What does in credit mean on an energy bill?
Published date: May 2024
Ever glanced at your energy bill and seen the phrase "in credit" next to your balance? It might leave you wondering what that really means and if there is any money you can use towards the cost of your energy. Here we will explain:
- Why might you have credit
- How to check if you are in credit
- How to claim your credit back
- How long any credit refunds may take
Why might you have credit with your energy supplier?
There are a few reasons why you might have a credit balance with your energy company:
- Overestimation: Sometimes, your supplier might estimate your energy inaccurately so that you're paying for more than you use. This can happen if you don't regularly submit meter readings, or if you've recently moved into a new place and they don't have a clear picture of your typical energy usage.
- Direct Debit: If you pay by Direct Debit, you will likely pay a fixed amount each month. This is convenient and helps you budget with other bills, but during low-usage months like summer, you might end up paying more than you actually used.
- Payment in advance: Some suppliers might ask for an upfront fee when you start a new contract, which can initially create a credit balance.
How to check if you are in credit with your energy supplier
The easiest way to check if you're owed money is to look at your latest energy bill. It should clearly state your current balance and any outstanding credit you may have. You can also check online by logging into your energy supplier's website or app where you should have live account info.
Alternatively, you can contact your energy supplier's customer service, typically via phone or online chat. They can look up your account for you and confirm your balance.
How to Claim Your Credit Back
Once you've confirmed you're in credit on your energy bill, here's what to do:
- Contact your supplier: Get in touch with your energy supplier by phone, email, or online chat. Let them know you have a credit balance and would like a refund.
- Specify how you want the refund: You can usually choose to have the credit applied to your next bill or get it refunded directly to your bank account. You may have to pass some simple security questions for your energy supplier to approve this over the phone.
How long will it take to refund energy credit?
By law, your energy supplier should refund your credit within 10 working days of you requesting it. However, it's always a good idea to double-check with them to confirm the timeframe.
Top Tip: It's a good habit to regularly check your meter readings and submit them to your supplier. This helps ensure your bills are accurate and you're not overpaying.
Remember: You don't have to wait until you receive a large credit to claim your money back. Even a small amount can be helpful, so don't hesitate to reach out to your supplier if you believe you're owed a refund.
By following these simple steps, you can reclaim your credit and put that money towards something that makes you smile...or a lighter bill next month!
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