There are a few energy schemes available to businesses and domestic customers to help with the rising energy costs. It’s worth remembering that each scheme will have its eligibility requirements, and some are only available for limited periods before closing.
For businesses, the main options are:
Energy Bill Discount Scheme
If eligible for the Energy Bills Discount Scheme, the government will apply a discount on your gas and electricity bills. Eligible non-domestic consumers will receive a per-unit discount on their energy bills during the 12 months from April 2023 to March 2024, subject to a maximum discount. The relative discount will be applied if wholesale prices are above a certain price threshold.
For most non-domestic energy users in Great Britain and Northern Ireland, these maximum discounts have been set at:
• Electricity Prices – Discounts of up to £19.61 per megawatt-hour (MWh) when the wholesale prices are above £302 per MWh
• Gas Prices – Discounts of up to £6.97 per MWh when the wholesale prices are above £107 per MWh If wholesale prices stay below the threshold, the discount is not applied.
Government Grants for Energy Efficiency in Business
There are several government-backed schemes offering grants, as well as loans and subsidies, to help smaller businesses improve the impact they’re having on the planet. You’ll also find some local councils provide funding towards business energy efficiency measures or grants for sustainable business growth.
To apply you’ll usually need to make a business case outlining the project or measure you’re looking to implement. You can find a full list of the schemes currently on offer on the government’s Finance and Support for Your Business page.
Energy Supplier Business Energy Grants
You’re not just limited to the government for support. You may find your supplier offers energy efficiency grants for businesses.
The best way to find out if they have any open schemes or if they offer any support is by contacting them directly.
And for domestic customers:
Energy Price Guarantee
For domestic customers, the Energy Price Guarantee is similar to the current energy price cap – protecting customers by limiting the amount suppliers can charge per unit of energy used. It currently brings a typical household energy bill in Great Britain for dual-fuel gas and electricity prices down to around £3,000 per year.
What type of energy tariff should you choose for your business during times of volatility within the energy market?
The energy market has remained volatile since the end of 2021, and we don’t believe market conditions are going to improve anytime soon.
Utility Bidder can help you compare business electricity and business gas prices from the UK’s leading energy suppliers. We can help you understand how much energy is going to cost your business and help your business save money.
We are ready to provide you with all the information you need to help you make an informed decision on your gas and electricity prices. We can provide you with a renewal quote, energy price cap tariff costs and the price of your energy supplier’s standard variable energy tariff.
Utility Bidder can help you fix your energy prices until 2024 to protect your business against price hikes!