Energy suppliers are holding onto a whopping £3 billion of household credit, according to new research from Uswitch.
The average home in credit is nearly £200 up – despite winter being the season when those balances should drop.
Around 15 million households ended the cold snap in the black, with two in five saying it’s down to cutting back on usage.
Those on fixed tariffs are most likely to be in credit, with nearly two-thirds in the positive, compared to just half on standard variable deals.
Some consumers are hundreds up – 11% have more than £300 with their supplier and 4% are sitting on more than £500.
But only a third plan to ask for a refund.
Most are letting it ride – 57% say they’ll leave the balance to help lower monthly bills, while 19% plan to take back some of it.
Uswitch says falling rates and lower direct debits may be behind a £315m drop in total credit compared to last year.
Elise Melville, energy expert at Uswitch.com, commented:
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.”
Although falling energy bills is good news, they are still high by historic standards and unfortunately, a significant number of people are in debt to their provider.
Anyone who is worried about their energy bills should contact their supplier for advice and support.
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