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A useful guide to small business electricity
Did you know that it is possible to compare and switch business electricity tariffs? Comparing business prices is different to comparing domestic prices, as the contracts are based on their individual requirements. This means it is necessary to contact each supplier and negotiate a bespoke quote for your business.
Here at BusinessComparison, we can help your business compare providers. We will ensure you benefit from being signed up with the cheapest electricity supplier for small businesses.
What types of business electricity tariffs are available?
As you search for the cheap electricity suppliers you will come across a range of electricity tariffs designed for small businesses. The most common contracts are fixed and variable tariffs, these usually provide the best electricity rates for small business.
What is a fixed price tariff?
A fixed price tariff is when the supplier fixes the price for each unit of electricity for a set period of time. Your bills will be produced based on the amount of electricity used. However, this would be set at an agreed fixed competitive rate to ensure you benefit from cheap electricity for businesses in the UK.
Fixed price contracts are a very popular option, as businesses are provided with security against potential price increases. Therefore, a fixed unit rate can assist with budgeting for your electricity bill for a small business. However, if electricity prices fall during the contract period, you will need to wait until your renewal window to switch. This is because over the course of the contract you may no longer be with the cheapest business electricity provider.
What is a variable rate tariff?
Alternatively, it is possible to sign a variable-rate contract where the unit rate will fluctuate depending on the market price. This is great if the cost of electricity falls but will leave your business open to electricity price increases. However, if you want to avoid a long-term contract it is possible to switch suppliers quickly. This is because of the useful short-term nature of variable small business electricity rates.
How will my business be charged?
The actual price of your business energy will be determined by a variety of factors. Including the location of your premises, what times of the day you use the most electricity and how much you use. The overall price will be broken down into separate charges, which are mainly comprised of the unit price and standing charge. The unit price relates to how much each kWh of electricity costs you in pence for each unit used. Whereas, the standing charge is used to cover the cost of providing the electricity to your premises.
To find the best price for you, why not compare online and see how you could obtain cheap electricity for business UK.
Finding the cheapest business electricity supplier in the UK for a micro business
Running a micro business? Great news! There are specific small business electricity tariffs for you. To qualify your business must employ fewer than 10 employees and have a turnover of below £2 million. More importantly, the amount of electricity you use within your business must not exceed 100.000 kWh per year.
According to Ofgem there were only 21% of micro businesses which switched to a new supplier in 2016. This surprising figure means there could be almost 80% of micro businesses across the UK overpaying for their electricity supply.
The benefits of micro business contracts include; reduced notice periods, a limit on rollover contracts with clearer terms and conditions. This means your business will be able to easily switch to the cheapest electricity supplier for small business if prices are available.
The benefits of comparing small business electricity prices
If you are searching for the cheapest electricity supplier, it is important to compare rates. Comparing prices will ensure you are well on your way to securing the most competitive deal. By comparing the available tariffs, there could be significant financial savings to every type of small business.
According to research conducted by the Federation of Small Businesses, 43% of businesses have never switched electricity supplier. When you consider how much they could be overpaying, it is surprising that all businesses do not check how much they could save.
Every electricity contract covers a specific amount of time, which means your business is tied until it ends. The minimum length of time for electricity contracts is 12 months, but smaller businesses will receive reminders near the end. Once the contract is coming to an end you will enter a switching window. This is the ideal time to compare available contracts and switch to the cheapest electricity supplier for small business.
Switching to a new supplier is not a complicated task, although many businesses fear that comparing and switching could be. Instead, the competitive nature of the market helps ensure that the suppliers are committed to smoothly managing the whole process.
How to find the cheapest business electricity provider
To find the cheapest electricity supplier for small business, you will need to compare quotes to find the best deal. It can be time-consuming for a business to contact each of the small business electricity suppliers. This is especially true if your business is unaware of the various providers available. To save you time and money, our dedicated business energy team will do the hard work on your behalf.
How do I switch my business electricity supplier?
The switching process is very simple once you have selected a new supplier. We will send the electricity provider our details and they will take care of the whole switching process. The first step will be for you to sign and provide a Letter of Authority (LoA). This will be used to notify your current electricity provider that you are moving to a new supplier. Once the switch is complete you will receive a final bill from your old supplier, which you will need to pay in full to close your account.
What do I need to find the cheapest business electricity supplier UK?
All we need are a few details which you will find on your most recent bill. For example, your current supplier and unit rate, how much electricity you use and the amount you expect to use. The comparison team will then contact our panel of electricity suppliers and negotiate the best deals available. This will mean that you can easily compare electricity prices for small business.
Our panel include the most well-known providers of electricity, from the ‘Big Six’ to hand-picked independent companies. We know that the most important factors are that the supplier offers excellent service and excellent prices. By searching a range of deals and offers we can help your business find the cheapest electricity supplier for small business.
Once we complete our small business electricity price comparison, we will send you the bespoke quotes. These will be based on the exact requirements of your business, including your businesses location and type. To find the best electricity quote for your business, you should compare the type of tariff, contract length, the services and price. By carefully comparing each of these factors, you will ensure that you benefit from this best deal.
Start your business electricity comparison today!
To find out more about how we can help you find the cheapest electricity supplier for small business, please contact our team today. Our knowledgeable team are aware of the available deals and will ensure you benefit from a thorough small business electricity comparison.
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