How to compare business electricity prices and save money
Comparing business electricity prices may not be at the top of the priority list but taking five minutes out of your day to review the latest deals can result in some substantial financial savings.
It has never been easier to access a range of business electricity prices in minutes from energy suppliers across the UK, so there is no need to spend hours crawling the internet for the best prices. Love Energy Savings will do all the hard work for you.
However, even with a list of tariff options are your fingertips, it can be a challenge to know which deal is the right one for you. We have put together this guide to help you decide when that decision comes.
Big Six vs Independent Energy Suppiers
It may feel more familiar and secure to select a supplier that you have known for many years, but sometimes they do not offer the best deals.
As the business electricity market becomes ever more competitive, the emergence of smaller energy firms has breathed new life into the industry.
Many more business energy suppliers are now available for both SME and larger businesses looking to find the cheapest energy prices. This is partly due to the work of energy regulator Ofgem, which is keen to ‘level the playing field’, giving these lesser-known providers more exposure.
Sometimes a Big Six provider will offer the better deal, but when an independent energy supplier is offering a great deal do not be put off. Here are some reasons you might want to give a smaller energy supplier a chance:
- Due to their smaller size, independent suppliers are more agile with fewer overheads, so they can quickly adopt new technologies, systems and offer better deals because they are not obligated to pay into certain government initiatives. This means they can usually relay savings to their customers, often making them the cheaper option.
- The combination of being able to adapt quickly and having a smaller customer base than some of the larger suppliers, independent energy suppliers usually perform better in customer satisfaction polls.
- Most independent suppliers only offer one single business electricity tariff to all their customers. Whilst this may not seem like a unique selling point on the surface, some business may appreciate the no-nonsense approach and cut out the complexity of energy tariffs.
What do I need to switch business electricity suppliers?
If you have run a price comparison using our online tool but would benefit from some further clarity, our team of energy experts can help. The more information you can give us about your business, the more accurate your quote will be.
It might be handy if you could retrieve a recent electricity bill and make note of the following:
- How much electricity your business uses
- Your supply type
- The name of your tariff and its end date
Our innovative comparison engine will be able to pull together accurate quotes from a large panel of suppliers with your businesses needs in mind.
How are electricity prices calculated?
Many factors can affect how much your business pays for their electricity. Changes in global gas, oil and coal prices can make a significant difference, but also location, energy usage and weather affect the market too. Because of this, providers work out their tariffs differently.
As the weather in the UK is so unpredictable, the demands of consumers can change quite quickly. For example, if we experience a bitterly cold winter, energy usage will generally increase as people, including businesses, will use their heating more. It’s a simple case of supply and demand.
How suppliers buy their energy can also impact prices. In most cases, larger providers purchase it in bulk and well in advance of them selling it. Meaning that price fluctuations do not affect prices for weeks, months or even years after they happen.
Regardless of how the current market is looking, it is always best practice to regularly run a price comparison to see if you could secure a cheaper business electricity deal.
What happens when you switch business electricity suppliers?
Once you have selected your tariff and supplier, we will get to work and pass on your details to your new supplier. We will also arrange a smooth switchover from your current supplier. The only thing you will be required to do is take a meter reading on the official switch date. There will be no break in your electricity supply as your power will be supplied using the same cables.
Switching business electricity is easy
The time it takes to switch has always been a cause for concern for consumers. But thanks to changes made by the Government, energy providers have now made it much easier and quicker to switch.
Despite some degree of difficulty surrounding switching business electricity suppliers, it can be a worthwhile process and save most companies hundreds of pounds each year. Having Love Energy Savings manage your business electricity switch can take all the admin away, allowing you to focus on what you do best.
By using our business electricity comparison service, you can find the right electricity tariff for you with no fuss. Take advantage of the incredible savings your business could make.