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CovaU Energy Review and Rates
CovaU sells a variety of products including electricity, gas, insurance and mobile services, making it a convenient option for customers that want to bundle their utility services. In this review, Canstar Blue takes a closer look at CovaU’s electricity and gas products, including what they offer and how much it will cost a typical household. If you are interested in CovaU’s mobile services, you can read that review here.
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CovaU Energy Plans
CovaU has different offers depending on the state. CovaU offers its ‘Freedom’ deal to New South Wales customers, while Victorians have the ‘Smart Saver’.
Freedom – New South Wales
There are three types of Freedom plan: The standard ‘Freedom’, the ‘Freedom Solar’ and the ‘Guaranteed Freedom’. The Freedom comes with a 25% discount on both usage and supply charges when customers pay on time for a benefit period up to two years. The Garaunteed Freedom has the same discount, however this discount is guaranteed so that customers receive it regardless of when they pay their bill. However. the downside to the guaranteed Freedom is that it only lasts for a one year benefit period and it works out to be slightly more expensive.
The Freedom Solar is again similar, however this product reduces the discount to 20% in exchange for an 8.5c/kWh feed-in tariff for solar customers. All CovaU products have the same usage and supply rates, meaning there’s virtually no difference in the expected cost of these products before discounts. Therefore it is important to look at the terms, benefit periods and discount conditions to find which is the best match for you.
Smart Saver – Victoria
This is a 12 month variable rate contract. It comes with a 30% pay on time discount off usage charges, plus a bonus 4% discount if you pay by direct debit, for a total discount of 34%. There are no exit fees for customers who want to leave early. There is also a ‘Smart Saver Solar’ deal whereby customers accept a lower 24% discount in exchange for an 11.3c/kWh feed-in tariff.
CovaU also has standing offers in NSW and Victoria, but these work out considerably more expensive.
CovaU Electricity Prices
CovaU might be a small retailer, but that doesn’t make it any less capable of delivering a great deal on energy. Using Canstar Blue’s electricity comparison tool, we have calculated how much CovaU might cost the average three person household on a single rate tariff at a selected postcode in each state. Use our comparison tool above for a specific quote in your area.
NSW CovaU Prices
| Product | Discount | Annual cost |
|---|---|---|
| Freedom | 25% | $1,622.81 |
| Freedom Solar | 20% | $1,731.00 |
| Standing | N/A | $2,035.88 |
Costs based on annual usage calculations using statistics from the AER for a three person household without solar. Costs based on Ausgrid network in Sydney.
Victoria CovaU Prices
| Product | Discount | Annual cost |
|---|---|---|
| Smart Saver | 34% | $1,319.79 |
| Standing Offer | N/A | $1,557.24 |
Costs based on annual usage calculations using statistics from the AER for a three person household without solar. Costs based on Citipower network in Melbourne.
CovaU Rewards
CovaU has a rewards program available to all its customers. The CovaU Rewards programs gives customers access to thousands of special discounts and exclusive deals across the following categories:
- Dining
- Gift Cards
- Cinemas
- Activities, events and theme parks
- Health and Lifestyle (including gyms, spas, physio etc)
- Travel and Accommodation
CovaU Rewards is completely free and is available to customers after paying their first invoice.
CovaU customers who refer a friend to the company also receive a $50 Eftpos gift card when they sign up to a 24 month contract.
Is CovaU right for you?
CovaU is a perfectly viable choice of electricity retailer for most households. CovaU works out more affordable than a lot of other energy companies, according to Canstar Blue’s data, however there may be cheaper options out there depending on your location and usage habits. You should also consider how much you could benefit from CovaU rewards.
At the end of the day, the decision is yours. Try not to get caught up in the big marketing pitches – think about how you use energy and whether a retailer suits your needs. You can see what other customers have to say about their electricity retailers using Canstar Blue’s customer satisfaction ratings.
