Are you owed more than £200? Households are failing to submit energy meter readings with millions due a refund

Households finance experts are warning billpayers they could be owed hundreds of pounds by their energy supplier – and should check their balance before the end of May.

Research by Nous.co found almost half of households with traditional meters aren’t submitting regular readings.

After an unusually mild winter households are more likely to have built up credit, as their bills are based on estimates driven by previous years’ usage. 

Some 57% of households think their supplier owes them money – but 47% weren’t sure exactly what the balance on their account was. 

At the same time, Ofgem statistics show gas and electricity companies are hoarding £3.28 billion in customer credit balances. 

The average household credit balance across 2024 was £215.

The Nous survey shows 48% of households don’t submit monthly meter readings – with 11% admitting they never submit a reading to their supplier and another 11% only doing so once or twice a year. 

Most Baby Boomers (57%) said they submit meter readings at the recommended rate of once a month. Just 37% of Gen Z, 38% of millennials and 47% of Gen X said the same. 

May is the time of year when most households should have the least credit, after using up the excess over winter.

Nous experts suggest that if your credit balance in the month of May is more than two thirds of what you usually pay each month, you are likely paying more than you need to, and should ask for a refund or should instruct your energy supplier to reduce your direct debit.

Greg Marsh, household finance expert and CEO of Nous.co, said: “No one should have a big credit balance built up in their energy account right now. 

“Most suppliers won’t automatically refund you if you’ve paid too much, and could be unfairly holding on to money that you’re owed.

“If you’ve got a traditional meter and haven’t submitted a reading in a while, you’ll be paying bills based on estimates that could be significantly out after an unusually mild winter.

“Energy companies know how hard it is to stay on top of this stuff, and hope that we just put up with paying more than we need to.

“That’s exactly why we started Nous – to take on the burden of staying on top of things and help people avoid falling victim to these traps.”

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