There is another "myth" as far as I am concerned. I don't know how many times someone thought they were losing power to "earth" through a bad underground conductor. I don't know what you had specifically in your described installation but at less than 600 volts not enough current will flow to earth to ever make any significant increase in metered power. If significant power does flow it is going to dry out the soil and then the resistance will increase and the amount of current will then drop. If aluminum conductors - forget it they will not last long enough to raise electric bill.
I'm not so sure that you can call that a myth???
I have been on several high electric bill jobs that turned out to be exactly that an underground feeder or branch circuit that has bad insulation leaking to Earth, one was a old garage feed that after the garage had burned down no one ever disconnect the feed at the load side of the meter, while these were unprotected conductors as they were copper SEC that fed the garage the run was over 200 feet and it had burned in the ground about 150 feet of that distance, placing an amp probe on them confirmed that they were drawing over 180 amps 24/7 and in a month that is allot of KWH's the area had a high water table and it was a clay type soil, that was just one case where the owners bill was over $2k.
I had another at an old defunct camp ground that had been shut down for several years, the service that fed the camping sites was a 1200 amp MDP that had several sets of feeders that branched out through out the place, this service also fed a few out building the new owners wanted to get power to the out buildings so they had the service turned back on, after a month they got a $6500.00 bill and about freaked out, they called me to find the problem again all the feeders were copper and get this not even direct burial conductors, so over time the insulation had cracked and opened the conductors to earth, and with enough parallel paths to earth even with somewhat dry soil you can have allot of current flowing into earth.
even a simple UF going to a post light that I had found was pulling over 17 amps because of bad insulation and cause the electric bill of a friend of mines trailer to have his electric bill go from around $60.00 to over $200.00 it was on a twenty amp circuit and never tripped the breaker which also fed his shed, copper can last a long time underground when just about a foot of copper is exposed which like HV said will burn along its length if it is a long run. remember its not just going to Earth as you also have the neutral and EGC also ran close to the hot which can provide a much higher current as the distance between the conductors are not that far, true most of the time they usually end up tripping the breaker but not always and never in the case of a load side SECs coming from a meter or a high amperage feeder circuit.
How many bad underground circuit have you been called on that was tripping the breaker? now just think if they are close to the tripping point but don't trip the breaker, even a 15 amp circuit that has an underground fault that only pulls 14 amps can sit there and put 1680 watts on the electric meter every hour, 24 hours a day 7 days a week for 31 days, thats allot of KWH's
Keep in mind we are many times only called on the ones that do trip the breaker or because somthing stops working, if it trips the breaker its pulling allot of power and that is energy that we pay for.