Just changed power company due to rate rises on 1 at august. If you sign up with Ovo your rates are locked in for a year. Worth it if you have an EV
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OVO is part owned by AGL.
Energy group Ovo warned of financial peril before UK government help
25 Sept 2022Ovo Group, the owner of the UK’s third-largest energy supplier, feared breaching its financial covenants in the months before the government announced unprecedented support for British households and businesses to pay soaring energy bills.
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Breaching its covenants would risk putting the viability of the business, whose core operations are still lossmaking, in “material uncertainty”, Ovo said in its accounts.
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Weeks after closing its books on 2021, the company cut 1,700 jobs in January, about a quarter of its workforce. This came on top of the 2,600 roles it shed during 2020 in the midst of the coronavirus pandemic.
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The 2020 cuts were made in order for it to speed up the integration of the UK energy retail arm of SSE, a deal that propelled Ovo, founded in 2009 by former City trader Stephen Fitzpatrick, to the top flight of Britain’s energy providers.
And "bill smoothing" = Ovo "predicting" your annual usage up front and dividing it to 12 monthly payments
Each payment is paid by you up front
If they predict below what you actually use, you eventually pay the difference
If they predict above what you actually use, they pay you 3% interest on the overcharge out of the X% they earn investing your money into the financial markets
The incentive for Ovo to overcharge - even for a part of the year before they "...adjust your Direct Debit so you get back on track" - is huge
Not bad at 8c/kw from midnight - 6am. If you have a home charger that does 11kw/ hour then can essentially charge a 66kw battery in that time.
Eg. Can theoretically charge an entire Tesla battery from 0-100÷ for just:
$4 for Model 3 RWD (50kw battery x 8c)
$4.80 for Model Y RWD (60kw battery x 8c)
BYD Dolphin 44.9 (or 60) kWh battery (1/2 price of Tesla & advantage of hatchback ~
Ordinary 2.3 kW charge: h11:42 0-100% or half <6h for city driving
1-phase 16A 3.7 kW charger: h7:16 or 3.6h (<4.5h for larger batt) sufficient
1-phase 32A 7.4 kW or
3-phase 16A 11 kW charger: h3:44 very good
Charging is faster from empty & slows down towards full. No need to stress about charging.
$4 for Model 3 RWD (50kw battery x 8c)
Crazy cheap.
Standard Tesla battery full charge = 400km for $4.
That's like $1 per 100km traveled.
Normal ICE cars cost about $8-10 per 100km.
Nearly 8-10x less. Do this for a few years and you made your money back on an EV car.
Signed up and PHEV models are not included in initial list so I chose "Others".
Hopefully no issues.
I have a PHEV too and was wondering if it would be eligible
Possible to sign up to this with a PHEV.
Waiting for their reply, my account was already activated.
So far i see is fixed is Lumo and Tango.
I am already on Lumo fixed until Aug23. My Tango is 95c and 23c off/on peaks. looking so tempting as is fixed until 2024 May.
Nice. I am $250 better off /yr to switch (after $100 sign up bonus). It helps that I use twice as much power during off peak.
Use the referral link and get $120 credit ($10pm) instead of $100.
Currently with Momentum:
Flat Rate: 0.1862c/kwh
Daily Charge: $1.245
OVO Quote (with 5% pre-paid discount:
Flat Rate: 28.895c/kwh
Daily Charge: $1.22
EV Rate (midnight to 6am): 8c/kwh
RIP
Jokes on me, Momentum sent an email shortly after I posted that advising my bill would be going up $1,400 a year as they jacked me 0.1862 to 0.3124
Switched to the OVO non-EV plan :) Thanks OP
Unless you actually have an EV to charge I can't see this being an amazing deal for people with a larger solar array.
The 4000kWh export limit is pretty low. And the demand charge to penalise you for a whole month after 1 higher night is always a disincentive (I realise that's the point)
What's the demand charge? I am unfamiliar. Got a link?
I wonder if it still works by going to OVO until such time that you've reached 4000kWh in exports (say for example, a couple of months into the year), then try to move out by looking for alternatives elsewhere for better FIT?
At least OVO has annual limit for exports. Others like AGL and Origin Energy have daily limits, eg. 14kWh per day, which makes it hard to work around this limit.
Where do you see this export limit applied to the EV plan? There's no special conditions on their front page or their special terms (https://www.ovoenergy.com.au/terms/qld). I can, however, see an export limit on their solar plan.
I just signed with OVO and can confirm that the contract is a fixed term contract for a year. However I also noted that their legal terms are confusing and contradictory. My contract states "Fixed term contract until 1 August 2024" and later in the same contract "This offer has no fixed term…". Also they advertise them as no exit fee but in the contract inside 'Exit fee' chapter they state "…if…you are on a contract with fixed rate tariffs, we may charge you, in which case you must pay us an exit fee of $50". I send them an email to clarify this but no response yet.
Which state are you in? I'm in NSW and the contract states there is no fixed term and no early termination fees.
VIC
Can I stack ShopBack cashback and welcome credit?
Nope
But I can see the $190 welcome credit on the website when clicking through ShopBack. It’s not mentioned in the contract though…
When I click through it has a little icon saying "Congratulations You've activated the Shopback promotion"
It has no mention of what the shopback promotion is or what value it has. I do note that in the advert directly below this, there is mention of "includes $100 welcome credit".
Not very clear…
for non-EV owner, the non-EV plan is actually cheaper if majority of your electricity usage is on day time…
I did my calculation , even factor in my solar feed in (10c vs 7c) . But maybe I am in VIC so not too much sunshine…
feel free to share your thoughts..
Not sure why i was downvoted on my previous comment. Everything i said is correct. I am on this plan and have been since June.
They check you own an EV and you need to provide details, including registration details of the car for them to verify. You also don't need a smart meter on the specific EV circuit as incorrectly stated. All power use between 12am and 6am is billed at 8c/kwh. You can charge your EV on any circuit from your switchboard.
All fact.
Appreciate the feedback! Did they put you on fixed contract (12mo)? Don't want to signup and get another bill shock in August.
They limit your solar capacity to 5KW
It’s 30kw system in QLD, it must be state based. I can’t find any details on export cap that someone previously mentioned.
No issues signing up with solar >5kw
- Eligibility requirements
The EV Plan and The Basic EV Plan are available to you if you are a residential customer with an electric vehicle and a communicating smart meter.You will be required to provide information about your electric vehicle. If you do not provide information or do not have an electric vehicle, OVO may terminate your Market Retail Contract.
If your Market Retail Contract is terminated because you are not eligible for The EV Plan or The Basic EV Plan you will be moved to our Standard Retail Contract.
The smart meter it refers to is the smart meter installed externally on your switch board, (Usually outside), not a smart meter installed to view a particular circuits use. These smart meters are installed to allow the readings to be communicated to the supplier regularly, without someone physically gaining access to note down the reading on the switchboard meter.
Everything connected is charged at 8c/kWh between 12am and 6am, rather than a single circuit with only EV charger.
Does anyone know if they check EV ownership? If so what need to be provided? if I have a company-supplied EV vehicle would it count? cheers
They check. You provide registration details. Some people VIN#s. I assume if the rego shows as company registered, they refuse.
Anyone can confirm if company registered cars are excluded?
Any way to get a smart meter?
Without EV:
Anytime unit rate (¢/kWh): 21.89
Supply charge (¢/day): 107.25
With EV:
Peak (¢/kWh): 28.895
EV charging window (¢/kWh): 8
Supply charge (¢/day): 107.25
Even if you have an EV, at what point do you consider the base plan better value?
It’s network dependent. You may not get the same rates as others which work out better for them. best to shop around.
Guess it depends on how much you charge your EV as well. If you're a heavy driver then it'll be much more worth it than those who don't drive/charge as often.
Also peak rate under the EV plan 7c higher than on the non-EV makes it pretty much pointless to go with this option IMO. Just ran some quick numbers and couldn't find any scenarios for my usage where it comes out on top.
at what point do you consider the base plan better value?
if you can get free charging - home solar during the day, or drive around to find free chargers in streets/business premises
We have an EV but I went with OVOs base plan. We use 30-35kwh a day without charging (all electric heating/cooling no gas) The math is only within $5-10 difference potentially in either direction but the fact I don't need to be concerned with time of use made the non-EV plan the obvious choice.
And compared to the 0.31c that Momentum just jacked me to (from 0.186) 0.21c is a bargain
Yeah I think I just read your post on whirlpool. I'll likely be doing the same. Simply Energy has jacked me up over 40% from 0.23 to 0.33 (minus 19% discount for both) and I can't justify any scenario where the EV plan comes out better than the base plan.
21.89 is more than the 18.8 I was paying on Simply but seems reasonable for the market.
Where does it state that rates are locked in till Aug 2024? Cant seem to find it..
Refer to the fact sheet at the bottom of the quote.
Hmm just tried to ring them, the message indicated they were so busy they couldn’t even field a sales call. It also indicated if you’re an existing customer with a power emergency to email them and then proceeded to give the email address.
Seems to indicate their customer service is next to 0, so the prices would want to be exceptional. I’m considering switching from Powershop ev plan but at least you can get power shop on the phone.
yes same experience.
The best part with them is the fixed for one year prices, assuming that is true as Vic's price shafting will be on Aug 1st
Does anyone know when their price changes are announced? I read in the previous Ovo deal that price change will occur on 1st of August
I got the following from OVO customer service
"Hi there,
We usually review our rates every year in July/August.
This is has been done for this year and our pricing is updated.
If you would like to proceed with the plan or know more, simply click here.
If you have any further questions please let us know
Kind regards,
The OVO Team"
means not fixed rate then. Is only fixed contract.
I was doing some research last night and came acorss OVO. I noticed there have been heaps of complaints on Twitter - they are probably still just a minority but the kind of complaints some people have are pretty worrying. DYOR.
plenty on productreview as well..
Just switched over last week! Not looking back. tried every other providers and they're just nowhere near as good as this deal
Is it all power between 12-6 or can they somehow work out what is electric charging and what is heaters ect…?
All electricity used during 12-6 will be 8c
I can't even get a quote on their website. Just says "aw shucks you can join a waiting list". But if I try addresses in other areas with the same distributor it works fine.
I downloaded the last 2 years from Jemena
We have solar so midnight to 6am is about 25% of our usage which surprised me
Worked out 1240kw midnight to 6am
4040kw from 6am to midnight,
Do around 5000kw export solar normally run the dryer/washing machine etc during sun hours.
Normal plan 21.89c is $1150 although 7c FIT so solar $330
EV Plan 28.89c plus 8 cents is $1270 and at 19cent fit $500
So break even..
Although charge the EV AH and do dishwasher/dryer after Gizmo hour be 8 cents.. Not 21.89 or loosing now 10 cents solar.
Looking to switch from Powershop, assume any prepaid packs are lost if you transfer away….
I'm pretty sure prepaid packs are refunded back to you
Correct. You’ll get them credited back to you
Why is nobody else stuck with additional demand rates?
How do I get off them?
I'm also importing about 35kwh a day at the moment due to needing to keep a newborn alive.
Has anyone been able to confirm the fixed term contract means the rates are fixed until Aug 2024 also for VIC? I found this in their FAQ on their site but doesnt look like its been updated since last year.
Can I get a fixed rate contract?
We do not currently offer fixed rate contracts. Some retailers do offer fixed rate 12 month contracts, but they do tend to be slightly more expensive, as the retailer will likely price in a lot of the anticipated risk associated with both the change in wholesale energy prices and the change in network costs (which happens every year on 1st July) and any other environmental costs that are administered by state (that are also adjusted on an annual basis)
I'm in QLD and the website doesn't allow me to signup to their EV plan - it keeps kicking me back to their other plans. Anybody else have that issue?
I've signed up for EV plan and I can see in my OVO profile this plan will start on 20 July 2023. I have 2 concerns:
1. My NMI meter # in OVO profile lack the last digit and I am not sure why because I've provided right NMI when I've signed up.
2. What will happen with my current AGL plan after 20 July? Do I need to cancel AGL plan or it will be cancelled automatically? I have smart meter and I doubt that both providers can charge me.
It should automatically happen as there can only be one retailer registered against your NMI. AGL will finalise your account and send you a final bill based on the last meter read on the last day they were your retailer.
I wish my e-scooter has a vin number.
Tried to join in NSW but was placed on a waitlist. Ozbargained already.
how does prepaid work? and if i overpay, can i withdraw?
There's a $70 Shopback/Cashrewards as well for new electricity signups but it looks like it doesn't stack with the $100 bill credit that Ovo offer - you either get one or the other. Can anyone on here confirm?
Why would Ovo does a credit check? Just noticed the enquiry from Ovo in my credit score report.
Is smoothing the only option or can you post pay like most providers?
Does anyone know if EV owner and Electricity account holder have to be the same person? My son has an EV but I'm the Electricity account holder.
I don’t think they check owner of the vehicle. All they check are rego details to ensure it’s an EV. You could give it a go.
They might check the address the car is registered to?
Does anyone know what their peak is and off peak times . I know the EV rate is midnight to 6am, wondering the the slots for the other two.
You'll need to look up your address to see what they offer. It will differ based on network distributor
How do you sign up to the TOU EV plan? I don't get presented with it when I put in my address?
I don't have solar, I do have EV, but when I put in my address (NSW 2151), they only show me the ONE PLAN. Does this mean the EV plan isn't available in my suburb? How about the 12-months lock in rates?
Same - how do I get on the EV plan? Have EV but no solar. Tried emailing last week and have received no response.
Below solar system size limit applies
solar system size limit means:
(a) In Victoria a solar system must be less than 100kW name-plate generating capacity; or
(b) In New South Wales a solar system must be less than 5kW of solar PV panels; or
(c) In Queensland a solar system must have an inverter less than 30kW size; or
(d) In South Australia a solar system must have an inverter less than 10kVA for a single phase supply or less than 30kVA for a three phase supply.
I live in NSW and there is a limit to 5KW solar panels and I have 10kw solar inverter, how should I go about it?
No issues signing up in NSW with more than 5KW solar panels. Have you tried to sign up yet?
This works for me a lot better than powershop plan.
Still unsure if how or even if I can to get both ShopBack and referral and ev plan. When I go through ShopBack it doesn’t give me option for ev plan and even if it did not sure how to add referral.
Anyone have luck confirm how they did this?
Thx
Checked their general info on website, only fixed contract, not fixed rates. Unless someone can show us the T&C.
If you go through the Vic energy comparison site it says prices fixed for a year but it is unclear where this come info from
See here: https://files.ozbargain.com.au/upload/14594/105417/screensho…
we shall see in Aug1st lol.
Is there an OVO app to check usage and solar exports in between billing dates?
No
There’s a browser based website which you login to see this info
Thanks
I tried signing up to Ovo's EV plan but I get redirected to a waiting list - has anyone else seen this before? I checked other houses in my street and they're able to sign up - strange. Is there any way to bypass this?
Contact your current electricity provider and ask them to check meter type (classification) on their database. If you are in VIC, it's called MSATS database. If classification is business, ask them to change it to residential. Ovo will not let you sign up if your meter classification is anything other than residential.
Thanks for the advice mate - I thought it might have had something to do with my meter. I'll call my distributor on Monday and check.
Does anyone know how to check if we're looking at the most current rates?
So with 8.4c overnight and 10c FIT on the EV plan (Vic AusNet), it’s cheaper to charge the car (and run any other scheduled appliances I.e dishwasher, pool pumps) between 12-6 on the basis that you get paid 1.6c extra per kWh for solar exports.
That concept goes against all normal logic as historically we (EV Owners) would try to charge on solar being the cheapest (free) source of electricity.
Am I missing something??
Clearly your FiT is too high. :-P This is probably why reduced FiTs and export tariffs are becoming a thing…
OVO will ask you to sign a form asking your consent for churn.
AGL will try counter offer.