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Once you’ve switched energy suppliers, relax. Your cashback will be on its way. It can take up to 12 months for it to be paid, but most of the time, only 180 days.
There’s a price cap that energy regulator Ofgem introduced to stop people overpaying for energy, and suppliers charging too much. This cap changes every year, and although providers change their costs to suit the new cap, people still miss out on extra money they could save by not switching.
Switching suppliers and not letting your current agreement auto-renew can help save you up to hundreds a year. The fun doesn’t stop there. If you make the switch through Compare, you can get up to £40 cashback on top.
If you do choose to switch energy provider (and we highly recommend that you do), be sure to check whether you’re in credit with your old supplier once you’ve decided to change. Or in other words, you’ve paid too much for the amount of energy you’ve received.
If this is the case, then your provider owes you the funds that you haven’t used. They should automatically pay you back, but many suppliers don’t. This is especially true if you switched suppliers before 2014, when new government regulations came in to encourage suppliers to pay back any credit owed.
Checking your credit and making a refund claim is easy. Check out My Energy Credit, a website that helps people claim back money they’ve left with an old supplier.
Some of the main reasons why people overpay for their energy tariffs are old inefficient boilers and a lack of insulation.
Good news: the government has recently encouraged energy suppliers to introduce free boiler and insulation grants. This means you can get a loan to replace your boiler or redo your insulation. The best part? You don’t have to pay it back. So you could end up with a completely free, shiny new boiler or better insulation.
This will help cut the cost of your energy bills in the long run. As better boilers and insulation mean less wasted energy, which means less wasted money.
Your cashback will be tracked within 72 hours of you taking out a gas, electric or dual fuel tariff. It will then be confirmed with your energy provider and available for withdrawal within four months. You can always check the progress of your cashback in your Activity.