Could you be owed an energy refund? Energy regulator Ofgem has released figures that revealed there are more than 2 million closed energy accounts still in credit in the UK.
If you owned one of them, you’re owed a refund. In total, the amount of credit waiting to be returned to customers is more than £240 million.
Read on to find out if your previous energy supplier owes you money – and how to claim it if they do.
Why are so many people owed an energy refund?
These customers are owed an energy refund because they closed the account while it was still in credit, and the energy supplier wasn’t able to contact the customer to refund them the balance.
The process works like this:
- Most energy customers pre-pay for energy, with energy companies projecting how much they will use and billing for that amount each month. The monthly payment is adjusted based on the amount of energy you actually use, but suppliers prefer customers to keep their accounts slightly in credit.
- Customers close the energy account, either because they’re moving home or switching providers.
- If the account is in credit when it’s closed, the supplier should automatically refund the customer. However, customer contact details are often out of date, leaving the supplier unable to arrange the refund.
- Instead, this account credit sits in the closed account – and adds up to £240 million worth of energy refunds owed to UK customers.
How to claim your energy refund
If you suspect you might have credit in a closed account, there are a few ways to claim your energy refund.
If you still have access to your online account, log in and check the balance. If it shows you as in credit, you can withdraw the money to your bank account.
If you never had an online account, or if you no longer have access, then reach out to your previous energy supplier directly. Energy suppliers list their contact details on their websites, whether that’s by phone, live chat or email. You’ll need to prove you are the owner of the account, so have your details ready including your previous address, old payment method and – if you have it – your old account number.
If there is credit in the account, your supplier will arrange your refund. You’ll need to provide updated payment details so they can send you your money.
Make sure you’re paying the best price for your energy
Worried about overpaying on your bills or missing out on credit? There are a few simple ways to make sure you’re paying the right amount for your energy:
- Set up your gas and electricity account properly, providing opening meter readings. This will ensure you aren’t charged for the previous occupants’ usage.
- Submit regular meter readings, ideally once a month. This will keep your monthly payment accurate and stop you from accumulating too much credit.
- Switch to the best value energy tariff to pay the lowest standing charges and unit rates.
- Close your accounts down properly when you move so your supplier has contact details to reach out if you’re owed an energy refund.
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