Millions of UK households urged to 'phone energy supplier' because 'it's worth asking'
Millions of British households could be unknowingly holding onto a small fortune, but it’s not in their bank accounts—it’s with their energy suppliers.
Millions of UK households have been urged to phone their energy firm this week - because it is "worth asking". Millions of British households could be unknowingly holding onto a small fortune, but it’s not in their bank accounts—it’s with their energy suppliers.
New research from Uswitch has revealed that around 15 million homes are currently in credit, with a staggering £3 billion collectively sitting with energy companies.
This works out to nearly £200 per household, money that is essentially sitting idle. Despite the ongoing cost-of-living crisis, however, only three in ten households intend to claim a refund for these credits.
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For some families, the sums owed are substantial. One in ten households have over £300 in credit, and 4% have more than £500. These amounts could significantly ease the financial pressure many are facing, helping with essentials like food, rent, or bills.
While the total credit held by energy companies is still large, it has decreased by £315 million compared to this time last year. This drop is attributed to falling energy prices, which have eased from the peaks seen during the energy crisis.
Experts suggest that households should typically keep around two months' worth of payments in credit with their energy supplier. However, many have unknowingly exceeded this, leaving them with extra funds they could be claiming back.
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.”
early 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.