We Will Beat The Prices In Your Renewal Letter
Businesses that fail to renegotiate their energy deal at the end of a contract will likely be left significantly overpaying for the energy they use.
Despite this, many businesses allow their energy deals to simply roll over as there is still a lack of information on their rights at the end of a business energy contract.
Here, Love Energy Savings look at how businesses can get the best deal when their energy contract is due for renewal.
What are the rules on business energy renewals?
In July 2015, Ofgem changed the rules around business energy renewals to make small business electricity prices more transparent.
The maximum notice period for terminating a business energy contract has now been reduced from 90 days to 30 days for micro businesses. Suppliers will also be required to provide micro businesses with information on how much energy they use and how their new price will compare with their previous deal.
To be classed a micro business, a customer must one of the following criteria:
- Have fewer than 10 employees
- Consume less than 55,00 kWh of electricity a year
- Consume less than 200,000 kWh of gas a year
Suppliers are still not required to provide larger businesses with a renewal letter. This means that if you don’t meet the micro business requirement, it’s vital to be aware of when your contract is coming to end.
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What happens if I don’t renegotiate my energy deal?
Despite some changes to the rules around business energy renewals, many companies are rolled over onto more expensive rates at the end of their contract.
Failing to renegotiate and being moved onto a deemed contract can see businesses paying out of contract rates which are up 80% higher than negotiated rates.
To avoid overpaying on your business gas and electricity bills, it’s vital to take action when your contract is coming to end.
What should I do when my contract is coming to end?
The important thing to remember with energy contract renewals is to act quickly.
As you may or may not know, once you have been rolled over onto a more expensive tariff, the harder it is to make substantial savings. Love Energy Savings can still help you if this is the case, but you will undoubtedly save more money if you take advantage as soon as you receive your renewal letter from your business energy supplier.
You should receive this renewal letter a few months before your commercial energy contract is due to expire. This signals the start of your renewal window, which is the ideal time for your business to take action when it comes to switching to a more affordable supplier or tariff.
Generally, this window will end around 90 days before your current energy deal ends, after this, you will not be able to move supplier as freely. You will be able to find more information regarding this in your original contract from your gas, electric or dual-energy supplier.
How can I find the best business energy renewal deals?
If you are interested in saving money for your business, then taking advantage of business energy renewals really is a no-brainer.
On average, the prices in your renewal letter are around 30% higher than they would be if you shopped around, or simply used Love Energy Savings to take care of your switch. Why not give your company an advantage over its competitors and find a renewal price that simply can’t be beaten today?
Our renewal price guarantee
At Love Energy Savings, we promise to beat the prices in your renewal letter, or we’ll give you the difference!
Renewal letter prices are always higher than they should be, so why not let Love Energy Savings take care of your business energy needs today by using our cutting-edge energy comparison engine?
How can I switch with Love Energy Savings?
At Love Energy Savings, we take the leg work out of comparing business energy suppliers.
You can start your business energy comparison by simply providing us with your postcode and a few contact details. We will then provide you with a range of energy tariffs and prices from our wide panel of trusted suppliers.
Once you’ve selected the best deal for you, our energy experts can take care of the rest. We’ll work with your new and old supplier to ensure your switch runs as smoothly as possible. You’ll even be provided with your own dedicated account manager to keep you up to date and answer any questions you have on the switching process.
Remember – don’t leave it too late!
We know it’s easy to do, but don’t put your business energy renewal on the back burner. If you miss your golden window of opportunity, then you will just be rolled over with your current supplier and onto a fixed term tariff.
Not only will you be paying too much for your business gas and commercial electricity, but you may have to pay a fee to change suppliers in the near future.
To find out how much you could save with Love Energy Savings, simply complete our free online energy comparison calculator.