Energy companies are currently sitting on £3 billion of costumers' money, with the average household in credit owing £210.
UK Energy Consumers Eligible for Refunds Up to £315
Energy consumers in the UK often strive to enter spring with little or no credit consumption, having used it during the colder winter months. Spring and summer, when energy usage is lower, are great periods to start repairing credit.
However, Uswitch.com, a comparison and switching service, discovered that 16 million homes (or 56%) still had credit with their energy provider at the end of winter.
One in seven (14%) have balances above £300, and 5% have balances over £500 with their energy provider, yet barely a quarter (28%) intend to request a refund.
Two out of every five homes with greater credit than this time last year said that their amount increased during the winter because their direct debit was set too high.
Two-fifths linked the rise in their credit balance with their attempts to limit energy consumption, while one-third (33%) said they used the heater less frequently due to the mild winter.
According to the study, Newcastle is the UK's energy-credit capital, with the average household storing £315 with their provider, while Bristol has the lowest, at £176.
Brighton has the largest proportion of creditor households, whereas Newcastle, London, and Birmingham have the biggest percentage of debtor families.
UK Homeowners Advised to Reclaim Excessive Energy Credits Amid Decreasing Prices
In recent years, most homeowners have been encouraged to keep some credit in their accounts to assist pay for high energy bills that have persisted throughout the spring and summer.
However, bills are now gradually decreasing, with the energy price cap dropped by 12% in April and another decrease expected in July.
Will Owen, energy expert at Uswitch.com, stated: “Despite the expensive winter for energy bills, more than half of UK households are exiting winter with credit on their accounts.
“In recent years, when bills have been so high and unpredictable, it has been a good idea to keep a lot of credit with your energy supplier.
“However, the fall in prices this spring means that consumers with excessive credit may want to consider reclaiming some of it. If you have a high credit balance, you may want to ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.”
According to Uswitch, these are the UK cities with the highest average credit balances, as well as the percentage of households with credit as of March 2024:
- UK average - 56 percent - £210.08
- Newcastle - 55 percent - £315.58
- Southampton - 65 percent - £274.16
- Manchester - 57 percent - £222.91
- Edinburgh - 57 percent - £222.18
- Brighton - 66 percent - £213.29
- London - 54 percent - £209.98
- Nottingham - 54 percent - £209.91
- Cardiff - 58 percent - £209.83
- Glasgow - 60 percent - £208.22
- Norwich - 57 percent - £203.86
- Birmingham - 62 percent - £202.66
- Liverpool - 55 percent - £201.00
- Sheffield - 55 percent - £194.93
- Leeds - 60 percent - £192.59
- Plymouth - 42 percent - £186.90
- Bristol - 64 percent - £176.64.