MARTIN Lewis’ MoneySavingExpert has shared a calculator which shows the exact amount you could be owed by energy suppliers.

The new tool will estimate how you may have overpaid energy suppliers if you pay by direct debit. 

Martin Lewis' MSE reveals calculator which shows if you could be owed energy refunds

1

Martin Lewis’ MSE reveals calculator which shows if you could be owed energy refundsCredit: ITV

Although paying by direct debit can save you on average £100 a year, suppliers base your payments on your usage over a year. 

They don’t always get this figure right, meaning you end up overpaying.

Martin said on X, formerly known as Twitter: “Suppliers are holding £3.7 billion of your cash in credit.”

How does the calculator work?

The MSE calculator will estimate the amount you should be paying for your current usage under the new April 1 Energy Price cap

Read more money stories

If the number is different to your current direct debit you may need to look into getting it amended.

All you need to do to use the calculator is your enter energy usage and the region you live and the calculator will do all the rest. 

You can find the usage on your most recent bill. If it lists a monthly usage you will need to multiply it by 12. 

How to cut energy costs and get help with FOUR key household bills

The calculator can only be used to calculate standard tariffs under the Price Cap, not fixed deals.

Most read in Money

You have to be living in England, Scotland or Wales to use the calculator and must confirm your region as rates differ across regions.

The calculator will not factor in any debt or credit on your account.

Aprils Energy Price cap 

The energy regulator Ofgem has confirmed the new price cap, which comes into effect on April 1.

The cap will fall from the current rate of £1,928 to £1,690, the fresh figures show.

The energy regulator said it will cut the price that a supplier can charge for gas from 7.42p per kWh today to 6.04p from April 1.

It means the average household could see their annual bill drop by £238.

The cap will change again in three months so your annual bill could still change. 

How to get a refund?

If a customer has accumulated credit and asks for it back, suppliers must refund it. 

If the supplier thinks the credit should be withheld, the reasons why must be clearly explained but customers can challenge this.

Although it is up to the supplier to determine what is considered a “fair and reasonable” excuse to keep the credit you can file a complaint with them.

If you are still not happy with the response you can dispute the claim with the independent Energy Ombudsman.

How to beat unfair Direct Debits?

Make sure you send your supplier gets regular metre readings so that they are less able to rely on estimates when setting your direct debit. 

If you are heavily in credit to your energy supplier you can ask for it back. 

Ofcom reported at the end of last year the average household energy account was in credit by £178 – roughly one month’s bill.

If you believe you’re paying too much per month you have the right to ask for it to be lowered to reflect your actual annual usage and meter readings.

If your supplier doesn’t take you seriously over the phone you can formally write a letter to raise the matter. 

Check you don’t have any debts on the account as this could be the reason why you have a higher direct debit.

How do I calculate my bill?

Below we reveal how you can calculate your own energy bill.

To calculate how much you pay on your current bill, you will need to find out both your unit rate for gas and electricity and the standing charge for each fuel type.

The unit rate will usually be shown on your bill in p/kWh.

The standing charge is a daily charge that is paid 365 days of the year – irrespective of whether or not you use any gas or electricity.

You will then need to note down your own annual energy usage from a previous bill.

Once you have these details you can work out your gas and electricity costs separately.

Multiply your usage in kWh by the unit rate cost in p/kWh for the corresponding fuel type – this will give you your usage costs.

You’ll then need to multiply each standing charge by 365 and add this figure to the totals for your usage – this will then give you your annual costs.

Divide this figure by 12 and you’ll be able to work out how much you should expect to pay each month from April 1.

What other support is available?

Households should check whether they qualify for energy support schemes or grants.

The government runs the Warm Home Discount scheme, which provides £150 in energy credit to help with bills during the winter and has recently introduced the Great British Insulation Scheme.

Councils also offer the Household Support Fund.

Many suppliers have customer support funds offering home insulation, energy-efficient white goods and cash grants.

READ MORE SUN STORIES

Here’s a list of schemes open right now:

  • British Gas Energy Trust Individuals and Family Fund
  • British Gas Energy Trust
  • EDF Customer Support Fund
  • E.ON and E.ON Next Grants
  • Octopus Energy Assist Fund
  • OVO Energy
  • Scottish Power Hardship Fund

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories.

This post first appeared on thesun.co.uk

You May Also Like

A fifth of drivers living in cities with clean air zones like ULEZ are forced to sell their cars

London’s Ultra Low Emission Zone (ULEZ) expands this week, leaving thousands of…

Little-known way to get up to £2,065 help with essential household bill if you’re on Universal Credit

THOUSANDS of people on Universal Credit could get up to £2,065 off…

I’m a retail expert – exact day to shop at Boots to get 80% off with little-known discount

BOOTS fans can pick up some absolute steals by shopping on the…

The chancellor’s position on lifting the state pension makes no sense | Nils Pratley

Sunak’s attempt to make a distinction between increases in pensions and wages…