UK homeowners could be owed £200 as households urged to act
May is the time of year when most households should have the least credit, after using up the excess over winter.
Homeowners in the UK could be owed hundreds of pounds by their energy supplier, experts have warned. Research by the household money-saving tool Nous.co found that almost half of households with traditional meters aren’t submitting regular readings.
Following an unusually mild winter, households are more likely to have accumulated credit, as their bills are calculated based on estimates influenced by past years' energy usage. Experts have now advised homeowners to check their total credit balance in May. According to the experts, if the credit balance is more than two-thirds of what you usually pay each month, then it means you are likely paying more than you need to.
Experts have urged homeowners to ask for a refund or to instruct their energy supplier to reduce their direct debit. The data suggested that around 57% of the households think their supplier owes them money, but 47% weren’t sure exactly what the balance on their account was.
At the same time, Ofgem statistics show gas and electricity companies hold £3.28 billion in customer credit balances. The average household credit balance across 2024 was £215.
Greg Marsh, household finance expert and CEO of Nous.co, said: “No one should have a big credit balance built up in their energy account right now. Most suppliers won’t automatically refund you if you have paid too much, and could be unfairly holding on to money that you are owed.
“If you have got a traditional meter and haven’t submitted a reading in a while, you will be paying bills based on estimates that could be significantly out after an unusually mild winter.
"Energy companies know how hard it is to stay on top of this stuff, and hope that we just put up with paying more than we need to. That’s exactly why we started Nous – to take on the burden of staying on top of things and help people avoid falling victim to these traps.”
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In one such incident, Chris Matthewman is a 38-year-old father of three daughters who lives in Essex. He received a refund of £872 after significantly overpaying on his energy bills.
Chris noticed the high credit balance after checking his account – and got in touch with his energy supplier, Eon. He said it was “relatively easy” to request a refund – but thinks he shouldn’t have been allowed to overpay so much in the first place.
He said: “It was a nice surprise, but I was more annoyed. Why were we paying more just to be given it back?" The family used the refund to pay off some debts they had built up.
May is the time of year when most households should have the least credit, after using up the excess over winter.
