Uswitch.com is now advising households to consider reclaiming any substantial amounts of energy credit that is generally above two months’ worth of payments
Millions of Brits are being urged to check their energy account, with suppliers sitting on £3billion of households’ money.
New research from Uswitch.com shows the average home is around £210 in credit with their gas and electricity provider. Uswitch.com is now advising households to consider reclaiming any substantial amounts of credit that is above two months’ worth of payments.
Around 16 million households (56%) have credit with their energy supplier at the end of this winter. This is £3.4billion lower than last year, which Uswitch.com says may be due to energy bills being higher than the previous winter when households received the £400 government rebate.
One in seven people (14%) have balances over £300 and 5% have more than £500 with their energy provider – but only a quarter (28%) of consumers plan to ask for it to be refunded. Two in five households (44%) with more credit than this time last year say their balance built up over winter because their direct debit has been set too high.
Octopus Energy customer have the highest average credit out of the major energy suppliers at £233, although the supplier also has the highest proportion of customers in debt. British Gas customers have the highest level of debt at £247, although it has the joint-lowest percentage of people in debt.
Will Owen, energy expert at Uswitch.com, comments: “Despite the expensive winter for energy bills, more than half of UK households are exiting winter with credit on their accounts. This may be because households were spending more on energy than the previous winter, as they were not benefitting from any government bill support this time around.
“In recent years, when bills have been so high and unpredictable, it has been a good idea to keep a lot of credit with your energy supplier. However, the fall in prices this spring means that 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 amount of energy you use.
“Although falling energy bills is good news, they are still high by historic standards and unfortunately the number of people in debt has risen slightly. It remains important that those who do owe money to their suppliers continue to be given the support they need, and we recommend that you contact your provider if you are worried about your energy debt. To ensure you are being billed accurately, make sure you submit regular meter readings to your supplier if you do not have a smart meter.”
