Check if You're Due a Refund from Your Energy Supplier: Online Tool Estimates Your Potential Credit - Typical British Family Owes £215
💸 Owed Money? Check Your Energy Bill and Potentially Score a Refund! 💸
Hold on tight, folks! You might be eligible for a refund from your energy supplier—and it could be a pretty penny! The Brits are abuzz with news of energy companies hoarding a whopping £3.3 billion from millions of customers.
The time is nigh to scrutinize your energy balance before the month's end! With an online calculator, you'll discover if you're part of the lucky few entitled to a payout.
You can thank Ofgem, the industry regulator, for unearthing the eye-popping stats. Their data reveals that energy companies kept £3.3 billion last year from customers with built-up credit on their accounts.
The average household's credit balance for fixed direct debit customers last year was £215, down slightly from £233 in 2023. Here's the deal: most customers in the UK pay the same amount per month—an average of £152—via direct debit.
However, energy consumption is seasonal—meaning households build up credits in the summer when they use less energy and then use it up in the winter when demand is higher. So May might just be the perfect month to claim your refund, as that's the time when most households should have the least credit after using up their winter excess.
Savvy savers advise checking your credit balance in May. If it's more than two-thirds of what you normally pay each month, it's time to demand a refund or instruct your energy supplier to decrease your direct debit.
💡 Pro-tip: Try the household money-saving tool Nous.co to check if your credit balance in the month of May surpasses the typical payment. If so, you're likely overspending, and it's high time to ask for a refund or lower your direct debit payment. The tool offers advice on how much your account should be in credit, as well as who to contact for a refund.
Greg Marsh, the wise-headed Nous.co CEO, warns customers to stay vigilant: "It's no secret that energy companies prefer we keep overpaying, hoping we'll just accept it as par for the course. But we shouldn't! Energy companies know full well that managing bills can be a hassle, and they're counting on us to fall behind. That's why Nous exists—to make it easier for people to avoid overpaying and remain financially savvy."
So what should you do if you don't have a smart meter? Simple: send regular meter readings to your supplier! A failure to do so could result in incorrect consumption estimates, leading to credits or debits. Indeed, some 48% of UK households fail to provide monthly meter readings, while 11% never submit readings at all, according to Nous data.
And don't worry if your meter readings are marked with an 'e'—those are estimates, and they might be incorrect. If you're on a direct debit and think it's too high, you might be tempted to ditch it entirely. But hold up! Direct debit is typically the cheapest payment method. By contrast, customers who pay by standard credit (e.g., cash or check) currently pay around £100 more per year, on average, according to Nous.
Oh, and remember: if your meter isn't working properly, it could leave you paying for energy based on estimates, which could result in overpaying hundreds of pounds! So don't forget to submit regular meter readings to prevent potential overpayments. 🙂
Best fixed energy deals May 2025: Fixed tariffs that BEAT the predicted drop in the price cap 📂 (Optional: If needed, add this link as a reference if it's relevant to the article's content.)
- Amidst the ongoing financial news in the energy industry, it's essential to stay informed about potential refunds for overpaid energy bills.
- The finance sector has reported that energy companies are holding a significant amount of money, with reports of £3.3 billion being withheld from customers last year.
