From day one, our mission has always been to try and restore trust in our industry. We believe that as a minimum, energy customers should be treated fairly, given great service and offered a product that presents real value for money. We also believe in giving our customers something back whenever we can.
That’s why we’re really pleased that energy regulator Ofgem has just given us the official go ahead to continue paying interest on our customers’ credit balances. We think it’s absolutely the right thing to do and we’re pleased that we were able to constructively work with Ofgem to deliver a result that works in the best interests of our customers.
We also think things should be really simple to understand, so we want to make sure we clearly explain how the 3% Interest Reward works.
It works a bit like the APR on a financial loan and as we all know, it can be a little tricky to work those out.
First off we estimate how much gas and electricity will think you might use during the year and then split that into 12 equal payments. That’s your direct debit amount.
We then work out how much energy you use each month (by using your meter readings if you’ve submitted them or by estimating the amount of energy you’ve used) and calculate your bill based on that.
Our 3% Interest Reward is then automatically paid on your remaining account balance (as long as it’s in credit) after we’ve received your payment, up to the current maximum credit balance for the Interest Reward shown in our Energy Charges list.
We calculate the amount of Interest Reward that you receive first taking the number of days from the day we send you your statement until the date your next statement is due. We call that your billing period.
We then divide the number of days in your billing period by 365 (so that we get the correct annual ratio for the 3%)
We then multiply that amount by three percent
The final step is to take that number and multiply it by the amount of credit you have in your account, up to the current maximum credit balance for the Interest Reward shown in our Energy Charges list.
Over the next few weeks we’ll be launching a whole host of new video content and one of these covers how we calculate our 3% Interest Reward. In the meantime, if you want to learn more about this then take a look at no.11 of our terms and conditions.
In the meantime, happy earning!
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OVO Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879
Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3% interest rewards, exit fees and saving claims.
1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount. All rates correct as of 23/08/16, but may go up or down.
2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas). All rates correct as of 23/08/16, but may go up or down.
3Pay Monthly Savings are based on the average estimated annual costs for new PAYM OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.
4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.
We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.
33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.
3% interest: Calculated at 3% per year, paid monthly based on number of days in credit and the amount left in your account after you’ve paid your bill. OVO Interest Reward is capped at 12 times the amount of the current direct debit amount and is available to customers paying by advance direct debit. Terms apply: http://www.ovoenergy.com/terms/
95% of new customers save when switching to OVO: Based on all new customer signups between 01/02/2016 and 31/07/2016
94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.
Britain's top rated energy provider: Britain's top rated energy provider in the Which? 2015 satisfaction survey. Survey conducted in October 2015. Awarded in January 2016.