OVO has launched a digital tool to help customers predict future energy costs. The digital energy calculator will be available to Pay As You Go customers between now and the end of March 2023.
Over two-thirds of prepayment meter customers say that a calculator tool would help them understand their energy bill. Some 76 percent of customers say they’re struggling to predict how much their energy will cost.
It comes as the energy price cap is set to rise again next April, with an average household's annual bill moving from £2,500 to £3,000. According to Chancellor Jeremy Hunt, the new price cap will remain in place until the end of March 2024.
The calculator can provide monthly, weekly, and daily insights to help customers budget. By using consumption data from the previous year, the calculator can help provide a more accurate estimation.
Raman Bhatia, CEO OVO, said: "As we head into a challenging winter for many struggling with the rising cost of living, we’re doing everything we can to help our customers. We hope that our Winter Calculator will help households understand future costs and manage their budget.”
"In addition to the Winter Calculator, OVO’s Customer Support Package has bespoke support for prepayment customers, including suspension of debt recovery throughout winter."
Recently, OVO announced its Customer Support Package in which prepayment customers have received approximately £300,000 of temporary credit and thousands more have been offered other forms of assistance such as free boiler services. OVO is also offering customers with a smart meter an opportunity to take part in its 'Power Move' trial which will run from November 1, 2022 to March 31, 2023. The trial will see customers earn up to £100 for using their energy during less busy periods.
This would see OVO supplied households reducing energy use during the high demand hours of 4pm - 7pm. This will help ease pressure on the grid, as data shows that the average household uses 19 percent of their daily total usage during these hours.
Recent data from Ofgem shows that around 60,000 UK households that use smart meters have had them remotely switched to prepayment mode over the last three months. Customers are moved to prepay meters to stop them from accruing debt which they can not feasibly pay back.
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