Ovo Energy Tariffs 2022: Is it The Cheapest Supplier?
Want to find out about Ovo Energy tariffs? We’ve collected the information we could find in an easy-to-follow format. Which Ovo Energy tariff is best for you? Find out in our in-depth Ovo Tariff comparison including this suppliers best dual fuel deals in 2022.
💸Ovo Energy Tariffs: Is OVO a cheap energy supplier?
Ovo Energy tariffs 2022 come with either a fixed or variable rate. There’s also a separate tariff 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 an Ovo tariff comparison to give you an idea of what they entail, but let's start by comparing Ovo energy prices to the rest of the market:
|Which? Value for Money score
|Outfox The Market
|SSE (Takeover by Ovo Energy in June 2019)
*For illustrative purposes only. Figures taken from Which?'s September 2021 survey.
As you can see, Ovo Energy prices are 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 it plants a tree for each of its customers.
You can also find out what Ovo customers are saying its tariffs in our Ovo Energy Reviews guide.
OVO Interest Reward Scheme
Regardless of the length of your term, they also all offer the Ovo Interest Reward Scheme. The supplier 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 for your Ovo Energy tariff. 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.
At the time of writing, there are no two year Ovo Energy tariffs. However, this may change as the energy crisis subsides.
Regardless of the interst you're being paid, we recommend that you always compare your tariff when it comes to renewal time to make sure you're getting the best deal for your home.
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.
OVO Interest Reward Scheme Eligibility
Of course, not all customers are eligible for the reward scheme. To be able to benefit from the Ovo Energy Interest Reward Scheme you will need to meet the following conditions as set by Ovo:
- You are an OVO Energy pay monthly customer
- Your supply is through a credit meter
- You pay your bill by monthly direct debit
- You must also keep your account in credit by paying for the supply in advance
Customers who meet the above criteria will be able to receive the OVO Interest on their credit balance.
Are there any restrictions on the Interest Reward scheme?
The scheme is only available to customers who have a credit meter. This means customers with a prepayment meter are not eligible. However, if you have a smart meter set to prepayment mode you may be able to request a switch to direct debit payments. Not only is paying by direct debit cheaper than prepayment, you'll also be able to benefit from the Ovo Energy Interest Reward Scheme.
There are also some other restrictions for the scheme such as:
- 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.
💡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.
Whilst the Ovo Energy standard variable tariff might seem cheaper at first glance, the savings may be short-lived as you are at the mercy of the wholesale energy pricing. Whilst the pricing can go down as well as up, the last few months have shown that it is more likely to increase. Therefore, you're better off at trading short-term savings for long-term stability with a fixed-rate tariff from Ovo Energy or another supplier.
At the time of writing, the Ovo Energy standard variable tariff is only available by contacting Ovo Energy by phone. Existing Ovo Energy customers will also be transferred to this tariff at the end of their fixed-rate deals if they do not sign up for a new Ovo Energy deal.
📈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.
- October 2021: The energy price cap has forced Ovo Energy to increase the rates on its variable tariff. Fixed-rate tariffs have also been affected.
🧾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 and is available to new customers only. You can also choose to upgrade this Ovo Energy tariff with Ovo Beyond which costs £6 extra per month and goes towards planet restoration projects. Here's a summary of this Ovo Energy deal:
|Fixed for 12 months
|£30 per fuel
|100% renewable electricity
|One tree planted every year
|Smart meter installation required
|3-5% interest rewards
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OVO Drive EV Tariff
Ovo’s Drive EV Tariff is a dedicated tariff that replaces its OVO Drive Anytime tariff. To take advantage of this Ovo tariff you will need to own an electric vehicle and you’ll be on a fixed-term tariff for one year. As part of this tariff you can benefit from the following benefits:
- 100% renewable electricity
- 12 month fixed rates
- Access to Ovo Greenlight - Ovo's energy-saving tool
On top of that, Ovo have partnered with Vanarama and, at the time of writing, are offering an exclusive deal on electric vehicle leasing which includes one year free insurance and £75 towards your energy bill. This is a fantastic deal to encourage more customers to make the switch to electric vehicles.
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.
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. If you're looking for a business energy tariff, check out our business energy suppliers guide.
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.
How much are Ovo Energy prices per kwh?
Ovo Energy prices per kwh depends on which tariff you’re currently on, as well as your location. In general, gas costs between 8.5p and 11p per kWh and electricity costs between 28p and 38p per kWh.
Has OVO taken over Spark Energy?
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.