Analysis by Uswitch shows that one in 10 (11%) households have credit balances over £300 and 4% have more than £500, yet only three in 10 (31%) plan to ask for some cash to be returned.
Experts at the price comparison site said consumers should usually exit winter with little to no credit, having used it during the colder months. Billpayers typically start rebuilding their credit levels during the spring and summer, when energy usage is generally lower.
However, 15 million or 54% of households have credit with their energy supplier at the end of this winter. Overall, credit is £315m lower than last year, which may be due to falling energy rates and direct debits, meaning suppliers are holding less money to cover a reasonable safety net.
Who is in credit?
According to Uswitch, households on fixed deals are most likely to be in credit at this time of year, with nearly two-thirds (63%) being in the positive, compared with only half (51%) of those on standard variable tariffs.
The study found that two in five (39%) households with more credit than this time last year say their balance built up due to their efforts to reduce energy usage.
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When questioned, more than half (57%) of households with a credit plan said they will leave the money with their supplier to try to reduce their monthly payments. One in 10 (12%) said they will ask their supplier to return their full balance, while nearly a fifth (19%) will ask their supplier to return some of it.
Edinburgh is the UK’s energy credit capital, with the average household storing £224 with their supplier, while Belfast has the least, at only £127. London has the highest proportion of households in credit, while Leeds has the highest percentage in debt.
How to reclaim excess credit
Uswitch is advising consumers to check their energy account and consider reclaiming any excess amounts of credit – this is generally any amount above two months’ worth of payments.
Households without a smart meter should also regularly supply meter readings to their provider to keep their account balance and direct debit level accurate.
Elise Melville, energy expert at Uswitch, said: “More than half of UK households are coming out of the coldest time of year with credit on their accounts. During the energy crisis, we advised households to leave energy credit with their supplier to protect against rocketing prices.
“However, with the price cap coming down from those highs of the energy crisis, consumers with excessive credit may want to consider reclaiming some of it. If you have a high credit balance, you may want to ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.
“Although falling energy bills is good news, they are still high by historic[al] standards and, unfortunately, a significant number of people are in debt to their provider. We recommend that anyone who is worried about their energy bills should contact their supplier, which can offer advice and support.
“To ensure you are being billed accurately, make sure you submit regular meter readings to your supplier if you do not have a smart meter.”
