It’s common to build up a bit of credit with your energy supplier over the summer months, which can come in handy with the increased usage that comes with the colder winter months. However, there are many out there that are still in credit with their energy supplier at the end of winter.
A new report by Uswitch has estimated that in 2017 almost 11 million households in the UK could be in line to recoup credit from their gas or electricity suppliers. They also claim that the average amount ready to be reclaimed is £117 – which means there’s currently £1.3 billion in credit out there ready to be taken back.
It is therefore recommended that consumers submit meter readings to their energy suppliers and reclaim any credit they are owed.
How to claim back energy credit from your supplier…
If you find that you are in credit with your energy supplier and you want that money back, then it is important that you contact your gas/electricity supplier and request a refund. Many suppliers will provide a form for you to fill in online, so be sure to log in if you have an online account with your supplier.
You will require a meter reading so that your energy supplier has the most up to date usage for your account, and you will then be able to see exactly how much you are in credit by.
If you had leftover credit when you switched your gas or electric then this should be automatically repaid to you when you get your final bill. If not, then get in touch with your previous supplier as soon as possible to request it.
Should I stay in credit to help with rising energy costs?
Despite them being entitled to the money in their energy supplier accounts, as many as 40% of consumers have suggested they will keep their account in credit in order to cover the imminent increase in energy prices for people on standard variable tariffs.
Although this may sound sensible, it would make more sense for consumers to reclaim the lump sum credit amount and then switch to a cheaper deal away from their supplier’s standard tariffs – which are often the most expensive.