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, South Australia and Victoria, 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 Great 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

NSW

Here is the OVO Energy plan on our database for NSW. This is a product from a referral partner†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

VIC

Here is the OVO Energy plan on our database for Victoria. This is a product from a referral partner†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

QLD

Here is the OVO Energy plan on our database for QLD. This is a product from a referral partner†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

SA

Here is the OVO Energy plan on our database for SA. This is a product from a referral partner†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

OVO Energy Solar

OVO Energy does not currently list a solar feed-in tariff in NSW, however solar customers in QLD and SA can receive 8c/kWh. Customers with solar in Victoria can receive 10.2c/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.

About the author of this page

Monika Gudova

This page was written and is regularly updated by Canstar Blue’s Energy Specialist, Monika Gudova. An expert in all things utilities, including electricity, gas and water, Monika makes it her business to help consumers better-understand their energy options and ultimately save money. A qualified journalist, Monika is also across the latest energy news, from regulatory changes to new products and anything else you need be aware of.

Image credits: Mikhail Mishchenko/shutterstock.com, Creative stall/shutterstock.com, Julia’s Art/shuttertstock.com

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