When we first work out your Direct Debit amount, we calculate a monthly sum to make sure that, when your OVO contract ends, you’ve paid for all the energy you’ve used.
We’ll basically work out how much energy you’re likely to need in a year, and then divide the total cost into twelve monthly payments. That means you may fall behind a bit over the winter months, as you’re probably using more energy – but you should catch up in the summer, when your heating’s switched off and the nights are shorter. If we’ve got it right, you should end up with a zero balance.
We don’t want your payments to stray too far away from this target. That’s why, as the year passes, we’ll review your Direct Debit regularly, to make sure it’s on track to cover your energy bills – but without building up too much credit.
If we notice that you’re using more energy than we expected, we’ll let you know and suggest you increase your Direct Debit amount. And if we spot that your Direct Debit’s set too high and you’re accumulating a lot of credit, we’ll let you know and recommend reducing it to an amount that will still cover your energy use.
Remember, whenever you’re in credit, we pay you the 3% OVO Interest Reward (rising to 5% in year 3) on any credit balance up to the current maximum credit balance for the Interest Reward shown in our Energy Charges list – it’s your money, so it should be your interest.