Millions of Brits could be sitting on £200 or more – check your energy credit now | Personal Finance | Finance

Millions of Britons are sitting on spare cash with their energy supplier, owing an average of £200. Should you claim the money back or leave it where it is?

Sixteen million households have built up energy credit over winter, often without realising it, after using less gas and electricity than they paid for via direct debit during a relatively mild winter.

At this time of year, households should generally have used up most of their credit over the colder months, said Ben Gallizzi, energy expert at comparison site Uswitch.com, which produced the research. “Yet more than half of UK households are coming out of the coldest time of year with credit in their energy accounts.”

You can claim the money back, but it could make sense to leave some as a buffer, especially with bills expected to rise later this year.

Analysts from Cornwall Insight forecast the energy cap will rise by £288 in July, lifting it from today’s £1,641 to £1,929. It could climb still higher in October.

Gallizzi said that, as a rule, it is advisable to keep about two months’ worth of energy credits to cover higher winter bills.

But there is a limit. “If you have an excessively high credit balance, you may want to request some of this back, and ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.”

Older people are typically slower to reclaim energy credit, and Uswitch found that some are sitting on four-figure balances. If you have built up several hundred pounds, that money could be better in your own account, earning interest or covering daily costs, Gallizzi said.

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,” he added.