If you are looking for an energy supplier that offers competitive rates and values sustainability, then Ovo Energy might suit you, except that you need to know its rates before you choose it. In this article, you will find the answer to what are Ovo Energy services, and how you can be its beneficiary.
Decoding Ovo Energy Rates: A Complete Review of Its Plans
OVO Energy is a top energy supplier in the UK and entered the Australian market in 2019. It is based in Bristol and has more than 39,000 5-star reviews on Trustpilot. It is a large energy supplier with approximately 4.5 million customers. So, it can be said with confidence that it is a well-established company.
But multiple variables come into play when it comes to the energy rates of Ovo. These rates keep on changing in real time based on your location, the type of energy plan you choose, the financial assistance you have opted for, and so on. It is best to go to Ovo Energy’s website, click on get a quote, and enter your postcode and address to get the exact energy rates for your specific location.
But there is more to the energy rates of Ovo. For the period from October 2022 to March 2024, the company has reduced the unit rate of gas and electricity by introducing the Energy Price Guarantee to cap the amount that consumers pay per unit of gas and electricity and because the total cost of energy is determined by the amount of energy utilized, there is no bill cap.
Here are some points to explain OVO’s Energy rates:
1. The Energy Price Guarantee is applicable to all customers of Ovo Energy. You don’t need to apply for it no matter what plan you are on.
2. This guarantee offers a typical household to pay £2,000-£2,500 a year for energy until June 30, 2023, and £2,500-£3,000 a year from July 1, 2023, to March 31, 2024.
3. The Energy Price Guarantee is not a cap on energy bills, but it helps to discount the unit rate of gas and electricity.
4. Ovo Energy calculates the direct debit amount based on energy consumption, and the Energy Price Guarantee may affect direct debit payments. If you’re considering Ovo Energy as your energy supplier, you must also note that wholesale energy prices impact overall energy costs, and OVO Energy buys energy from the wholesale market many months in advance of supplying it to customers. Therefore, future price caps might reduce if wholesale prices continue to fall, resulting in lower prices for customers.
5. OVO Energy has launched OVO’s Customer Support Package, including financial relief and guidance, to help customers in need during the winter. So, if you are looking for financial support, then these schemes will help you substantially reduce the rates. Ovo Energy is reputed for caring for their customers and so you can register for priority services if you need extra support, such as if you are ill, disabled, or have a medical condition. But even if you don’t seek special help, but you have general queries on Ovo Energy rates on fixed tariffs, you should contact OVO Energy.
In summary, OVO Energy is a good option for customers. It must be noted that the overall energy costs depend on the amount of energy used. Additionally, OVO Energy has launched customer support packages, including financial relief and guidance, to help customers in need during the winter. So, if you are looking for a company that also cares for you, go for Ovo.
Also Read: Simply Energy Vs AGL Which is Better?
Ovo Energy Plans
As you already know, OVO Energy is a leading energy retailer, providing residential electricity plans in the UK and in four states in Australia: Victoria, New South Wales, South Australia, and Queensland. Here, we will discuss OVO Energy plans, including pricing, features, and solar feed-in tariffs. The prices are based on Australian Ovo energy rates.
1. Pricing and Plans
OVO Energy offers residential electricity plans in each state, with varying pricing and features. Below is a table summarising the latest OVO Energy plans and pricing for each state:
|State||Plan Name||% Below DMO*||Price/year (Est.)|
|Victoria||The One Plan||9%||$1,176|
|Victoria||The Basic Plan||6%||$1,212|
|New South Wales||The One Plan||8%||$1,392|
|New South Wales||The One Plan + 100%||5% Above||$1,584|
|South Australia||The One Plan||7%||$1,716|
|South Australia||The Solar Plan||1% Above||$1,865|
|South Australia||The One Plan + 100%||4% Above||$1,920|
|Queensland||The One Plan||7%||$1,500|
|Queensland||The One Plan + 100%||7% Above||$1,728|
As shown in the table, OVO Energy’s pricing varies across states and plans. The One Plan is the standard residential energy plan offered by OVO Energy, which includes perks such as flexible rates, no transaction or exit fees, and 10% standard GreenPower. The Solar Plan is specific to South Australia and offers 100% carbon-neutral energy, in addition to the standard features of The One Plan.
2. Solar Feed-in Tariffs
In addition to Ovo Energy Rates, OVO Energy plans also offer solar feed-in tariffs in each state. Solar feed-in tariffs allow customers with solar panels to sell excess energy back to the grid at a fixed rate.
The table below shows the minimum and maximum solar feed-in tariffs that OVO Energy offers in each Australian state.
|State||Minimum FIT (c/kWh)||Maximum FIT (c/kWh)|
|New South Wales||0.00||12.00|
Consider each of these in line with your priorities to come to the best decision on your energy plan.
Ovo Energy Services
Here is a list of Ovo energy services that you need to know about:
1. The Priority Services Register (PSR)
It is a free support service for vulnerable members offered by energy suppliers in the UK. Those who are disabled, chronically sick, bedridden, living with dementia, of pensionable age, living with children under 5, experiencing mental health issues, living with learning difficulties, or unable to speak English can benefit from it. PSR members receive various benefits, including free gas safety checks, alternative communication options, a notice of planned power cuts, and more. Members can sign up via an application form, phone, or online.
2. Boiler and Heating Covers
OVO Energy offers boilers and heating covers to protect against expensive repair or replacement costs. The coverage offers a 24-hour emergency helpline, access to a national network of Gas Safe professionals, and an annual home boiler service.
Three plans are offered, including Essentials cover starting at £15 a month, Starter cover starting at £18 a month, and Complete cover starting at £24 a month. Additionally, OVO Energy provides unlimited callouts and cover for central heating, drains, plumbing, and electrics. The service is recommended for homeowners whose boiler isn’t covered by home insurance.
3. The Meter Point Administration Service (MPAS)
Ovo Energy services include MPAS. It is a database containing information services about all the homes and businesses that receive energy in a particular region. The MPAS maintains an updated record of the supply of electricity to every location in the UK, including the Meter Point Administration Number (MPAN) and the current supplier. You usually don’t need to contact the MPAS when you switch suppliers, but if your new supplier can’t find your information, they will ask you for the MPAN. Your energy supply’s location, tariff, and structure are verified by the MPAN, a 21-digit number. You can usually find it on a recent utility bill, and if not, you can contact your local MPAS to get it.
Also Read: What are Sumo Energy Plans?
Ovo Energy Economy 7 Rates
Let us first understand what an Economy 7 meter is before knowing Ovo Energy Economy 7 rates. An Economy 7 meter is a type of energy meter that goes along with an Economy 7 plan, and together they can help you pay less for your electricity. You can take a reading of both numbers on an Economy 7 meter to determine how much electricity you’ve used at your day rate and at your nightly rate. This meter has two sets of numbers that are labeled low and normal or day and night.
Among OVO energy rates, a type of energy plan called Economy 7 offers reduced electricity rates at night and more expensive rates during the day. Ovo Energy Economy 7 plan allows you to pay less for electricity for seven hours at night, often from 10:00 pm to 8:00 am.
The exact time span can vary depending on your location and other circumstances and depending on your electricity provider. The cost difference between your day rate and your night rate could be up to 50%. People who own storage heaters, electric vehicles, and other large electrical devices that can be charged or utilized overnight during off-peak hours should consider this option. So, Ovo Energy Economy 7 rates can help you save a lot due to its flexibility.
Your electricity bill will display two distinct rates—one for the day and one for the night—and your meter will display two different readings or numbers if you’re on an Economy 7 plan. Use large electrical appliances like washing machines, dishwashers, and tumble dryers at night when electricity rates are lower to take benefit of Ovo Energy Economy 7 rates. Ovo Energy also offers fixed rates and business rates. So, let us investigate Ovo Energy fixed rates and Ovo Energy business rates in detail in the upcoming pointers.
Ovo Energy Fixed Rates
OVO Energy is launching a 12-month fixed rate deal to existing customers for £2,275, which is £225 cheaper than the current energy price guarantee, a limit on bills for a typical household to £2,500 a year. This Ovo Energy rates deal is designed to offer customers security and protection against energy price fluctuations. Ovo Energy fixed rates tariff guarantees that the cost of energy charged to customers will not change for a fixed period of time.
However, this does not mean that a customer’s bill will stay the same each month since it’s only the unit rate that is referred to as the freezing rate. So, if a person uses more energy, their bill will increase. Fixed tariffs may be more expensive than the cheapest energy tariffs available on the market, and customers may be better off waiting for better deals.
It is also important to note that fixed tariffs often include an exit fee if a customer wants to leave the deal early. Despite OVO Energy’s announcement, experts have also recommended customers stay cautious when signing up for Ovo Energy fixed rates, as they may not always be cheaper than the rate a person is currently paying. Now, let us look at Ovo Energy price cap rates in the next pointer to help you judge which one suits you the best.
Ovo Energy Business Rates and Ovo Energy Price Cap Rates
Ovo Energy business rates offer a range of variables for their business tariffs, including fixed prices for 12 or 24 months, paperless billing, and support for different types of meters. And if Ovo Energy business rates suit you, you can easily switch your energy provider.
Speaking of Ovo Energy price cap rates, Ovo Energy has launched a new fixed-12-month tariff that is £225 cheaper than the UK government’s Energy Price Guarantee (EPG). The EPG sets a cap on the cost of a typical household’s annual energy bill at £2,500. The new price cap rates of Ovo Energy come in at £2,275, providing a saving for customers. While wholesale petrol prices have decreased by more than 80% since their peak in August of last year, they are still nearly triple what they were before the crisis, which has provided respite to consumers.
Experts believe that average bills will soon drop below the cap, releasing savings for individuals, businesses, and the government as energy suppliers start to provide offers below the EPG. According to Ovo Energy, the new rate was introduced to give customers protection from the ongoing uncertainties surrounding energy prices.
So, Ovo energy rates are suitable for not only those who want to choose a pocket-friendly energy supplier but also for those who want to contribute to saving the environment. So, with the right understanding you have gained of Ovo Energy price cap rates, go for this energy company if it strikes a chord!