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Online Discount

Discover how much you can save when you manage your OVO account completely online.

Does OVO offer an online discount?

Yes, so when we save, you save! 

By managing your OVO account online in My OVO we can cut our admin costs – and save a lot of paper. It’s good news all round, especially as we pass the savings onto you as an Online Account Management Discount.

At the moment, the Online Account Management Discount is £60 a year if you get both gas and electricity from us. If you just get electricity, it’s £30 a year. It’s paid monthly as a discount on your bill: £2.50 per fuel.

You can lose your Online Account Management Discount if you do not follow the terms and conditions. This includes things like calling or emailing us instead of using My OVO to manage your account – or not giving us regular meter readings. You’ll always need internet to manage your account online – so if you’re moving home and won’t have access to the internet straight away, you could use the My OVO app on your mobile data connection instead. If you don’t use the mobile app, and don’t have internet at your new home yet, you won’t be eligible for the Online Account Management Discount. 

How do I get the Online Account Management Discount?

Just choose the Online Account Management Discount when you sign up or if you decide you’d like it mid-contract then give us a call. 

You’ll get the monthly £5 discount built into your energy plan from the off – or £2.50 if you only have one fuel with us. So if you pay monthly by Direct Debit, you’ll see it on your very first OVO statement and on every statement from then on, for as long as you keep looking after your account online. 

How is the Online Account Management Discount calculated? 

Your £30 Online Account Management Discount is calculated daily, throughout the year, for each fuel. While it’s calculated daily, we’ll add the discount to your account when you’re billed. 
The way we calculate it is a little more complicated than you might think, so we’ll break it down for you. 

Let's explain...

So, you save £30 for each fuel, every year. Part of this comes from a daily credit amount, paid into your account when you’re billed – and the remainder comes from VAT calculations on discount transactions. It sounds complicated, but here’s a breakdown. 

Your daily credit amount is £0.078278. That adds up to £28.57147 over a year. It’s nearly £30, but not quite. So how is the extra amount calculated?

Well, every energy bill is subject to 5% VAT. But as we add your credit every day before we add the VAT to your bill, you don’t have to pay it on that portion.

Now, 5% of your daily credit amount (£0.078278) is a saving of £0.0039139, which adds up to £1.4285745 over a year.

So your annual credit of £28.57147 plus your VAT saving of £1.4285745 adds up to £30 – your Online Account Management Discount for each fuel.

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Do the prices you quoted me include the discount?

We’ll include the online discount as part of your initial quote, and once you've signed up, we'll deduct it from the total price of your plan. You'll see this included on your monthly statement.

How will the Online Account Management Discount look on my statement?

It will look like this – here’s an example of a customer’s statement:

OVO Energy statement showing online discount

  • The number of days in the billing period is 30 (from 25/06 to 24/07) and the online discount (shown as ‘Your online discount’) is £4.94. 
  • We worked out £4.94 by multiplying the daily credit amount of £0.078278 by 30. This gives us £2.34834 (we round this to £2.35).
  • Although you won’t see the 5% VAT saving on your statement, 5% of that credit amount is a saving of £0.1175 (we round to £0.12). 
  • So, in total, the credit (£2.35) and the 5% VAT saving (£0.12) add up to £2.47. 
  • Since this customer gets both their electricity and gas from us, we double £2.47 to make £4.94 – the customer’s total saving.

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O​VO​ 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, 3-5% 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 20/3/2018, 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 22/11/2017, but may go up or down.

3Pay Monthly Savings claims: Saving based on the estimated annual cost of Simpler tariff for a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying monthly in advance by direct debit, including online discount. Comparisons made against the average of the Big 6 standard variable tariffs with equivalent features. All rates correct as of 20/3/2018.“The Big 6” are British Gas, Scottish Power, SSE, Npower, E.ON and EDF.

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.

OVO Interest Rewards: Interest Rewards are paid on credit balances of customers paying by monthly Direct Debit. It is calculated at 3% in your first year, 4% in your second year and 5% in your third year (and every year thereafter) if you pay by Direct Debit. Interest Rewards are paid monthly based on the number of days you’re in credit and the amount left in your account after you’ve paid your bill. Full terms apply: https://www.ovoenergy.com/terms

95% of new customers save when switching to OVO: Savings based on the average estimated annual costs for all new OVO customers quoted through the OVO website, compared to their current supplier and tariff. Comparisons taken between 01/05/2016 and 11/10/16. Incl VAT.

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.

uSwitch's Energy Supplier of the Year 2017: 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.

* EV - Everywhere, full terms and conditions: https://www.ovoenergy.com/ev-everywhere/terms

* OVO SolarStore (Beta), full terms and conditions: https://www.ovoenergy.com/ovo-solar-store/terms

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