OVO Energy (or simply OVO) is a Bristol-based energy supplier that launched in 2009. It provides gas and electricity to UK homes and is committed to making energy cheaper, greener and simpler.
OVO was once among the smaller energy suppliers. But in early 2020 the company acquired SSE’s home energy business. They took on 3.5m SSE customers – adding to the 1.5m existing customer base, the deal has made OVO the second largest supplier, behind British Gas.
The OVO Foundation is the supplier’s charity. It supports charitable organisations to tackle educational inequality, youth homelessless and access to energy.
OVO Energy has various tariffs, or ‘energy plans’ as they call them. Because the supplier is committed to sustainable energy, every plan has 50% renewable electricity as standard. You also have the choice of upgrading to 100% renewable electricity with OVO’s Green Energy upgrade.
As an OVO customer you’ll be rewarded for staying in credit. They’ll pay you a 3% OVO Interest Reward on your balance, rising to 5% in year three.
OVO Energy offers two main fixed-rate tariffs and a standard variable rate one.
The first is their Better Energy Plan, which is a 12-month fixed-rate tariff. This will lock in a set price for energy for a year, protecting you against price increases. But you won’t benefit if energy prices fall.
Then there’s the 2 Year Fixed Energy Plan. This locks in a price for two years, again protecting you from unexpected price hikes.
Watch out for exit fees if you want to leave your fixed energy deal early. OVO will charge you £30 per fuel for leaving a fixed-rate tariff early. You won’t have to pay if you deal is up in 49 days or less, though.
You also have a 14-day cooling-off period at the start of your deal. This means you can change your mind without having to pay a fee – just in case you find a better tariff elsewhere.
OVO Energy also has a standard variable tariff (SVT), called the Simpler Energy Plan. Energy prices could rise and fall and there are no exit fees. However this plan isn’t currently available to new members.
You might be automatically put on the SVT when your OVO fixed plan comes to an end. This is likely to be more expensive. The best thing to do is shop around and switch before this happens.
Don’t just limit your search to OVO Energy deals. Compare tariffs and suppliers to find the best energy deal.
OVO offers smart meters. If you’re an existing customer you can book an installation. If not you can get a quote for installation.
Smart meters are the new generation of energy meters. They can help you monitor energy use and save money. They provide accurate meter readings, in real time, so you can work out which of your appliances is costing you the most to run.
So what do OVO’s customers think about the supplier?
A Citizens Advice survey actually places OVO 34th out of 40 for supplier service – with an average score of 2.55 out of 5. While they received five stars for ease of switching, OVO was rated two stars each for complaints and call centre wait times.
That said, OVO’s is overall rated ‘excellent’ on Trustpilot. As of 2020, just 6% of customers rated the supplier ‘bad’, compared with over 70% rating OVO ‘excellent’.
Before switching, make sure you compare tariff prices with us. You’ll only need a few details for this, like your postcode and contact details. You’ll also need to tell us your energy usage. If you don’t know, you can answer some simple questions about your home, and lifestyle to get quotes.
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