Energy firm Ovo has cut the price of its electric vehicle (EV) energy tariff – making the charging rate the cheapest in the UK.
The move is a promising sign of competition in the EV energy tariff market, as just last week rival firm EDF launched the previously cheapest deal.
Ovo today cut the cost of its Charge Anytime tariff from 10p to 7p per kilowatt-hour (kWh).
The next-cheapest deal, EDF’s Pod Point EV Exclusive, charges 7.4p per kWh.
Plug in maybe: Ovo’s price cut means it has become the cheapest way to charge up an EV, but the deal does require drivers to have a special charger and a separate Ovo energy deal
However, the Ovo deal does come with some strings attached, the main one being that customers need to have an existing Ovo electricity deal to access it.
EV energy deals typically offer very cheap rates for electricity used off-peak to charge an electric car, with the added bonus that users can also save money running appliances such as washing machines and dishwashers at the same time.
An unusual feature of Ovo’s deal is that it is an add-on to existing Ovo energy deals, not a standalone deal, and can only be used to charge up an EV.
Another quirk of the Ovo Charge Anytime tariff is that there is no off-peak period.
Instead, the 7p per kWh rate applies anytime a customer plugs in an EV at their home.
Ovo claims a motorist doing 7,000 miles a year and using 2700kWh of energy to charge their EV would pay just £189 using the new rate.
To access the Charge Anytime add-on, customers will also need a smart meter and a charger made by either Ohme or Indra.
The Charge Anytime deal can be used with EVs made by Audi, BMW, Cupra, Ford, Jaguar, Mini, Porsche, Renault, Seat, Skoda, Tesla, Volkswagen and Volvo.
Ovo says all energy used by Charge Anytime comes from renewable sources.
Mat Moakes, Ovo chief commercial officer, said: ‘We’re bringing the UK’s cheapest EV charging rates to customers because we want to make green driving a no-brainer.’
To access Charge Anytime, customers must connect their EV or charger with their OVO Energy account, and opt in to smart charging.
The cost savings will appear as a credit against energy bills. Customers can add Charge Anytime to any of Ovo’s tariffs.
