Millions of energy customers may be able to reclaim £200 from providers

Energy suppliers are sitting on £3billion of households’ money as millions have racked up hundreds of pounds in credit. New research by comparison site Uswitch showed that the average home is in credit by nearly £200.

At this time of year, consumers should usually exit winter with little to no credit, having used it during the colder months. They should start rebuilding their credit levels during the spring and summer, when energy usage is generally lower. However, 15 million households (54%) had credit with their energy supplier at the end of this winter. Uswitch has urged Brits to check their energy account and consider reclaiming any excess credit, which is generally any amount above two months’ worth of payments. Elise Melville, energy expert at Uswitch, said: “More than half of UK households are coming out of the coldest time of year with credit on their accounts.

“During the energy crisis, we advised households to leave energy credit with their supplier to protect against rocketing prices.

“However, with the price cap coming down from those highs of the energy crisis, consumers with excessive credit may want to consider reclaiming some of it. If you have a high credit balance, you may want to ask your supplier to check that your direct debit is set at the right level for the energy you use.”

Households on fixed deals are most likely to be in credit at this time of year, with nearly two-thirds (63%) in the positive, compared with only half (51%) of those on standard variable tariffs.

One in 10 (11%) have balances over £300, and 4% have more than £500 with their energy provider. However, only three in 10 (31%) of households plan to ask for a refund.

Leaving credit with the supplier can help build a cushion for the winter months, reducing monthly payments when bills are higher. More than 57% of households that don’t plan to request a refund do so for this reason.

Meanwhile, Uswitch’s research showed one in 10 (12%) plan to ask their supplier to return their full balance, and nearly a fifth (19%) will ask their supplier to return some of it.

People who do request a refund typically receive it within four weeks of claiming it.

To ensure you are being billed accurately, Ms Melville urged households to submit regular meter readings to their supplier if they don’t have a smart meter.

She added: “Although falling energy bills are good news, they are still high by historic standards and unfortunately, a significant number of people are in debt to their provider. We recommend that anyone who is worried about their energy bills should contact their supplier, which can offer advice and support.”

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