Energy firms have £3bn of your money – check if you are owed a refund | Personal Finance | Finance
Millions of Brits could be sitting on a hidden stash of cash — and it’s not in their bank accounts, but with their energy suppliers. New research by Uswitch reveals that around 15 million households are in credit, with a staggering £3billion collectively held by energy companies.
That’s nearly £200 on average per home — just sitting there. And yet, despite the cost-of-living crisis still biting, only three in 10 households plan to ask for a refund.
Some families are owed hundreds. One in ten have over £300 in credit, and 4% have more than £500. That’s serious money that could help pay for food, rent, or everyday bills.
While the figure is large, balances are now £315 million lower than this time last year,. This is partly due to lower bills as prices drop from the peaks of the energy crisis.
Households should ideally have around two months’ worth of payments in credit. However many are going over that without realising it.
While some are in credit, others are struggling to keep up. Nearly four million homes owe £717 million, with average debts at £185 per household.
Edinburgh tops the charts as the UK’s energy credit capital, with locals having £224 stored away with their suppliers. Belfast lags behind with just £127.
|
Location |
Average Energy Credit |
Proportion in Credit |
|
UK average |
£198 |
54% |
|
Edinburgh |
£224 |
42% |
|
Nottingham |
£222 |
57% |
|
Manchester |
£218 |
52% |
|
Southampton |
£217 |
52% |
|
Birmingham |
£216 |
52% |
|
Newcastle |
£212 |
57% |
|
Norwich |
£207 |
49% |
|
Brighton |
£206 |
53% |
|
Leeds |
£204 |
57% |
|
Glasgow |
£203 |
51% |
|
Liverpool |
£197 |
60% |
|
London |
£189 |
66% |
|
Sheffield |
£175 |
56% |
|
Bristol |
£174 |
43% |
|
Cardiff |
£155 |
54% |
|
Plymouth |
£130 |
61% |
|
Belfast |
£127 |
64% |
Uswitch is urging households to check their account balances and reclaim anything that’s well above their usual payments.
Energy expert Elise Melville said: “More than half of UK households are coming out of winter with credit in their energy accounts. If you’ve got a big balance, it’s worth asking for a refund or checking that your direct debit is still accurate.”
Even better – if you ask, you’ll likely get it quickly. Nine in 10 people who requested a refund got it within four weeks.
Uswitch also advises regular meter readings (if you don’t have a smart meter) to avoid overpaying. Uswitch advises it is a good time to take stock. Full details of how you can check on your accounts can be found on the uswitch site.
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