
  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. See their Energy Charges list for more info.

Let's take a look at the main features of the two fixed-rate tariffs and the quote they would generate. Calculations are based on a three-bedroom home in London on a dual-fuel tariff with an average energy consumption for three occupants.

1. Ovo Energy fixed rates for 1 year: Better Energy

  • Length of contract: 12 months.
  • Exit fees: £30 for gas; £30 for electricity.
  • Option to “upgrade to green”*
    • £5 extra/month for gas
    • £5 extra/month for electricity
Cost type Gas Electricity
Standing charge 28.77 p/day 28.77 p/day
Unit Rate 3.43 p/kWh 15.77 p/kWh
Assumed Annual Consumption 12000 kWh 3100 kWh
Estimated Annual Cost £516.61 £593.88

2. Ovo Energy fixed rates for 2 years: “Two Year Fixed Energy”

  • Length of contract: 2 years.
  • Exit fees: £30 for gas; £30 for electricity.
  • Option to “upgrade to green”*
    • £5 extra/month for gas
    • £5 extra/month for electricity
Cost type Gas Electricity
Standing charge 28.77 p/day 28.77 p/day
Unit Rate 3.58 p/kWh 15.82 p/kWh
Assumed Annual Consumption 3100 kWh 12000 kWh
Estimated Annual Cost £595.54 £534.67

Upgrade to Green

Ovo Energy likes to boast its green credentials, which are detailed in our Ovo Energy guide. The difference between non-green and green customers is as follows:

  • Non-green (standard tariff) - Customers receive:
    • 33% renewable electricity and
    • 0% renewable gas.
  • Green add-on (upgraded tariff) - Customers receive:
    • 100% renewable electricity and
    • 15% renewable gas

The cost for the green upgrade is £5/month extra per fuel. That’s £5/month extra for 15% green gas and £5/month extra for 100% green electricity.

As an Ovo “Green Energy customer” you’ll be contributing to the supplier’s green initiatives. The Ovo Charitable Foundation runs the I Dig Trees programme, which has planted around half a million trees in the UK. It pledges to plant five trees every year for each Green Energy customer it acquires. If you’re one of them, Ovo claims that your money will be invested into this programme.

Variable tariff: "Simpler Energy"

Simpler Energy is Ovo’s only variable tariff. Its main features are as follows:

  • Unit rate and standing charge will vary from day to day according to fluctuations in the wholesale energy market.
  • There’s no fixed contract, so you can change to another tariff at any time.
  • No exit fees if you choose to switch supplier.
  • You can still choose to take part in the OVO Interest Rewards scheme.
Cost type Gas Electricity
Standing charge 26.1 p/day 22.67 p/day
Unit Rate 4.22 p/kWh 18.17 p/kWh
Assumed Annual Consumption 12000 kWh 3100 kWh
Estimated Annual Cost £601.68 £646.01

Electric vehicle bundle

Ovo’s EV Everywhere bundle is a package deal which 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 two main perks:

  • A free green electricity to charge your car, instead of the usual rate of £5 per month.
  • A free smart charger for your car.
electric car

At Selectra we pulled up a quote on the EV Everywhere bundle based on an average three-bedroom home in London and an EV vehicle. This is what we got:

  • £94/month (£1,130 a year/ inc VAT)
  • 2 years fixed rate (i.e. the 2 Year Fixed tariff)
  • 100% green electricity
  • £60 exit fee

To sum up, the EV Everywhere bundle is the same as the 2 Year Fixed tariff, plus you get free 100% renewable electricity to power your vehicle. At Selectra, we think this is a good 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: One for the day and another for the night. Ovo doesn't specify what those unit rates are, so contact them to get a personalised quote on the Economy 7 tariff.

Before you rush into getting an Economy 7 tariff, choose your provider wisely! You’ll want to compare prices and reviews before making a decision. While Ovo has not consistently received positive reviews from its Economy 7 customers, those who were supplied by Tonik Energy, for example, did. They particularly liked the fact that Tonik doesn't charge exit fees if you choose to switch supplier later down the line. It also has greener fingers than Ovo, offering 100% renewable electricity and 10% green gas with a 90% carbon offset.

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 developed 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.

 

Ovo’s Smart PAYG+ plan gives its customers more freedom if they usually top up their card at a PayPoint. With Ovo, they can also top up online, by text, by phone, or through the OVO Energy app. Let’s have a look at some of the features you’ll get with Ovo’s 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 OVO if you have any questions.
  • A traffic light system tells you when you need to top up your PAYG+ meter.
three ovo app screenshots

Business 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.

If you are an existing Ovo business customer, you can take a look at the range of unit rates and standing charges for Ovo’s current micro-business customers.

Since OVO stopped taking on new business customers, it has transferred the tariffs of its existing customers to one called Clear Business. If you’re not sure whether or not your Ovo business account has been switched to Clear Business, contact Ovo’s Business Team.

blue telephone

Ovo Energy Business Team
Please check with your provider if you don't know how much a call will cost.
0330 303 5063
*Monday to Friday: 8am-6pm
Email: welcome.business@ovoenergy.com


Are Ovo Energy prices cheap?

Ovo Energy’s tariffs are not as expensive as its Big Six competitors. However, it’s not a lot cheaper than the market average. Let’s have a look at what the market average is, how it’s calculated, and how Ovo’s prices compare.

What’s the market average? Ofgem has capped the energy expenditure of a family on a dual-fuel tariff at £1,254 per year. Since most energy suppliers have raised their tariffs to reach the cap, we’ve taken this figure to be the market average.

What would I spend with Ovo Energy? Based on a three-bedroom household in London with medium fuel consumption on a standard tariff, a household could expect to pay around £1,247.55 per year on gas and electricity bills. If you find this too expensive, remember that the Ovo Energy Fund can help you out. For more information bout this, see our Ovo Energy Fund guide (coming soon).

How does Ovo Energy compare? Ovo Energy is £6.45* cheaper than the market average. While it’s great that they charge below the cap, a saving of £6.45 is hardly worth shouting about. Other suppliers, such as Tonik Energy, charge a lot less - £314.62 less than the market average, in fact.

*Comparison based on a 2-3 bed flat with three occupants in central London. Figures will vary depending on the region, house size and number of occupants, as well as the actual tariff.

Flame and light bulb

Don’t let the energy market dictate how much you pay!

Call Selectra to find the best tariff for you and start saving money.


Price increases

Ovo Energy released a statement on 1st April 2019 that it would increase the price of its Simpler Energy tariff from that date. It cites the increasing “cost of commodities” as the reason behind the price hike. It maintained, however, that variable tariff prices will always be within the price cap of £1,254 per year.

Ovo Energy's price increases
Cost type Current price 1st April 2019 Difference in £ % change
Simpler (P1) headline price £1,137 £1,249 £112 9.8%
Electricity (P1) £595 £659 +£64 10.8%
Gas £542 £589 +£47 8.7%
Standing charges £83 (on average) elec / £94 gas £85 (on average) elec / £95 gas +£2/+£1 +2.4%/+1.1%

Price increases in the news

Energy Live News published on 1st March 2019 that Ovo would be among three other independent suppliers to increase its prices by 10%. This was said to affect around 160,000 customers on the standard variable tariff. This would effectively take the total annual dual fuel bill to £1,249 on average.


Ovo Energy tariffs and prices FAQ

selectra tick

Below we’ve answered the most common questions that people ask about Ovo Energy tariffs.

Are OVO and Boost the same company?

Boost is a sister company that runs Ovo’s smart prepayment platform. It allows customers with prepayment meters to top them up using OVO Energy’s Smart PAYG+ mobile application. Boost and OVO share the same trading licence.

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.


Ovo Energy tariffs - the Selectra verdict

Based on the fact that Ovo Energy is not significantly cheaper than the market average, at Selectra we give it a price rating of 1/5 stars. If Ovo Energy acquires or merges with a Big Six competitor, as recent press releases indicate, Ovo’s tariffs may become more competitive than its Big Six cousins. For now, though, Ovo's prices aren't quite enticing enough to convince customers to switch.

Ovo Energy: Selectra's verdict -