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 !
How to add a meaningful budget for my SMETS2 IHD
Best answer by BPLightlog
Updated on 28/03/25 by Ben_OVO
You can get an idea of what your IHD budget should be by checking the Usage page on your online account or app. You can find out more here 👇
Hi
+1- Plan Zero Hero
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!
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.
+1- Plan Zero Hero
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.
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.
+5- Plan Zero Hero
- Answer
Updated on 28/03/25 by Ben_OVO
You can get an idea of what your IHD budget should be by checking the Usage page on your online account or app. You can find out more here 👇
Hi
hiw much should i set my daily budget to on amy snart meter as everything in house is electric it going throgh alot of mony my weekly it like 25.64 weekly and is that about right?
Is that about right what I asked what should it be set at daily
+5- Plan Zero Hero
Hi
not sure why this is in the ‘ideas’ section rather than ‘questions’ ..
You usage (and therefore budget) will depend on what sort of appliances you have and how long you have them switched on. Each property is different.
If you have previous months bills, that might give a clue
- Plan Zero Hero
You can set it to whatever you like, or don’t set it at all.
The budget that you set on your In Home Display doesn’t actually do anything other than act as a reminder of how much you want to spend on energy; and a prompt to turn things down/off if you are using more than you want to spend.
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