Is Your Energy Account in Credit?
People are often unaware that they may have surplus money sitting in their energy account. It’s your money so you are perfectly entitled to claim this back and sometimes the amounts can add up to hundreds of pounds.
Energy Account in Credit?
Most households pay energy bills by making monthly payments to their supplier. The amount paid is generally the same each month and is based on the estimated amount that your energy supplier thinks you will use over the year, divided into equal instalments.
However as this is an estimate rather than a precise science, money can often build up in your account if you pay more than necessary. Therefore it’s worth checking every once in a while to see if you have built up credit in which case your energy supplier may owe you money and you can request that this is returned to you.
The best way to check is to simply take a meter reading and contact your supplier to discuss this with them. They should be able to tell you straight way if your account is in credit. Alternatively you can check to see if the reading on your meter is lower than the one on your most recent energy bill.
Before you call your supplier…
Your energy consumption can change significantly throughout the year. Your supplier will try to set your regular payments at a level that averages out across the whole of the year so you avoid having to pay more in the cold and dark winter months when you are using more energy.
It’s therefore normal that you tend to build up credit in your energy account over the summer months which then gets reduced again over the winter period. It’s worth thinking about this before requesting money to be repaid to you or you could end up receiving larger bills at a later date.
Depending on your circumstances it may be better to contact your energy supplier and request that they reduce the amount of your monthly direct debit payment and then you can continue to enjoy the saving over a longer period.
My account is in credit after moving to a new home…
If you move home and cancel your contract with your supplier, they should automatically refund any credit that is outstanding on your account.
Alternatively if you stay with the same energy supplier and simply transfer your tariff across to your new property most suppliers will keep the credit on account unless you contact them and request it to be returned.
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