Anyone who pays an energy bill told 'claim back £200 now'

Britons are sitting on a goldmine, with £3 billion in dormant energy credit waiting to be claimed as households face high bills amidst an ongoing cost-of-living squeeze.

Uswitch's latest research reveals the average home is hoarding nearly £200 in excess energy credit. This stack of cash typically accumulates through the sunnier spells when consumption dips but direct debits stay put, aligning annual costs.

Renewable energy expert Gordon Wallis from Your NRG has advised consumers to comb through their account balances now.

He said: "Many customers don't realise they're effectively lending money to their energy supplier. If you've built up a significant credit balance and your usage has dropped, now is a good time to take back control of your payments."

An astonishing 15 million households could retrieve substantial sums, some exceeding the £300 or £500 mark. Nonetheless, only 31% aim to reclaim their funds, even as their pocketbooks feel the pinch.

Gordon advised: "If you've been in credit for more than a month and your meter readings are up to date, you are well within your rights to request a refund. This is your money and, with energy prices remaining elevated, it's worth checking whether your direct debit is set too high."

The study highlights that households in different regions experience varying levels of credit balances, with Edinburgh leading at an average of £224 and Belfast at the lower end with just £127. It was observed that households with fixed direct debits are more prone to accumulating credit, with 63% on fixed deals being in credit compared to 51% on standard variable tariffs.

Gordon said: "We often recommend fixed payments for budgeting purposes, but they do require occasional review. If your energy use has fallen but your monthly payments haven't been adjusted, you could end up overpaying significantly throughout the year."

Energy specialists urge consumers to regularly submit meter readings to prevent overstated bills caused by estimates. Non-compliance by energy firms regarding refunds or proper explanations could lead to penalties enforced by Ofgem.

Gordon added: "Simple steps like checking your credit balance, updating your meter readings, and adjusting your monthly payment to reflect actual usage can help keep your bills fair and manageable. And if your supplier isn't playing ball, don't be afraid to challenge it. The system should work for you – not the other way around."