While they might be new to the Australian market, OVO Energy has been in business in the UK since 2009. They’re all about using sustainable energy to power homes, while keeping things affordable and simple, which they say is the way energy should be.
At the moment, OVO Energy is only available to households in New South Wales.
For a lot of us, comparing energy plans is time-consuming and downright confusing. OVO Energy thinks so too, which is why it only has one market offer energy plan to choose from, called ‘The One Plan’ (we weren’t kidding when we said it likes to keep things simple). OVO also has a ‘Basic Standing Offer’ plan available.
Unlike regular energy retailers, OVO Energy does things a little differently and offers a service similar to bill smoothing. OVO Energy estimates your annual energy usage, based on either the size of your home or previous usage, before the amount is split into 12 equal monthly installments.
It’s worth mentioning that this plan operates with a single rate tariff of 24.42c/kWh and a daily supply charge of 79.64c per day under the Ausgrid distribution network. Under the Endeavour Energy network, the usage charge is 24.70c/kWh and the daily supply charge is 68.75 cents a day.
But what would a new retailer be without some pretty cool features? If you sign up to an OVO Energy plan, the retailer will purchase 10% of the equivalent of your energy usage from renewable sources at no extra cost to you. However, for an extra $29 a month, you’ll be able to increase this to 100%.
Last but not least, with OVO Energy, if you use less energy than your estimated amount, you’ll be rewarded with a credit on your bill. And on top of that, as long as you remain in credit with your plan, you’ll be able to earn 3% in interest on the balance!
Under The One Plan, there are no exit fees, however, there are a few connection fees you may be charged such as a $41.58 connection fee, $41.58 disconnection fee and $83.72 reconnection fee.
OVO Energy works to ease the financial burden of paying your energy bill, which is why its bill smoothing feature splits your estimated bill cost in 12 monthly payments, making it easier to squeeze into your budget.
In a first of its kind, as long as you stay in credit with your OVO Energy plan, you’ll be able to earn 3% interest on your credit!
If you sign up to an OVO Energy energy plan, the retailer will include a standard 10% GreenPower source.
OVO Energy are a 100% carbon neutral and vow to offset 100% of your carbon footprint, helping you do your bit for the planet with minimal effort!
Other than having an easy to understand energy plan, you might be happy to know that switching to OVO Energy is just as easy. You’ll first need to sign up, which OVO says takes less than three minutes, then wait for your direct debit to be set up. Once that’s completed, OVO Energy will get your opening meter reading and then you’re ready to go!
Since OVO Energy is still in its early stages, there is no information about how customers can move homes with the retailer - at least, not just yet.
The Mozo communicty has rated OVO Energy products and services on different specifications ranging from pricing and bill clarity to customer satisfaction and green energy.
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Ready to find out if OVO Energy is the right fit for your household? Then head on over to our energy comparison tool, or click the ‘compare now’ button to get started.