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Have you reviewed your business energy contract recently? Do you know how the tariff you’re on compares with other suppliers? Many business owners fall into the trap of not giving their gas and electricity contracts the time and attention they require. In the long term, this could mean that they end up paying out far more than they need to for these resources.
Whether you mistakenly believe that switching will be too time consuming or you simply don’t understand all the jargon and figures associated with energy tariffs, you’re missing a trick if you’re not comparing energy suppliers and switching to a better deal when you find one.
In this article, we take a look at how to weigh up business energy suppliers against one another, why you should bother, how switching business energy suppliers works and more.
We’ve outlined 25 top energy saving tips for businesses.
It is possible to compare your gas and electricity contracts with other contracts on the market yourself. You can do this by getting to grips with your energy bill . You’ll need the following information, which you should be able to find on your bill or an energy contract letter, to compare deals:
- The unit rate
- The standing charge
- The contract end date
- The notice period required
- How much energy you use per annum
- Your meter numbers.
This information should help you compare rates and charges against other contracts, find out when your contract expires and when you need to tell your supplier you want to terminate the contract to avoid incurring extra charges.
However, comparing business energy deals can be a very time-consuming and onerous task and many people put off doing it for these reasons.
At Utility Bidder, we take the hassle out of comparing energy deals. All you need to do is tell us your current supplier, as well as your monthly spend and start date if you have these details and we will compare your contract with more than 27 other UK suppliers to find you the best deal.
The process of switching energy suppliers
Once you’ve found an energy deal you are happy with, it’s time to look into switching.
- Before you take action, it’s important to ascertain whether it’s the right time to make a business energy switch. If you terminate your contract early, you may have to pay a fee so it’s important to get this right if you don’t want to end up out of pocket.
- If you decide that it’s a good time to change to another provider, give your new supplier as much notice as possible and tell them when you want them to stop supplying your energy.
- Next, you’ll need to sign up to your new contract and confirm the date they will take over your energy supply. You’ll also need to decide how you plan to pay your bills. Paying by direct debit is often the most cost-effective option.
- On the day of your switch, you should take meter readings and send them to both your old and new supplier to ensure you don’t end up overpaying.
How to change energy suppliers without penalty
As previously mentioned, it’s important to know when you can’t switch energy providers and when it might end up costing you more than it’s worth.
If you’re on a standard tariff, you are free to change to a new provider whenever you like without having to pay any penalties. However, if you have a fixed-term agreement in place, you’re essentially locked into the contract until it expires and you may incur an exit fee if you wish to get out of it early. In some instances (if you’re on a very high fixed tariff, for example), it may be worth paying the exit fee as the amount you’ll save on your bills could more than make up for it. However, this is by no means always the case so it’s important to do your sums carefully before deciding whether or not to terminate early to ensure you don’t end up losing money.
Be sure to read the terms and conditions of your current contract carefully and get in touch with your supplier if you’re in any doubt about whether or not you will have to pay an exit fee. You can also ask them to confirm when you need to give notice of termination if you’re unsure.
Why switch business energy suppliers?
There are a variety of reasons why it may be a good idea for you to consider switching energy suppliers. Here are some of the most common:
- To save money
Saving money is the top motivating factor for switching to another energy company. Whether you run a micro business, an SME or a large corporation, keeping costs to a minimum is a major priority when running any commercial organisation. By comparing your energy bills against other contracts on the market, you can often find better deals, which can help to keep your business overheads to a minimum and ensure you’re paying the fairest price possible for your gas and electricity.
If you’re on an out of date contract or your energy bills are simply putting too much of a financial burden on your business, you should make switching a priority. However, even if you think you’re happy with the tariffs you’re paying, it’s a good idea to compare deals from time to time as rates can change regularly.
- To take advantage of green energy savings
If you’ve decided to invest in renewable energy systems, such as wind turbines, solar panels or hydroelectricity, it’s advisable to scour the market to find the best renewable energy deals on offer.
- For better customer service
If you’re unhappy with your current energy supplier’s customer service, it’s important to take the correct steps to resolve the problem by making a complaint. If you’ve complained directly to your supplier and to the Energy Ombudsman and still aren’t happy with the service you’re receiving, you may decide you’d like to try out another supplier.
Making switching easy
Here at Utility Bidder, we’re here for you every step of the way. Our experts can help you to identify the best possible solution for your business and make switching an effortless process. For more information on how we can help your business to get a better deal on your energy, call us on 0800 007 4001 or fill in our quick contact form.
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