Octopus Electroverse Plunge Pricing makes public EV charging cheaper

  • Octopus Electroverse, the UK-based energy provider’s all-in-one public charging service, now has a feature set to save EV drivers money with its ‘Plunge Pricing’ policy.
  • Electric vehicle drivers will be able to take advantage of discounted charging rates at chargers within the Octopus Electroverse app.
  • Octopus say the new scheme could save drivers up to £250 a year in charging bills.

Cheaper public charging for Electroverse members

The new scheme has already been trialled five times across 7,500 charge points available on the Electroverse network, on charger brands such as IONITY, Osprey, Blink, Be.EV, GeniePoint, and Raw. Reported discounts per kWh have ranged from 15% to a sizable 45%. Octopus plans to roll the scheme out this year across more chargepoint brands, and expects there to be multiple Plunge Pricing events over the year. Electroverse users will be given prior notice of these events through email and social media. It also noted the potential for EV drivers to make money charging up their car, in the case of wholesale energy prices being negative – something that occurred for a total of 214 hours in the UK, last year.

Matt Davies, Director of Octopus Electroverse, commented:

“This is a massive milestone: for the first time drivers can power up and pay less on the public charging network when green energy’s abundant. It isn’t your average discount – it’s revolutionising public charging and something that could never be done with petrol. We’re geared up to work with more charge point brands so we can bring this to even more people.”

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