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27 Mar

How to Compare Business Energy Tariffs

by Simon Thompson
 

For any business, large or small, looking to reduce their costs then understanding how to compare business energy tariffs could pay dividends.

Just as we find when looking at household energy suppliers, the tariffs available for a business can vary hugely and create confusion.

This means conducting more research and calling a potential energy supplier to find their best offer.

However, the one thing to remember is a business can only compare their business electricity and gas tariffs separately between suppliers since they cannot get a dual fuel deal like they can for their home.

It should be remembered though that there are huge savings to be made from switching energy suppliers and depending on usage, some businesses could save hundreds of pounds and indeed several thousands of pounds.

Compare business electricity and gas rates

However, when a firm wants to compare business electricity and gas rates with various rivals, it’s not that easy since the supplier will need to offer a bespoke deal.

The process of finding low bills not only sees lower overheads but it should be done as a matter of routine.

This has been underlined by a survey from the Competition and Markets Authority which reveals that 40% of small and medium-sized businesses have not switched their energy supplier in the last five years.

More worryingly, 39% admit they have never switched energy supplier.

The survey highlights that many firms in the UK are probably overpaying for their energy and missing out on the huge savings to be made which is an exercise that should be done considering that energy prices are predicted to increase this year.

The easiest way to compare business gas and electricity prices

Perhaps the easiest way to compare business gas and electricity prices is to understand how the firm’s energy bill is put together; this means understanding the breakdown of the energy unit rate and any standing charges as well.

By doing so, the firm will then make the process of comparing prices much easier though they should beware of a potential supplier offering an estimated annual cost since estimates can vary hugely.

For a micro-business, that’s an employer who employs fewer than 10 people, they will know their energy prices because that’s the regulation for the suppliers to meet.

Also, energy suppliers may automatically push their customers into a rollover contract after the firm’s initial tariff comes to an end.

One reason for this is that the rollover contract is usually much more expensive than a new customer’s contract from the same firm.

Comparing business gas and electricity prices

There’s no doubt that when it comes to comparing business gas and electricity prices there needs to be plenty of homework done.

The first step is to benchmark what the market is offering for the firm’s usage.

Again, the firm should be wary about any quotes being offered since these will not be a precise offering and they will still need to call the supplier for an actual energy quote.

Once the firm has a good idea of what the market offering is and how much money they can save every year, then they should begin calling around other suppliers.

Contact business energy brokers

It might, however, be easier to contact business energy brokers as well to see whether they have any better offers and tariffs available.

The other important issue to remember is the business should never stop haggling or pushing for a better offer, even when their current supplier offers a new deal they should contact them to see if there is an improved offer.

If the firm is happy with their current supplier then it might worth doing some research first to see whether their current supplier will meet a competitor’s offer. It would not hurt to ask but the business needs to be forearmed with the relevant information.

The other big attraction for firms who are looking to compare their energy prices is that they can also fix into a longer-term deal which is worth considering if prices do begin to rise.

Energy suppliers offer variable rates which can be expensive while others will offer a fixed price over one to three years of a contract term.

Comparing business energy deals

Finally, when it comes to comparing business energy deals and the firm finds an offer they like, they need to appreciate that once they sign a contract there is no cooling off period.

This means they must ensure they are happy and understand the contract before committing to it because they will have to see the contract through until the time for renewal arises.

Essentially, the easiest way to compare business energy prices is to contact experts in the field who know what the latest deals and tariffs are and can put together a cracking deal that will save searching the market extensively and take care of the switchover process which means contacting the experts D-Energi.

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