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Faulty meters could see wide scale energy payouts

meterJust like the mis-sold PPI scandal, a number of households could expect a similar style of payout because of their faulty meter clocks. In fact, over 3.9 million UK homes are said to be the subjects of wrongly calculated electricity bills.

According to consumer champion Which? this isn’t just a small mishap, it’s something that could have been going on for years. Suppliers are not required to check the clock’s precision when taking readings; it’s the consumers who are responsible for taking note of any errors.

Nonetheless, it’s extremely difficult to know how to do this when bills are so unclear, which is why many don’t bother to question the accuracy of their meters. Luckily, one consumer did spot a discrepancy and once he realised his clock was faulty, he decided to check in on a few of his neighbour’s meters too.

Realising that they were also being overcharged, he quickly came to the conclusion that this problem could be affecting the nation.

National outrage

Those on a time-of-use tariff may think they’ve been paying a lower rate for certain hours when in fact they could be thousands of pounds down – especially if the clocks they have in place have been coming on at the wrong time.

Most have been oblivious to the erratic behavior of these faulty meters and have continued to pay their bills every month without thinking about them twice. Now that this problem has come to light, it’s expected that millions of pounds could be shelled out in the form of repayments, especially as a number of consumers have been signed up to these dual tariffs for over 30 years now.

It’s now being advised to those with a similar system to check their meters regularly – especially as suppliers are now required to investigate if you spot anything out of the ordinary.

And with over 3.9 million people on these contracts, the issue of these wide-scale energy payouts could quickly turn into another financial epidemic.

While it is important that you seek any financial recompense you are due if you have been issued a faulty meter, it is vital that you don’t abandon your attempts to make your home more energy efficient.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074