Octopus Electroverse launched Plunge Pricing at the end of 2023, a feature of its public charging card and app that applies discounts to public charging when energy supply on the grid is high1. The company describes it as an exclusive Electroverse feature offering savings on the public charging network when energy is in high supply1.
The discounts are not fixed. Octopus says they change with each event, and gives an illustrative range: a Plunge Price day might bring a 20% discount, while the following week could see discounts of up to 50% off2. The operators taking part also change from event to event, and the company says notifications through the app and posts on its social channels will name the operators and the discount being provided2. Plunge Pricing events are triggered by conditions such as high solar generation over a sunny few days, high wind generation over windy days, or low national household demand2. Because they depend on generation, Octopus says they cannot be scheduled in advance, though the company usually knows at least 24 hours before and notifies users the day before2.
"With flexibility at its core, Plunge Price discounts will change with each event - ensuring the Electroverse community gets the best discount for the event period."
No sign-up is needed: the company states that being part of Electroverse gives access to Plunge Pricing2. Charging must take place within the event window to receive the discount; plugging in outside it, such as at 10:59 for an 11:00 to 14:00 event, does not qualify2. For Octopus Energy customers on its Go and Intelligent GO tariffs, discounts are not stacked, and whichever discount is higher at the time of the event is applied2.
Separately, Electroverse lists standing discounts on specific networks: 5% off IONITY, and 20% off Osprey chargers between 7pm and 11pm1. Octopus Energy customers on Go and Intelligent GO who link their accounts with Electroverse get 5% and 8% off the Electroverse network respectively1.
| Item | Detail |
|---|---|
| Launch | End of 20231 |
| Illustrative discount range | 20% one day, up to 50% the following week2 |
| Notice given | Usually at least 24 hours before an event2 |
| Sign-up required | No2 |
| Go and Intelligent GO stacking | Not stacked; higher discount applies2 |
| Standing network discounts | 5% IONITY; 20% Osprey, 7pm to 11pm1 |
Why it matters for households
Public charging is subject to 20% VAT, while home charging carries 5%, and Octopus describes VAT as the main reason for the price difference between the two1. For households without a driveway or garage, that gap is a running cost they cannot avoid by charging at home, which is where time-limited discounts on the public network bear directly on the cost of running an electric car. Plunge Pricing ties the public rate to conditions on the grid rather than to a fixed tariff, so the price a household pays depends on when it charges and which operator it uses. The company's own account notes that operator discounts and the operators involved change with each event, so the saving available at a given charger is not predictable in advance2. The same page states that home charging still offers more competitive rates for the time being1.
What happens next
Plunge Pricing events cannot be scheduled in advance, and Octopus says it will usually be certain of a Plunge Price day at least 24 hours beforehand, notifying users by app notification, email and social media2. The company has not reported a fixed calendar of events or a list of operators committed to future events.
Sources2 cited
- Why can public charging be more expensive than home charging?, electroverse.com
- Plunge Pricing Octopus Electroverse: How does it work, electroverse.com