OVO Energy Tariffs 2021: Compare Energy Prices

Papernest disclaims that they are not in partnership with OVO Energy

Papernest disclaims that they are not in partnership with OVO energy

Is OVO Energy OVO energy well priced? Well, let’s break it down for you. OVO energy is known for building a loyal customer base and provide financial incentives to customers who stay with OVO year after year. But, how do they compare to the rest of the energy suppliers in the UK market? In this article, we will provide an overview of all of the OVO energy tariffs, the types of plans that OVO offers, and how you can switch to them today.
Last update: March 2021

Now with over 5 million customers and a large stake in the residential UK energy market, OVO Energy is becoming a household name, and are the second biggest energy supplier in the country – after British Gas who are in the lead – and the biggest UK energy supplier to offer 100% renewable energy as standard.

OVO Energy tariffs compared: Which is the cheapest tariff?

While the cheapest and most cost-effective tariffs vary semi-regularly, below we can give you an outline of the most up-to-date tariff data that we have. However, it’s important to note that this may not reflect the price that you ultimately pay, as there are a wide range of factors that can affect the cost of your energy.

OVO Energy
Founded 2009
Client Email hello@ovoenergy.com
Client Number 0333 303 5063
Log in Log into your OVO Energy account here
Number of clients 5,000,000+
Postal Address OVO Energy, 1 Rivergate, Temple Quay, Bristol, BS1 6ED

These factors include (but aren’t limited to):

  1. Whether you have a prepayment meter, smart meter or fixed meter
  2. Your choice of payment methods such as direct debit or quarterly billing
  3. Whether your bills are based on smart meter readings or estimated readings
  4. The length of your contract, and the contract type: fixed or variable
  5. Your postcode and the area you live in (as the costs of supplying energy vary based on population)
  6. For SVTs or variable contracts: the going rate in the energy market.

ovo energy tariffs

Something that’s unique to OVO is that they also offer interest on customer bills, depending on how long the customer has been with them. The initiative is called the OVO Interest Reward, and when a customer’s energy balance is positive (in credit), OVO will pay 3% interest on this balance in a customer’s first year with them, 4% in their second year and 5% for the third year and any subsequent years. As a loyal customer of OVO, the price paid may differ marginally because of this, because the energy accounts will be kept in credit and topped-up with the interest from OVO.

Read on to find out more about each of OVO’s four energy tariffs, to compare prices and discover the best option for you and your household.

OVO Energy Standard Tariff

OVO Energy’s Better Smart Energy Plan is their lowest-rate plan for new members, and is fixed for twelve months – meaning prices won’t go up or down during this time. This plan also has the cheapest unit rates and standing charges of all their current tariffs.

Remember that your price paid can vary depending on whether or not you already have a smart meter installed, but the following costs apply based on a standard, two-bedroom home who pays by direct debit and is currently without a smart meter:

Tariff Name Tariff Type Electricity Or Gas Unit Rate

 

 

price/kWh

 

Standing Charge

 

 

price/kWh

 

Exit Fees

 

 

price/day

 

Better Smart Energy Fixed For 12 Months Electricity
15.01p
19.22p
£30
Better Smart Energy Fixed For 12 Months Gas
2.67p
17.12p
£30

OVO Energy Better Energy

The next of OVO’s tariffs is their Better Energy tariff, which offers big savings and fixed rates for 12 months. This tariff doesn’t require a smart meter, so you won’t need to have one installed to get started.

Tariff Name Tariff Type Electricity Or Gas Unit Rate

 

 

price/kWh

 

Standing Charge

 

 

price/kWh

 

Exit Fees

 

 

price/day

 

Better Energy Fixed For 12 Months Electricity
16.05p
21.91p
£30
Better Energy Fixed For 12 Months Gas
2.95p
24.77p
£30

OVO Energy Longest Fixed Rate Tariff

OVO’s longest fixed rate tariff works well for customers who want to pay the same amount each month, their 2 year fixed tariff will give peace of mind on pricing to customers.

Tariff Name Tariff Type Electricity Or Gas Unit Rate

 

 

price/kWh

 

Standing Charge

 

 

price/kWh

 

Exit Fees

 

 

price/day

 

2 Year Fixed Fixed For 24 Months Electricity
16.31p
23.07p
£30
2 Year Fixed Fixed For 24 Months Gas
3.14p
26.03p
£30

OVO Energy Flexible Tariff

Their fourth tariff named the Simpler Energy tariff is ideal for customers that are happy with a flexible tariff – where the price paid may go up or down in price depending on the market rate. One of the main perks of this tariff is that although the agreement is for 2 years, you’re able to leave at any time as they don’t have exit fees.

Tariff Name Tariff Type Electricity Or Gas Unit Rate

 

 

price/kWh

 

Standing Charge

 

 

price/kWh

 

Exit Fees

 

 

price/day

 

Simpler Energy Variable For 2 Years Electricity
16.90p
23.07p
£0
Simpler Energy Variable For 2 Years Gas
3.11p
26.07p
£0

OVO Energy pricing and fees

While the cost of the tariffs are above, you may want to think about other pricing and fees that may be applied to your OVO Energy tariff.

Does OVO Energy have exit fees?

Yes, as it stands, on three of their four energy tariffs, OVO Energy charges a £30 exit fee, as these are all fixed-length tariffs of between twelve and twenty-four months. However, their Flexible Tariff is at a variable rate rather than a fixed term contract, and customers can leave or switch energy suppliers on this tariff with no exit fees to pay.

 

OVO energy tariffs

Does OVO Energy charge standing charges?

Yes, OVO does charge for daily standing charges. The costs vary between tariffs, but generally, their standing charges are as follows:

OVO electricity unit rates and standing charges

The unit rate for electricity with OVO ranges between 15.00p to 17.00p per kWh. A kWh (kilowatt-hour) is the amount of energy that would be required to run a 1000-watt bulb for an hour, and the things that use electricity within your house will vary with their level of power consumption.

COVID-19

More than ever, our team of experts remain on deck to help you make savings on your energy. We understand how deeply the lives of many are affected by these trying times and we want to support you the best we can. More on your energy supply during COVID-19 in our article.

For standing charges, OVO’s seem to range between 19.00p-24.00p. Remember that this is the rate that will be charged to you daily to cover the costs of supplying your power to your home, and you’ll be charged for this even if your home is unoccupied, or you use no power.

This isn’t unique to OVO – standing charges are applied to an overwhelming majority of household energy bills in the UK, and there isn’t an OVO tariff available currently that doesn’t use a standing charge.

OVO gas unit rates and standing charges

Currently, OVO’s gas unit rates range from roughly 2.50p a day to 4.00p a day, which is cheaper than electricity.

However, gas standing charges are similar but slightly higher than electricity standing charges, and OVO’s range from 17.00p-28.00p, although this can vary.

For dual fuel customers (those who use both gas and electricity), you’ll be charged daily standing charges for both your gas and electricity, as well as the relevant unit rates for your energy consumption.

Do OVO Energy charge for smart meter installations?

If you’re on or joining OVO’s Better Smart plan (for new customers), they will install a smart meter to your property for free within the first three months of your start date. For their other three tariffs, smart meters aren’t necessary or compulsory, but OVO may get in touch to offer you a smart meter installation anyway, as part of their national roll-out to all homes by 2024.

OVO Energy price changes 2020

The last price change for OVO Energy in 2020 was implemented on the 10th November, where they decreased their headline price of the Better Smart plan by 0.5% to reflect a decrease in wholesale commodity prices.

This price change was only applicable to their variable tariff, and not their fixed price tariffs where the price is set for the length of the contract.

OVO Energy business tariffs

While OVO Energy has supplied to business and non-domestic companies previously, they no longer supply energy to business customers. Current customers of OVO Business will be on the Clear Business tariff, but it’s no longer possible for new business customers to request this.

Get an OVO Energy quote

To get an accurate OVO Energy quote aligned with your household and personal circumstances, you can get started with Switch Plan. It takes less than 10 minutes, and all you need to do is answer a few questions – we’ll compare prices for you and sort the rest! To get started with your home energy switch, give us a call on 0330 054 0017.

Would you like to know more about OVO Energy? Great! Check out our article on OVO Energy Reviews.

Call us to switch your energy supplier for free!

0330 054 0017

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Written by Baylee

Updated on 31 Mar, 2021