In July 2015, the Competition and Markets Authority published preliminary findings describing the lack of adequate competition in the retail energy market. They found that the average savings for a customer switching energy suppliers from a Big Six standard variable tariff to any external tariff would be around £160 a year.
That answer depends on what tariff you’re currently on, and how much energy you use each year. If you are one of the 60-70% of Big Six energy customers on a standard variable tariff, then the chances are you can cut your bills by 10-20%.
In the graph at the top of this page, we’ve estimated the difference between the average Big Six standard variable tariff (SVT) and our Better Energy tariff for the three typical house sizes the regulator Ofgem uses. This shows you how the amount you might save by switching suppliers is going to depend significantly on how much energy you use (as seen in the graph above).
For the Small House/Flat the average saving is £143/year. For the Medium House it is £222/year. And for the Large House it is £324/year. The difference is all about the amount of energy used – not the house size. The household usage figures can be found on the chart.
To get a truly accurate figure for how much you could save in your own home, you’ll need to get a quote. The rest of this piece explains how to do so.
Getting a quote for a new energy supplier will help you decide if switching is worth your while. Here at OVO Energy, we’ve designed a quick quote tool to make this process as fast and clear as possible.
To generate an accurate quote you need just four pieces of information: your postcode, your current supplier name, your current tariff and your energy use. All of this information should be on a recent energy bill. If you don’t have a bill but know which provider you use, you can get a rough estimate – just be aware that this is only an estimate, so you can’t always assume it's accurate.
Once you’ve got a bill, it's time to jump on the quick quote tool. Here’s a short guide if you want to see how it works. Lastly, and before making a switch, make sure to check if you are subject to any exit fees with your current supplier.
At this point you will see a very basic estimated quote. If you want to review a more detailed and accurate quote, you’ll need to click on How do we calculate your quote?
To get a more accurate quote you’ll need to add a little more info. In particular you’ll need to know your current energy supplier, the tariff you are on, and how much you spend on energy (or how much energy you use).
At this point you’ll be offered a choice between two energy types: you can choose the standard fuel mix with Better Energy, or pay a little bit more and receive 100% renewable electricity with the Greener Energy tariff.
It’s that simple. Now you’ll have a full quote, including what it will cost you per month, per year and how much you’ll save compared to your current provider. This page will explain how the deal works, and what you need to manage online to get the best rate.
If you’d like to try the quick quote tool for yourself, simply click the banner below.
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.
uSwitch's Energy Supplier of the Year: OVO energy was voted and awarded 'Energy Supplier of the year' and best for: Overall Customer Satisfaction, Most Likely to be Recommended, Value for Money, Best Deal for You, Customer Service, Billing Services, Energy Efficiency, Meter Services, Online Services, Green Services and Transfer Process. OVO Energy scored a 96% customer satisfaction score.