Compare business electricity rates & see how much you can save against your current supplier
How To Compare Business Electricity Rates & Switch
All we need is your postcode. We'll find your meter and usage to show you the latest prices.
Select your supplier
Select the right tariff for your needs. You can even stay with your current electricity supplier.
Protect your bills
We'll complete your switch within 5 working days. You can even do it all online, or speak to our expert team.
Should You Switch Business Electricity?
Business electricity rates are much more competitive. In fact, prices have dropped by a massive 62% since October 2022.
Cornwall Insight has now predicated that wholesale prices will remain steady, with only slight changes in the coming months.
With that in mind, many businesses are choosing to lock in their business electricity rates. This can offer certainty and stability in the future.
When you compare business electricity prices with us, you can view live rates from a panel of trusted suppliers. Secure your new tariff today.
Why Choose Us?
There are many reasons to use our comparison service over any other. When switching with us, you have the unique option of completing your business electricity switch fully online. You can secure your new deal without the need for a 40 minute phone call.
If you'd prefer to speak with one of our business electricity experts, you can do that instead. The option is entirely yours!
Further information on business electricity rates:
What business electricity tariffs are available?
Business electricity rates for large or small businesses
Latest UK business electricity prices 2024
How to compare business electricity rates that are competitive
Which business electricity suppliers can I switch to?
Cheapest business electricity prices by supplier
A fixed-rate tariff is one of the most popular business electricity tariff options. With a fixed rate tariff, you agree to pay a fixed unit price and a standing charge. This price can be locked in for up to 5 years, depending on your provider.
A fixed-rate electricity tariff is great for businesses who want to maintain control of their bills and budgeting. Your fixed price deal will be protect you from any electricity price increases during your contract.
Variable rate tariff
With a variable rate tariff, your unit rate will change depending on the wholesale prices. This can be a good option for business who want to take advantage of any reductions in business electricity prices.
However, it's worth keeping in mind that you prices can go up at any point during your contract. If you're comfortable with changing prices, a variable tariff can be a good option.
When a new business electricity contract has not been agreed, you may be placed on a rollover contract. This will be for a fixed period (usually one year) and is legally binding. Sometimes unit rates are more expensive and hold you back from getting cheaper rates elsewhere.
Green electricity tariff
More and more businesses are moving towards sustainable sources. Green electricity tariffs are becoming a popular choice for environmentally conscious companies. An increasing number of business electricity suppliers are now offering green tariffs. This has given a much greater choice for small and large businesses.
Pass through tariff
A pass-through tariff is a little more complicated than other tariffs. It separates your bill between fixed wholesale rates and other rates. Other rates are those associated with National Grid levies and other network costs. They can vary several times per year. These tariffs are often best suited to active electricity buyers that regularly control the tariff.
Deemed rate tariff
Businesses that have never taken out a business electricity contract and have not agreed to one will be placed on a deemed rate tariff. These are the most expensive rates on the market.
Large consumption organisations may prefer to purchase all their electricity supply in advance. Doing this will give businesses access to wholesale market rates, bypassing some of the retailer costs.
Each tariff type offers its own benefits, from fixed costs over a certain period to renewably sourced. For those reasons, it is important to thoroughly compare business electricity tariffs. This will help you identify the correct tariffs to maximise savings.
We offer bespoke quotes for large businesses seeking to switch electricity. This includes single-site companies and servicing multi-site businesses with one-simple bill.
By switching with Love Energy Savings, you can find a corporate electricity solution to suit your exact needs. You find a bespoke commercial electricity quote from our panel of trusted suppliers.
Business Electricity Rates for SME Businesses
We find quotes on business electricity rates for SME businesses all over the UK. Our goal is to make it simple to compare business electricity rates online.
Our switch online service allows you to compare business electricity rates online whenever it suits you. Start today and find the best deal for your business.
Business Electricity Rates by Business Size 2024
A range of factors can influence business electricity prices. This can include your location, usage, and the size of your business.
To offer a guide when switching, we've provided the average electricity prices by business size. These prices are based on a 2-year fixed rate deal.
|Unit Price per kWh
|Daily Standing Charge
|Cost Per Year
|up to 5,000kWh
Data correct as of February 2024. Annual cost based on a 2-year contract and the median kWh usage within each business size banding. These prices reflect a live market and are subject to fluctuation.
Tariffs are regularly updated and the best way to find the latest deals is to compare commercial electricity prices.
Your Unit Rate and Standing Charge Explained
Your unit rate is the cost of each kilowatt hour of electricity your business uses. Businesses with high consumption rates will generally pay slightly cheaper unit rates than smaller businesses.
Your standing charge covers the cost of maintaining the energy supply. This includes using and maintaining the energy supply network and transporting electricity to your premises.
Business Electricity Prices per kWh
Kilowatt hour (kWh) prices are essential to how you're charged by suppliers. This is the unit of measurement used to display your unit rate. This cost depends on several factors unique to your business.
The cheapest business electricity supplier for one business may not be the cheapest supplier for another. With Love Energy Savings, you can compare business electricity prices from a wide range of trusted suppliers quickly and easily.
Is The Cost Of Business Electricity Getting Cheaper?
The price of business electricity has been a hot topic and an area of concern for much of 2022 and 2023. However, electricity unit rates have only been heading in one direction for quite some time – and that’s down!
We pulled together the three cheapest business electricity tariffs for each of 3 months comparing the 2022/23 financial year to 2023/24. These prices show that costs have shrunk from just over 91p per kWh back in September 2022 to just over 25p per kWh in February 2024. Predictions suggest that prices will remain around this level for the foreseeable future. Although, it's worth keeping in mind that things could change overnight as we have seen in the past.
It is easy to compare business electricity rates. However, the market is always changing. Not having the right information to hand can make your business electricity quote more expensive.
Some great things to know/ have to hand are:
- A recent business electricity bill.
- Your electricity usage for at least 1-year.
- Know your meter type (smart, traditional, half-hourly meter).
- Business Information.
- Your current business electricity supplier.
Business Electricity Renewals
Businesses can be left overpaying for their electricity if they miss out on renegotiating terms at the end of their contract.
Allowing your contract to rollover is easy to do. However, rolling onto a deemed electricity tariff can be more expensive than negotiated rates.
It’s important for businesses to act quickly when renewing your business electricity contract. Your supplier will likely send a renewal letter a few months before your contract is set to expire. This will be the start of your renewal window and is the ideal time to compare electricity prices.
At Love Energy Savings, we aim to make comparing business electricity prices simple. You can view the latest deals in as little as 30 seconds. Once you’ve found a tariff that suits your needs, you can complete your switch online or over the phone with a member of our expert team.
Could You Go Green When Comparing Electricity Tariffs?
It's easy to go green when you switch with Love Energy Savings. You can compare the latest green electricity tariffs in seconds.
Switching to a green energy tariff is a great step to take when reducing your carbon footprint. Many energy suppliers now offer 100% renewable electricity tariffs. These come from sources including solar, wind, and hydro.
Prices have become more competitive as suppliers introduce more renewable electricity tariffs. A number suppliers will even offer 100% renewable electricity tariffs as standard.
To find out more, take a look at our guide to green electricity tariffs.
Who Are the Big Six Suppliers?
It is a good idea to compare business electricity rates from the Big Six. However, they can sometimes offer expensive rates. We'd always recommend comparing rates from as many suppliers as possible.
The Big Six have been traditionally the largest suppliers in the UK. The current Big Six are:
How To Find The Cheapest Business Electricity Rates
The supplier offering the cheapest business electricity rates can change daily. Even though costs are mainly driven by wholesale prices, suppliers set their own prices based on many factors.
The best way to find the cheapest business electricity rates is to use our comparison engine. You can view the cheapest deals from our panel of trusted suppliers. These prices are only locked in for a certain period of time as prices and tariffs change regularly.
At Love Energy Savings, we work with a wide range of business electricity suppliers. This allows us to offer our customers access to exclusive deals with trusted providers.
When you compare with us, we’ll take care of the process of your switch to get your new tariff set up without the hassle. We work with businesses of all sizes. So, whether you’re searching for a supplier offering small business support, or a half-hourly contract, we’ve got you covered.
If you’re ready to switch commercial electricity suppliers, you can get your quote today by using the table below.
The price of business electricity for your organisation varies on multiple factors. For example, suppliers may offer large business electricity users cheaper unit rates.
Below we have provided an example of a business with 25,000 kWh of annual electricity usage. This is based on a 2-year fixed-rate deal.
This aims to provide some guidance on average costs. However, business electricity rates do change daily. We would always advise you to use our comparison engine to find today's live rates for an accurate quote.
Click the supplier's name to find out more about them.
Table updated February 2024.
Business Electricity FAQs
What Impacts Business Electricity Rates?
Many factors impact the commercial electricity tariff you can secure for your business. The main variables that affect the price you pay for your electricity supply are:
- Wholesale prices
- Location and size of the business premises
- Credit ratings
- The sector the business operates in
- Annual consumption
Many businesses associate these obstacles as a reason not to switch business electricity suppliers. Unfortunately, this means many companies are on the wrong type of tariff.
We’re here to help you navigate the electricity market and secure the best deal available from our panel of trusted suppliers. No matter how big or small your business is, we’ll help you find a suitable business electricity deal within seconds.
Who Can Get The Energy Bill Discount Scheme (EBDS)?
Every UK business has access to the Energy Bill Discount Scheme (EBDS) replaces the relief scheme. This scheme supports businesses for 12 months from April 2023 through to March 2024.
Regardless of industry, businesses can get discounts on their electricity for fixed-rate contracts that have been agreed on or after 1 December 2021. This also applies to out-of-contract rates.
The maximum business electricity discount is £19.61 per megawatt-hour (MWh) with a price threshold of £302 per MWh. This discount will be applied automatically and will only become active in periods of higher wholesale prices.
Can I Cancel My Business Electricity Contract Early?
It is possible to cancel your business electricity contract but it isn't advisable. All business electricity contracts will have to incur an early exit fee. This exit fee is usually the remaining cost of the contract.
You can secure a new electricity deal up to 12 months before the end of your current deal. This means if you're offered a favourable rate when you compare business electricity prices, it may be worth locking those rates in.
Are Business Electricity Prices Cheaper at Night?
Not all tariffs offer cheaper rates at night. Most business electricity prices have the same unit rate 24/7 for the duration of your contract.
You can request an Economy 7 or an Economy 10 tariff as these business electricity tariffs do offer cheaper electricity supply rates at night. These are often the best tariffs for restaurants, nightclubs or bars if they are open late.
Is It Better to Get a Cheaper Standing Charge?
This is a question we're asked regularly. The answer depends on how your business uses its electricity supply. What may seem like a great deal to have no standing charge can actually end up adding to your business's electricity bills.
A typical business electricity supplier may offer an attractive-looking tariff with no standing charges but will likely offset any potential losses with a higher unit rate.
A daily standing charge will be applied 365 days of the year. For example, a charge of 45p per day will cost £164.25. Whereas the unit rate will be applied to each kWh of electricity used, this makes up the largest cost of your bill.
For a business that typically uses a medium to a high amount of electricity each month, it will likely cost more if you opt for a no-standing charge tariff.
On the flip side, a low-usage business can save money on its electricity supply with this type of tariff.
What VAT Do I Pay on My Business Electricity?
There are many costs to consider when it comes to business electricity. Most businesses will pay a flat rate of 20% VAT on their supply. This is automatically added to your bill by your electricity supplier.
Some business electricity customers are eligible for a 5% discount. You are eligible for a business VAT discount if you match one of the following:
- A charity or a non-profit business
- Very low business energy usage (less than 1,000 kWh of electricity per month)
- At least 60% of the business electricity supply is used for domestic purposes (this must be proved).
What Is a Half-Hourly Meter?
Half hourly meters are for business premises recording a large amount of electricity consumption.
By law, your business must have a half-hourly meter if you have a maximum demand of 100kWh or greater in any 30-minute period during the day. These meters are great for managing business electricity and gas ensuring that energy suppliers are not overcharging you based on estimated billing.
What is a micro business & am I classed as one?
It may be the first time you're hearing the term 'micro business'. In fact, most SMEs fall into this category in the eyes of business energy suppliers without realising. There's a few benefits to being classed as a micro business; but as with anything it does have its drawbacks.
You'll be classed as a micro business by energy suppliers if you fit into one of the following categories:
- you employ less than 10 employees and have an annual turnover no greater than €2 million; or
- use less than 100,000 kWh of electricity per year; or
- use less than 293,000 kWh of gas per year.
What if My Business Has Had a Power Cut?
Are Renewable Electricity Tariffs Expensive?
In most cases, renewable electricity tariffs are comparable in price to standard non-green tariffs. Some electricity suppliers offer 100% renewables across all tariffs.
Still Not Sure About Switching Your Business Electricity Supplier?
Join over 400,000 happy customers who compared business electricity prices and switched with us
Want To Stay With Your Current Supplier?
It’s hassle-free, easier and quicker to recontract with your current business electricity supplier. This is a good choice for your company if you want to avoid any lump sum final bills and additional paperwork.