Money-saving expert Martin Lewis has explained that customers of major energy companies such as British Gas, EDF, OVO, Octopus Energy, E. On and Scottish Power could currently receive up to £180 direct into their bank accounts. Lewis points out that May is the annual period when all energy customers should check their bills and the balance in their accounts.
This is because those who overpay their monthly direct debit can easily spot the problem in May, a time when your account should theoretically be at its highest level of debt, before pushing back into credit over the summer months. The average refund for those who are owed money is £180. Customers simply need to contact their energy supplier to have the payment refunded directly into their bank account.
Lewis stressed that energy companies currently hold around £3 billion of our money, which equates to an average of £180 per household, the Express reports.
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Due to monthly direct debits for energy costs, the amount you pay each month is an average of your consumption over the course of the year. In winter, you pay less than you use and accumulate debt, but in summer, you pay more than you use, reducing your debt and building credit.
As May is the low point of the cycle, you shouldn’t have a lot of credit now as winter has just ended and summer usage is just beginning. Martin advises: “So if you have a current meter reading (or your smart meter), your bill is up to date and your direct debit has the right amount, now is the perfect time to check if you have too much energy credit. More than a month’s credit is certainly a lot at the moment, so claim it back.”