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OVO Energy
Article updated: Wednesday 2 February, 2011
OVO Energy is Britain's newest energy provider - it promises straightforward tariffs and good value. Could it be right for you?
OVO Energy started up in September 2009 and immediately undercut the big energy companies, becoming the cheapest dual fuel supplier in most regions.
It is the first new energy company to enter the UK’s domestic market for several years. It is a privately-owned company based in Gloucestershire.
OVO claims that as it is a new company it uses the latest technology to be more efficient – so it can keep costs low and pass the savings onto the consumer.
OVO Energy's services
OVO Energy offers two tariffs:
- New energy plan
- Green energy plan
OVO announced that its new energy plan was the cheapest fixed price deal available in the UK in August 2010. It is a fixed-price tariff for a 12-month term.
15% of the energy for this plan comes from renewable sources.
If you want to sign up for the plan you should be aware that you must pay your bills by direct debit. You can receive your bill by post or choose online paperless billing to save £20. Another possible cost to be aware of is a £30 cancellation fee per energy type (ie gas, electricity), if you cancel during your 12-month contract period.
OVO’s green energy plan is a green tariff which has all the features of OVO’s new energy plan but 100% of the plan’s electricity is from green sources, such as wind turbines and landfill gas plants. The latter converts the methane created by rubbish in landfill sites into usable energy.
Both tariffs reward you for using less energy as when your account is in credit you earn 3% on that amount.
Environmental responsibility
OVO Energy claims to offer the greenest standard dual fuel tariffs on the market. The company says its goal is to make renewable energy available to everyone.
It says: “This means more people can do their bit for the environment and enjoy great value."
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