Earn cash by paying too much for your energyOvo Energy's new scheme pays interest
17 June 2010
Ovo Energy is the first national supplier to offer monthly interest payments to customers who overpay their energy bills.
The payments are equivalent to 3% interest a year - which is more than some savings accounts. However, don't be tempted to use your energy provider as a bank - if it goes bust your money isn't protected by the Financial Services Compensation Scheme.
Which? Money expert Dan Moore says: 'We welcome the fact that Ovo Energy is offering people who overpay their energy bill 3% on credit balances. Given so many people are penalised by shoddy energy companies that take excessive direct debit payments and pocket the interest, this makes a refreshing change.'
Getting the best energy deal
The average customer spending around £1,000 on energy each year could receive a reward of up to £30. To find out which is the best energy deal for you visit Which? Switch. People who switch energy suppliers using Which? Switch save an average of £263 a year.
If you want to understand more about energy tariffs and bills, see our guides to understanding energy tariffs and understanding your energy bill.
Ovo Energy is a relatively new player in the energy market, having only joined in September 2009.
It offers two tariffs: Ovo New Energy and Ovo Green Energy. Ovo says that its Green Energy tariff provides 100% of electricity from renewable sources. The interest payment scheme starts from the 1 July 2010.
Lower your gas and electricity bills
You can compare energy prices and switch to a new gas and electricity supplier on Which? Switch. People who switched with us between 1 October and 31 December 2013 are predicted to save an average of £234 a year on their bills.
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