OVO Energy Review & Rates
Hailing from the UK and landing on Australian shores, OVO Energy has launched in New South Wales and most recently, south east Queensland, bringing with it a fairly unusual approach to energy billing. The company has a strong focus on supporting renewable energy, which it believes has been pivotal in its success in Britain, where it has roughly 1.4 million customers in total.
But while OVO Energy’s Australian plans are similar to their UK counterparts, it’s the retailer’s billing approach that creates a real point of difference Down Under. Intrigued? Read on to find out what this new power provider is all about – and whether it can do you a good deal.
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OVO Energy Plans
OVO Energy has entered the Australian market with one market plan, called ‘The One Plan’. Similarly to the likes of Powershop, Energy Locals and an option offered by big three retailer EnergyAustralia, OVO Energy carbon offsets the usage of its customers. In addition, The One Plan comes with 10% GreenPower as standard, with the option to extend that to 100% for what the retailer approximates to be $17 (according to its own estimates) a month.
By default, customers who sign up to this plan agree to bill smoothing, which essentially means that you’ll pay the same amount for your electricity every month. To do this, OVO Energy uses variables such as the size of your household and past energy usage to predict your annual bill, which is then divided into 12 so you pay the same amount each month.
What really sets OVO Energy apart is that it rewards customer accounts that are in credit upon receiving actual usage figures, by paying 3% interest on this balance. The good news is that for those in debt, interest won’t be charged on what is due upon settlement.
Alongside paying your bill monthly, this power company also favours direct debit payments, not offering the option for credit card, BPAY and other traditional billing options. It follows a slew of retailers adapting their business model to favour online billing and service.
OVO Energy Prices
Here is the OVO Energy plan on our database for NSW. This cost is based on the Ausgrid energy network in Sydney but prices will vary depending on your circumstances. Plans are listed in order of lowest price first. See here for further information on the Reference Price, which in this comparison assumes general usage of 3900kWh/year, meaning the Reference Price is $1,467/year. Use our comparison tool for a specific comparison. Our database may not cover all deals in your area, and please check retailer websites for up to date information.
Here is the OVO Energy plan on our database for QLD. This cost is based on the Energex network in Brisbane but prices will vary depending on your circumstances. Plans are listed in order of lowest price first. See here for further information on the Reference Price, which in this comparison assumes general usage of 4600kWh/year, meaning the Reference Price is $1,570/year. Use our comparison tool for a specific comparison. Our database may not cover all deals in your area, and please check retailer websites for up to date information.
OVO Energy Solar
OVO Energy does not currently list a solar feed-in tariff in NSW, however solar customers in QLD can receive 8c/kWh.
OVO Energy Gas
For the time being, OVO Energy isn’t offering gas options. This section will be updated upon any changes from the retailer.
Should I switch to OVO Energy?
With the popularity of OVO Energy in the UK, it stands to reason that this provider is in a good position entering the Aussie market. By making strides to support the generation of renewable energy, it will likely appeal to the growing number of environmentally conscious households in the country looking to reduce their carbon footprint. And with email billing and direct debit the conditions of its single market plan, it seems that its modern approach to power doesn’t stop at carbon neutrality.
On the value front, it’s good to remember that, as with any bill smoothing plan, while there’s merit in removing bill shock, you’ll still be expected to pay any settlement figure owing when your actual usage is read. On the flip side, if you’re in credit, the interest offered by OVO Energy is an interesting benefit that may attract savvy consumers.
Ultimately, whether or not OVO Energy is right for you will be dependent on your comfort with the conditions of its The One Plan. Though there’s no harm in seeing what else is on offer, so follow the link below to compare a range of plans offered by more than 30 providers.
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