Earn cash by paying too much for your energyOvo Energy's new scheme pays interest

17 June 2010

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Ovo Energy

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

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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