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How to add a meaningful budget for my SMETS2 IHD

  • 12 September 2023
  • 7 replies
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This one has been doing my head in for years …… how do I calculate my daily budget figures (Gas & Elec) for my Smart Meter ?

I appreciate that seasonal fluctuations mean that you don’t have a meaningful flat daily rate but I can live with that for now.

It always surprises me that suppliers don’t provide a tool that allows customers to calculate their smart meter budget figures as I know of several colleagues who have no idea what to use as budget figures.

Do I work from OVO usage estimates or should I use my direct debit payment. Latter seems logical but I’m dual fuel so how do I work out what part of my monthly direct debit is gas or electric ?

Also, do I have to add my daily standing charge into the budget figures I use ?

Any help appreciated !

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Best answer by BPLightlog 12 September 2023, 14:13

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Blastoise186
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Hi,

Please show us photos of your IHD and Smart Meter. We use these purely to identify what you’ve got so that forum volunteers like myself can grab the right instructions for you.

The other thing to note is that the Budget feature is something you must decide for yourself. Suppliers can’t help with that I’m afraid.

Thanks!

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I understand that the budget feature can be used in different ways but if I simply want to compare daily usage against what I’m currently paying by direct debit then surely there should be simple guidance as to how to do that if you are paying one payment each month for dual fuel. 

Blastoise186
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The tools for that exist in MyOVO at https://my.ovoenergy.com .

Meanwhile, you should set the Budget option to whatever targets you feel you want to keep daily costs within - and Standing Charges do form part of that.

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I’ve already explained (twice) what my “targets” are. My question is how do I do that and there are no “tools” designed to achieve that at OVO unless you’ve seen something I have missed.

I will leave it there and talk to OVO direct.

BPLightlog
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Hi @Paul33 , don’t forget that your smart meter and IHD (in home display) are separate things. On the IHD (the one in your picture), there’s a menu where you can alter and set whatever budget level you want

 

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Indeed there is !

Thanks

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