Martin Lewis has advised homeowners to check their energy accounts for potential refunds from their suppliers. He highlighted that energy providers are collectively holding around £3bn in customer credit, much of which should be returned. This surplus credit often builds up through direct debit payments, particularly after the higher energy usage during winter months.
How to Check Your Energy Account
Customers should assess their accounts in May to see if they hold more than a month and a half's worth of credit. If excessive credit is found, customers are urged to contact their energy supplier to request an explanation or a refund. The financial expert emphasised that many households are unaware of the money they are owed.
Why Energy Credit Builds Up
Direct debit payments are often set based on estimated annual usage, which can lead to overpayment during warmer months when energy consumption is lower. Suppliers have been criticised for not proactively returning these funds, leaving customers out of pocket. Lewis advises checking your balance regularly and requesting a refund if the credit exceeds your typical usage for a month and a half.
He also warned that some suppliers may resist refunds, but customers have the right to reclaim their money. If you encounter difficulties, you can escalate the issue to the energy ombudsman. With the cost of living still high, this could be a welcome boost for many households.
