Britons experiencing debt management problems could benefit from switching their energy supplier to Ovo Energy, it has been suggested.
The company has brought out a new plan, which averages out at a yearly total of £921, making it the cheapest provider in 13 out of 14 regions.
Will Marples of uSwitch.com has lauded this – and First:Utility’s tariffs, which are similar to Ovo’s – as “great news for consumers”, adding that people “now have a serious choice between going with one of the big six suppliers or trying out a smaller player”.
A fixed-price rate for 12 months is offered by Ovo, although payments must be done by direct debit, a method recently highlighted by Gareth Kloet of Confused.com as being helpful for those wanting to save, as other means could lead to an increased expenditure of up to 15 per cent each year.
However, Mr Marples warned debtors that leaving the scheme early could result in them paying “a £30 per fuel exit penalty”, which should be considered prior to signing up to the service.
By Sarah Adie