Businesses need to know when their energy contract is due to end.
Keeping track of your business energy tariff is a key part of energy management and can help you avoid expensive rates once your contract comes to an end.
In this guide, we’ll highlight the importance of knowing the end date of your business energy contract and inform you of the steps you’ll need to take once it runs out.
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Why is my business energy contract end date important?
Your contract end date is important because it tells you when you can terminate your current contract and switch to a new deal. If you fail to organise a contract renewal, termination or supplier switch before your contract ends, you could be placed on expensive out-of-contract rates or even be rolled over onto another contract for another term. Once your contract has been rolled over, it can be difficult to get out of it.
Many businesses face unnecessarily expensive energy bills due to failing to switch to a new energy tariff in time. Remembering your contract end date and the required notice period for termination could help you avoid overpaying for your business energy and help you save.
When is my business energy contract’s end date?
If you don’t know when your business energy contract is set to end, don’t worry, you can find this information in several ways.
Firstly, you could check your original contract or look at a recent bill. This should inform you of your contract end date and the notice period in which you need to tell your supplier that you intend to switch energy providers. Alternatively, you could simply contact your energy provider via telephone or email and enquire about your contract’s end date.
If your business is considered a micro business, your supplier will send you a renewal letter at least three months prior to your contract’s end date. This letter will tell you when your contract is due to end, and it will inform you of the rollover and out-of-contract rates available to you with your current supplier. As aforementioned, these rates are likely to be expensive, so it’s highly recommended that you switch energy suppliers to find a cheaper deal.
How can I switch business energy suppliers?
The best way to switch business energy suppliers is through an energy comparison site like Love Energy Savings. We can help you compare the best energy deals on the market to find a suitable tariff for your business.
We’ll also manage the switching process for you and get in touch with your old and new suppliers to arrange a change-over date. The switching process tends should take about five working days, but don’t worry, your energy supply will remain intact and we’ll keep you updated every step of the way.
Try our free comparison tool today to get started with your business energy supplier switch.
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Can I switch business energy suppliers before my contract’s end date?
In most cases, you are not permitted to cancel your business energy contract before its end date, unless you are moving to a new address or your company goes bankrupt.
In the rare occasion that your business energy supplier allows you to terminate your contract before its end date, you are likely to be charged an early exit fee. Read your energy contract or contact your supplier to find out the cancellation terms for your tariff.
When is the best time to switch business energy suppliers?
The best time to arrange a supplier switch is during your contract’s renewal window. This is the period when you are permitted by your supplier to terminate your contract and switch to a new energy provider.
Typically, your renewal period can be between one and six months before your contract’s end date, but you should check your original contract or contact your supplier to confirm.
How do micro-business contracts differ from others?
Ofgem has put some regulations in place to help micro businesses manage their business energy contracts. For example, energy suppliers must place the contract end date and notice period on all bills for micro businesses that are on fixed-rate tariffs. Smaller businesses are also permitted to inform their supplier at any point that they wish to change suppliers at the end of their contracts.
Additionally, the notice period for terminating all micro business energy contracts is 30 days; previously it was 90 days. Energy suppliers are also required to inform small businesses of their annual energy consumption; they must also outline how new deals compare to their current contract. This information usually comes in the form of a renewal letter and provides you with the information you need to compare energy deals for your business.
Whether you have a small, medium or large business, Love Energy Savings can help you find the best deal for your business gas and electricity. Try our quick and easy comparison tool below to find a suitable tariff.