After the summer, it’s common to find yourself in credit to a supplier — this helps with covering your increased costs over winter, leaving your direct debit unchanged. However, if you’re still in credit at the end of winter, that’s your money to safely take back.
This year, it is estimated that almost 11 million households could take back credit from their supplier. The average amount ready to be reclaimed from energy suppliers is £117 — that’s £1.3 billion in total.
Data from uSwitch even suggests one in 10 could be owed more than £200.
uSwitch urges consumers to submit meter readings to their supplier and reclaim any credit owed.
Concerned about reclaiming with price rises?
Despite the money being theirs to remove from their energy accounts, four in ten consumers have stated they will keep their energy account in credit to cover the imminent energy price hikes for those on standard variable tariffs.
Consumers who are building up credit to soften the blow of recent price rises should instead consider reclaiming this money and switching to a cheaper deal.
With the average credit refund at £117 and savings of over £350 by switching supplier, it could be a very effective way to control spiralling energy bills.
How to claim back credit
If you know you’re in credit and you want the money back, then get in touch with your supplier and ask for a refund; with some suppliers you can find a form online via your account.
Always send a meter reading first so your supplier has the most up to date usage for your account, and you know exactly how much you’re in credit by — this is indicated on your online account or bill.
If you were in credit when you switched supplier, it should be automatically returned to you alongside your final bill. If you think a previous supplier may have not returned credit owed to you, give them a call.
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