What happens to my credit when I switch supplier?

Switching suppliers is a fairly easy process, and often people forget that you may be in credit with your old supplier before you move to a new provider. In this article we are going to run through what credit is regarding energy, what happens to it when you switch supplier as well as how to successfully claim back what you may be owed. It is more simple than you may think!

What is credit with my energy supplier?

Credit with your energy supplier is money left over that you have not used on bills. Before smart meters were introduced, customers often paid an estimated amount on their bills each month calculated on previous meter readings, which meant that if you did not use the estimated energy that your provider bills you for, you start building up credit on your account. Not all suppliers declare credit on a bill or at the end of your contract, so a lot of customers might not even know that they are in credit when they are in the process of switching.

What happens to it if I have switched to a new supplier?

Nothing happens. Your old supplier cannot keep the money that you have overpaid as it is not theirs to keep. It will stay with your provider until you call up and request the credit. This is not common knowledge, which means that there are energy providers that have credit from multiple customers who have not yet claimed it. There are some companies that will automatically distribute the credit to you, but it is an added process for a company to go through hence why some have avoided it in the past.

How do I claim back what I am owed?

  • Find documents from your old supplier(s): This will have your account number plus any supporting details of your account that you will need to quote for verification and security purposes.
  • Call customer service: This is the quickest way to get it solved. If there are specific departments for credit, then make sure to call those if they are available.
  • Decide what account you want it to go in to: If you were living in shared accommodation, you will have to get the credit split between the bill payers. If it is just for you, it will be a simple process of letting them know which bank account to pay it to.
  • Congratulations: It may take several business days to enter your account, but once you have raised the claim and have receipt of them processing the credit payment, then you can enjoy the money in your account once it clears.

Remember, that if you are in doubt it is a quick process to call up and double-check. There are hundreds of customers out there that probably do not realise that they are owed money, and an extra $200 can go a long way, especially if you did not know you had it!

Author: Claire Stapley
Claire Stapley is ElectricityComparison.com.au's Energy Editor, based in Melbourne Australia. Claire is a founding member of ElectricityComparison.com.au News and Energy Team.