Energy bills: I claimed back the £70 hiding in my energy account from my supplier - here's how you can too
My energy company had been quietly hoarding my cash 💸 — I decided to do something about it
- I discovered my energy supplier was sitting on £70 of my money after months of overpaying
- Millions of UK households are in a similar position, with £3.3bn in unused energy credit held by suppliers
- Most people overpay because of flat-rate direct debits and failing to submit regular meter readings
- I requested a refund and got the £70 back within a week – proof it’s easier than you’d think
- Experts say now’s the time to check your account and reclaim any excess before winter bills rise again
The other day I found myself in that modern ritual we all perform when payday hasn’t yet materialised: staring at my online banking app, hoping numbers might magically inflate.
They didn’t. But what did jump out was my energy supplier cheerfully sitting on £70 of my money. I’d overpaid. Again.
This happens because most of us pay for energy by direct debit, a flat monthly fee that’s meant to “smooth” costs over the year.
Essentially, you overpay in summer and underpay in winter, the financial equivalent of being charged for a full buffet, even though you’re only eating salad.
According to Ofgem, energy firms were clinging to £3.3 billion in customer credit last year. That’s three-point-three billion pounds of our collective cash sitting on their books, while the rest of us debate whether to buy name-brand beans.
The average household had £215 locked up, enough for a weekend away, or at least several pints and a bag of crisps. So I decided to do something reckless: I asked for my money back.
The process was easy. I logged in, submitted fresh meter readings, clicked “request refund,” and within a week, £70 re-appeared in my account. My supplier didn’t even put up much of a fight. It was almost disappointing.
The whole episode made me think about how complacent we’ve become. Most people don’t submit readings; nearly half of UK households skip them altogether, and one in 10 never do.
With climate change bringing us ever milder winters just behind us, plenty of people are effectively pre-paying for warmth they’ll never use.
According to Nous.co boss Greg Marsh, “No one should have a big credit balance built up in their energy account right now.” He’s right.
If your credit balance is more than two-thirds of your monthly payment, you’re basically lending your supplier money at 0% interest.
Holding a little credit is no bad thing. It cushions you from the shock of winter bills, and if you’ve been lazy with readings, it buys some peace of mind. But if your account’s brimming with cash, that can be a different story.
Don’t cancel your direct debit entirely; that’s still the cheapest way to pay. Just make sure it’s realistic. Check your balance. Send proper readings. Demand your refund if it’s due.
Because somewhere in a glass-and-steel office, an energy company is quietly enjoying the interest on your overpayment.
It’s not just active energy accounts that could be hoarding your cash. Recently Ofgem revealed that £240 million in unused energy credit is sitting in closed accounts. Find out how to reclaim yours here.