OVO Energy Tariffs 2022: Compare Energy Prices

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.

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.

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 energy tariffs.

Below you can find the cost information associated with these tariffs.

Ovo Variable Rate Tariffs

Ovo for now only has one variable rate available, which is their standard variable rate. With variable rates the rate you pay is subject to daily change but you can also always leave your contract if you like.

The costs associated with this tariff can be seen here:

Ovo Fixed Rate Tariffs

Ovo has a few fixed tariffs available as well. In the following table is an overview of their fixed rate tariffs.

The pricing on these tariffs can be seen here:

Ovo Prepaid Tariffs

If you have a prepayment meter, don´t worry. Ovo also has tariffs available for people with prepayment meters.

Costs associated with this tariff plan can be seen here:

Ovo Economy 7 Tariffs

Sometimes called double electricity, Ovo offers economy 7 plans for those who possess an economy 7 meter.

As mentioned previously, these tariffs have two separate unit rates, one for peak hours of consumption and another for off-peak.

Pricing on these tariffs can be seen here:

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.

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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 2021

The last price change for OVO Energy was implemented on February 23rd 2021. Their 2 Year Fixed Energy and Better Energy plans were increased the headline price of our 2 Year Fixed Energy and Better Energy plans. For Better Energy, their price for single rate increased by 4.4%, and 5.7% for Economy 7. For their 2 year fixed plan has an increase of 0.8% and 1% for Economy 7.

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 818 6223.

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