Why choose OVO’s simple tariff
- 100% GreenPower at no extra charge
- Monthly Direct debit
- Award-wining self-service tools
- 100% carbon neutral
- Email billing
- Bill smoothed
- 3% interest paid on credit
- Excellence in customer service
- No payment or exit fees
Bill Smoothing
The One Plan is paid for by equal monthly direct debit payments. Sometimes you’ll use more energy than your payment will cover (and that’s OK). At other times, you’ll use less.
The idea is that your account can be in credit, or even go into debt, but eventually your balance evens out and you’ll end each 12-month period at zero balance. You won’t have overpaid or underpaid for your energy.
If on any given month you have used less than your direct debit, the credit balance will roll over to the next month. The same is true if you’ve used more energy than your balance. This will not affect your monthly payment amount, which remains the same regardless.
If you decide to leave within a 12 month period, OVO Energy just perform a true up on your final bill; if you’re in credit they’ll give a refund, and if you owe money, you’ll just need to settle up.
10% GreenPower as standard
When a customer join OVO Energy, they will commit to purchasing the equivalent of 10% of their electricity usage from renewable energy generators as standard. This is at no extra charge to the customer, and is audited under the government’s GreenPower scheme. Customers also have the option to choose their 100% GreenPower product as an add-on.
GreenPower is a government scheme which certifies electricity coming from accredited renewable energy
generators like wind, solar, water and bioenergy.
100% Carbon Neutral
Ovo Energy assess the full life cycle of retailing electricity to their customers; this includes all emissions released in the four key stages of energy retail (generation, transmission, our business activities and then finally, supply).
They then purchase carbon offset certificates for their customers’ entire emissions, from internationally recognised schemes that are accredited by the Clean Energy Regulator and include reforestation, renewable energy or energy efficiency schemes.
OVO Interest Rewards
This is just OVO Energy’s way of thanking customers for keeping their account in credit.
Since their tariff is bill smoothed at certain points of the year, customers are likely to build up credit – Ovo Energy believe that if they’ve got your money, it’s only right to pay you interest on it.
As an example, if a customer is in credit when they generate their statement, OVO Energy work out their Interest Reward based on the credit balance in that statement. The customer won’t actually see the payment as a line item on their bill until their next statement.
The amount of interest paid is based on the amount of days between the two statements – OVO Energy automatically calculate the Interest Reward that is due to the customer and credit this to their account.
Customers start with a 3% interest reward in their first year. In year 2, OVO Energy increase this to 4% and then it’s 5% for year 3 and beyond. Essentially, the longer a customer stays with OVO Energy, the more they say thank you.
Note: OVO Energy only ever pay interest if the account is in credit and will never apply interest to debit balances. The maximum credit balance OVO Energy will pay Interest Reward on is $1,500 and customers must not make payments into their account just to receive the OVO Interest Reward. All information regarding OVO Energy has been provided to us directly from the retailer
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