Why you should compare business energy prices?
Energy is a major expense for businesses, so to stay competitive they need to make sure they get a low cost deal from their supplier. By making sure you compare prices for business energy contracts during your renewal period you can ensure that you are getting the best deal for your utilities, and in doing so can minimize your outgoings and maximise your profits.
Businesses are often surprised by the level of savings they can achieve by comparing and switching. However, the process of comparing and negotiating business energy deals with different suppliers is indeed a time-consuming and sometimes daunting task for an individual company director, so price comparison services such as energyhelpline business are here to help.
How does comparing and switching business energy work?
Business energy contracts are fixed for a specific period of time usually ranging between 1 to 5 years. Most suppliers have a set window in the end of the contract during which a business can terminate the contract.
To be able to switch you business energy tariff, you need to be within this switching window when you compare.
For the comparison you will need to have your latest business energy bill to hand which will provide information on your annual usage, the type of meter you have, and all the relevant details pertaining to your account.
Two ways to compare – what is best for me?
There are two ways to compare the current business energy best deals – you can do so yourself by calling up business energy suppliers directly to get their best deals off them, or you can do so with the help of a business energy price comparison service such as energyhelpline business that can do all the hard work on your behalf.
Business energy brokers would usually come back to you with a range of deals from different suppliers to choose from. When picking a broker, check how many and what kind of suppliers they compare.
There are two types of tariffs you will come across – some have no standing charges and the rates are slightly higher while some have a small daily standing charge and the rates are lower. Deciding which one to go for really depends on how your business works – what the business hours are and what happens outside of them with your energy consumption.
Another factor to bear in mind when picking a tariff is that there are tariffs that come from 100% renewable technologies or some percentage of renewable technologies.
Make sure you understand what kind of tariff you’re going for – the brokers have expertise and are able to give advice but ultimately it is your decision.
Once you’ve chosen the best deal for your business, what you’ll need to do is:
1. Send a termination letter to your current business energy supplier
2. Sign the new contract with your future business energy supplier
3. Liaise with them about when the supply needs to change over
If you are using the service of a business energy broker, such as our energyhelpline business comparison service, they would usually deal with all the paperwork for you once you have signed a letter of authority, saving you all the hassle.
Business energy rates
If you’re not an energy expert, it’s difficult to know what a great deal is compared to a bad one. Our advisors have told us that anything over 12p/kWh for electricity and 4p/kWh for gas is a rip off.
You might notice that there is a big difference between the electricity and gas rates. This is due to the fact that there is a larger production cost for electricity which is finally noted in the rate.
Business energy suppliers
Some energy suppliers operate on both the domestic and the business energy market, while some are specific to the business energy market. The Big 6 energy suppliers British Gas, SSE, EON, eDF, npower and Scottish Power also serve business energy customers. Some of the smaller players on the market are OVO, Opus Energy, CNG, extra energy, etc.
How can energyhelpline business help you?
When using the service of a business energy broker, it is best to go for one which compares a range of offers from both large and small suppliers, has experience in the field and aims to take the hassle out of the switching process.
energyhelpline business ticks all these boxes – the infographic below describes what it would be like to switch your business energy with energyhelpline business in 3 simple steps.