Kaluza, the leading intelligent energy platform, and OVO Energy today announce the launch of OVO Drive Anytime – the world’s only ‘type of use’ energy tariff.
The unique pricing model offers EV drivers a flat fee of 6p per kWh* at any time of the day. Compared with the average cost of electricity on a standard tariff, consumers stand to save as much as 63% – or £200 – on fuelling their car throughout the year.
The new concept contrasts to most EV tariffs available today that require customers to plug in at certain times, often at night, in order to access cheaper, off-peak rates. These ‘time of use’ tariffs can often mean EV users are punished for using more expensive energy for their homes during the day, offsetting savings on their EV energy. OVO Drive Anytime is the only tariff to guarantee cheaper rates for EVs even in times of high energy system stress, such as those in the first two weeks of 2021 where customers on ‘time of use’ tariffs were paying as much as 35p per kWh for their electricity.
OVO Drive Anytime customers are insulated from these fluctuating prices because of technology developed by OVO Group’s intelligent energy arm, Kaluza. By using live data on energy pricing, the weather and local network constraints, Kaluza intelligently shifts EV charging away from peak times to dynamically capture the cheapest and greenest electricity on the market. The platform’s ability to change EV charging patterns in real time provides vital support to network operators as they manage peaks on the grid – services that will become increasingly necessary and increasingly valuable as millions more EVs connect to the system.
The OVO Drive Anytime tariff is being launched in its initial phase and is planned to be rolled out to more OVO Energy members later this year.
Marzia Zafar, Head of Strategy and Policy at Kaluza, commented: “Electric vehicles and renewable energy are the perfect companions for a zero carbon world, but we have got to demonstrate that they can be easier and cheaper, as well as greener. Our intelligent software is designed to give EV users the energy they need, precisely when they need it, at the lowest environmental impact, and now at a guaranteed price that saves them money. In doing so, Kaluza shields customers from the complexities of the energy transition, while at the same time driving it forward.”
Jessica Tan, Managing Director of OVO Smart Home, commented: “OVO Drive Anytime enables our EV driving members to charge their EVs on the lowest prices throughout the day, hassle free. No more worrying about high energy peak prices or when to plug and unplug, Kaluza’s technology does all the hard work and is good for the planet. This is a pioneering proposition and we are excited for our members to be shaping the future of energy with us.”
* 6p/kWh calculation: Average unit price in the market (among the top ten suppliers) is 16p/kWh, based on the London region. Type of Use is 6p/kWh. Assuming an EV uses 2,000 kWh per year charging at home, this equates to £120 on OVO Drive Anytime and £320 on a normal tariff – a 63% saving.