Ovo Energy Tariffs: Prices for Customers in 2021
Want to find out about Ovo Energy tariffs? We’ve collected the information we could find in an easy-to-follow format. Which one do you think is the one for you?.
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 can check out what Boost Energy has to offer. Let’s go through the tariffs we could find so you can get an initial rough idea of what they entail.
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.
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:
- 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.
- 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?
- 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.
- The scheme is only available to customers paying in advance by direct debit.
- Interest is only payable on balances of up to £1,000.
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Upgrade to Green
Also known as OVO Beyond, the cost for the green upgrade is £6/month extra after 3 free months. In exchange, OVO Beyond subscribers will be supporting 15% green gas and £5/month and 100% green electricity as well as other initiatives.
As an Ovo “Green Energy customer” you’ll be contributing to the supplier’s green initiatives. The Ovo Charitable Foundation supports several environmental causes and carbon emissions reduction initiatives.
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, 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. The company doesn't specify what those unit rates are, so you could contact Ovo to get a personalised quote on the Economy 7 tariff.
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 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.
Are Ovo Energy prices cheap?
Ovo Energy’s tariffs are in line with the UK energy market prices. With Ofgem setting and updating the energy price cap, Ovo energy prices are inline or below the price cap.
What would I spend with Ovo Energy? Based on a three-bedroom household in London average consumption on Ovo's cheapest tariff, a household could expect to pay around £1,086 per year on gas and electricity bills. However, this number is subject to change as Ovo updates its tariffs as well as regional and household variables impacting actual figures.
Ovo Energy released a statement on 1st April 2019 that it would increase the price of its Simpler Energy tariff from that date. It cited 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. Its prices have since been brought down to reflect the price cap.
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.
Ovo Energy tariffs and prices FAQ
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 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.