The total amount is up £179million compared to last year, according to comparison website Uswitch
Energy suppliers are sitting on £3billion of customer credit with households urged to check if they should claim some of this back.
The total amount is up £179million compared to last year, according to comparison website Uswitch, with the average home in credit by almost £200.
Consumers should usually have little to no credit as the winter months come to an end, having used it during the colder weather. Credit is normally then rebuilt during spring and summer.
However, 16 million households (57%) were in credit at the end of this winter.
Two-thirds (63%) of households on a fixed-rate tariff were in the positive, compared with only half (56%) of those on standard variable tariffs.
One in ten consumers (12%) have balances over £300, and 4% have more than £500 with their energy provider.
Sheffield is the UK’s energy credit capital, with the average home storing £248 with their supplier, while Norwich has the least, at only £156 – despite having the highest proportion of households in credit.
Uswitch.com advises customers to keep around two months of average monthly payments as credit in their energy account.
It is important to leave yourself some sort of buffer for the colder winter months. Energy bills are predicted to soar this July due to the Iran war, with analysts at Cornwall Insight forecasting the price cap could rise to £1,861 a year.
John Routledge, of Lewes, East Sussex, built up more than £1,000 in energy credit after setting his direct debit high as they were relying on electric heaters ahead of a coming installation of solar panels and a heat pump.
His energy credit has since fallen to below £700, and he plans to withdraw about half and leave the rest as a buffer against higher winter bills.
John, 71, said: “We relied on electric heaters when we first moved in two years ago, so we set the direct debit quite high.
“After installing a heat pump and solar panels, our usage has dropped a lot, so I feel more confident about our bills.
“I’m thinking of reclaiming part of that, but I’ll keep some as a safety net since energy prices are so volatile, especially with winter bills and the price cap changes being so hard to predict.”
Uswitch says the increase in the overall amount now in credit could due to a milder winter and direct debits not changing as quickly as energy rates.
Ben Gallizzi, energy expert at Uswitch.com, said: “With energy prices predicted to rise in July, households with more than two months of energy credit could consider leaving some of it with their supplier to take some of the sting out of winter bills later this year.
“If you have an excessively high credit balance, you may want to request some of this back, and ask your supplier to check that your direct debit is set at the right level for the amount of energy you use.
“To ensure you are being billed accurately, make sure you submit regular meter readings to your supplier if you do not have a smart meter.”
Highest energy credit balances per UK city
City followed by the average amount of energy credit.
- Sheffield – £248
- Edinburgh – £233
- Manchester – £228
- Leeds – £223
- Southampton – £216
- Birmingham – £214
- Bristol – £213
- Nottingham – £208
- Newcastle – £197
- London – £191
- Brighton – £188
- Plymouth – £181
- Glasgow – £174
- Liverpool – £171
- Cardiff – £159
- Norwich – £156
- UK average – £198
