Consumers Could Be Due £235 Million from Old Energy Accounts

16th March 2015

- A quarter (23%) of consumers admit they're unsure whether they left old energy accounts in credit[1].

- Four in five (79%)consumers with credit outstanding say they reclaimed an average of £88 each - with some receiving as much as £300[2]

- Energy suppliers launched the 'My Energy Credit' campaign six months ago to help return unclaimed balances to customers, but the findings suggest more can be done.

Customers should check with previous energy suppliers to see if they are owed a refund.

Up to £235 million of consumers' money could still be lying dormant in the closed energy accounts of 2.7 million homes[1] - despite efforts to reunite the cash with customers,according to a new survey by uSwitch.com, the independent price comparison and switching service.

Almost a quarter (23%)of bill payers who have switched supplier admit they don't know whether they have credit remaining in previous energy accounts[1].

The figures, from a survey of 2,000 UK adults, also reveal that over half (52%) of households who switched supplier closed their old account in credit, with four out of five (79%) successfully reclaiming an average of £88 each[2]. A quarter (24%) said they received more than £100, with some claiming as much as £300[2]. Over half (53%) of those who have reclaimed credit used it to pay for bills and rent, while a quarter (24%) put it into savings[3].

The survey findings, published six months after the launch of the energy industry's 'My Energy Credit' campaign, suggest that more can be done to help consumers who have moved or switched supplier to claim any money left behind. There is no time limit on legitimate claims and consumers should check with any previous suppliers to see if they are due a refund.

Tom Lyon, energy expert at uSwitch.com, says: "It's fantastic to see so many households successfully reclaiming what is rightfully theirs, yet almost a quarter could still be missing out on balances left languishing in dormant accounts. With six in ten people admitting they are rationing their energy use to save money, any unclaimed funds could go a long way to helping pay this winter's bills.

"We urge the industry to continue with its campaign to help reunite as many consumers as possible with money from old accounts. It's particularly encouraging to see that almost two thirds of consumers who claimed money back said they found the process easy.

"Consumers should check with any previous suppliers to see if they're due a refund. If you're about to switch, make sure to take meter readings and give them to both companies for a final statement. This will ensure that your old account is closed properly and you receive any refund due."

For more information on getting a refund on energy credit visit http://www.uswitch.com/gas-electricity/guides/energy-refunds/