Tariffs and plans (that’s what we call them at OVO) are exactly the same thing. It’s the electricity or gas – or electricity and gas – deal you choose from your energy supplier. It tells you how much you’ll pay for each unit of energy and the standing charge, whether you’re tied into a deemed or fixed contract, and where the fuel comes from. So your decision might be influenced by price, flexibility or being ‘green’.
Fixed prices mean just that. Fixing the price of your unit rates, (measured in kWh) and your standing charge with a contract for set amount of time. The amount on your statement will change each month, as that depends on how many units of energy you’ve used – but the flat rate you pay for each of those units of gas or electricity will stay the same.
Sorting out a fixed price is a good thing for many people because:
Your energy prices don’t go up – even if the wholesale energy market does.
You’ve got peace of mind – if energy prices increase for others, yours won’t.
You can budget more easily – you pay by monthly Direct Debit in advance.
A standard variable tariff (or SVT) is a plan with variable rates. That means your standing charge and the unit rate you pay for your energy can go either up or down, according to what the wholesale market is doing.
If wholesale prices rise, we have to pay more for the energy we buy on your behalf. If you’re on a variable rate plan, we pass that price rise on to you so you’ll pay more for your energy.
We’ll always give you at least 30 days’ notice about a price change increase, so you can choose to switch to a fixed tariff and save some money if you prefer.
Variable plans have no fixed term at all, so you can leave (or upgrade to a fixed rate plan) whenever you want, with no exit fees.
If you have an Economy 7 meter, you can choose any OVO plan and we’ll give you two unit rates – one for day and one for night. If you want to know more about Economy 7, please read our ‘Guide to Economy 7’.
We don’t offer a specific Economy 10 plan, but you can choose any OVO plan and we’ll give you two unit rates (one for day and one for night) – just like with Economy 7. If you want to know more about Economy 10, please read our ‘Guide to Economy 10