UK-based OVO Energy has launched a new home charging-friendly electricity plan for electric vehicle (EV) owners that’s set to save them over $400 a year on their power bills.
The aptly named, The EV Plan from the retailer aims to alleviate the additional costs associated with home EV charging by offering eligible drivers a ‘charging window’ in which usage rates will be significantly cheaper than normal.
The charging window will run from midnight to 6am every day, offering households that have an EV with a low rate of just eight cents per kilowatt hour (c/kWh) in that time.
According to the OVO Energy website, this tariff could allow EV owners to save an average of $421 a year on their power bills, then if they were to sign up to the retailer’s standard market offer, The One Plan.
OVO Energy also claims that EV owners could gain an extra 26,313 kilometres driving time when using this plan for charging than if they were paying for the same charging rates on The One Plan.
The EV Plan is currently available to households in New South Wales, Victoria, south-east Queensland and South Australia. This plan is available on a single rate or time of use tariff on most distribution networks; however, NSW customers may need to confirm their plan availability with OVO Energy first.
In addition to a cheap charging window, The EV Plan also comes with a boosted 10c/kWh solar feed-in tariff and OVO Energy’s standard bill smoothing and 3% OVO Interest Reward for customers who stay in credit with the provider. GreenPower options are available for a small additional cost as well.
Households can also currently cash in on a $190 bill credit when they sign up to The EV Plan or any other OVO Energy plan in their state. This credit will be paid over 12 monthly instalments worth $15.84.
Please note, to be eligible for OVO Energy’s The EV Plan households must own a smart meter and an electric vehicle.
For further terms and conditions, it is best to visit the OVO Energy website. To see pricing for single-rate tariffs on Melbourne’s CitiPower network, south-east Queensland’s Energex network, South Australia’s SAPN network or Sydney’s Greater West’s Endeavour Energy network, click the relevant tab on the table below.
OVO Energy The EV Plan Prices
Here are the OVO Energy EV plans on our database for Victoria. These are products from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are the OVO Energy EV plans on our database for SEQ. These are products from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are the OVO Energy EV plans on our database for South Australia. These are products from a referral partner†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Is an electric vehicle power plan worth it?
Switching to an EV power plan could definitely be worth the while for some EV owners in Australia, particularly those that do a significant portion of their charging from home.
Canstar Blue Utilities Editor Tara Donnelly said the biggest savings, however, would come to those that best utilised the incentives or charging windows available on these kinds of offers.
“EV power plans can provide financial relief to drivers trying to manage the costs of charging their vehicles from home. The level of relief however, will be heavily dictated on how often a driver utilises their charging window or added credits.
“In the case of OVO Energy’s new plan, while a portion of the day does offer significantly cheaper usage rates for customers, all other hours are calculated against normal base rates, which sit far higher than the charging window. This means that if customers aren’t or unable to shift their charging time to that of the lower rates, then the potential savings or benefits could essentially be wasted.”
Ms Donnelly cautioned drivers to consider whether the incentives and benefits of an EV plan were best suited to them and their usage before making a final purchase decision.
“At the end of the day, if the rewards don’t work well against your usage and charging habits, then it may be worth considering other options to minimise your charging costs,” she said.
OVO Energy is among several other retailers, including the likes of AGL and Red Energy, to begin offering EV-suited power plans to households. While some plans favour charging windows, such as OVO Energy has done with The EV Plan, others may lean towards bill credits or free charging days to offset costs for customers.
To see a wider range of EV power plans currently on offer, be sure to check out our EV Plan comparison page.
Alternatively, if you are simply looking for a new electricity plan with lower rates overall, then check out some of the cheapest offers currently in the market by clicking on your state in the table below.
Compare a range of cheap electricity plans currently in market
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Image credit: Owlie Productions/Shutterstock.com, OVO Energy
Share this article