Cheapest Business Electricity
How to find the cheapest business electricity
Did you know it is easy to find the cheapest business electricity prices through our dedicated energy comparison team? Here at BusinessComparison, we understand the pressure which businesses across the UK face due to expensive energy costs. With electricity bills one of the costliest outgoings for every business, it makes sense to compare business electricity prices. Our professional service will ensure you benefit from the cheapest business electricity possible.
Which factors influence business electricity rates?
If you are searching for cheap business electricity rates, it can help if you understand how your supply is calculated. There are many factors which are likely to influence the price you will pay for business electricity. For example, the size of the premises, number of people on site, the level of usage and the location, will all impact costs. Although, business electricity prices are mainly dependent on the wholesale electricity cost, which can fluctuate on a day-to-day basis.
The price is broken down into two separate charges, the price you pay per unit of electricity (kWh) and the standing charge. This is the daily fee for suppling and maintaining your premises connection to the grid. These two charges will come together to form the total cost of your business electricity tariff.
What are the cheapest business electricity tariffs?
The cheapest business electricity tariffs are usually fixed rate tariffs and flexible tariffs. A fixed rate tariff will mean that the price for your electricity supply will be fixed for the duration of the contract. This could be anywhere from 1 to 3 years, although some suppliers offer contacts of 5 years. In contrast, a flexible tariff will change in line with the wholesale cost of the electricity supply. This opens your business up to the possibility of saving money but will mean that there is increased risks of price hikes.
There are other less common tariffs available such as deemed rate contracts, which are used for businesses who have not yet signed a contract. These are often the most expensive forms of electricity supply. So, if you are looking to secure cheap business electricity rates it is advisable to avoid these types of tariffs.
The tariffs available for your business are designed to suit your specific business requirements. This is because suppliers know that there is no one-size-fits-all way to charge every business. As the tariffs are bespoke to every business it can be difficult to find which tariff provides the cheapest business electricity. Especially if you do not have the help of a professional comparison service.
How to secure the cheapest business electricity prices
The tariffs available to your business will be completely individual to you. Although, there are a variety of ways which you can lower the cost of your business’ electricity bill. For example, if your business has recently started, there are suppliers which have deals available to provide cheap electricity for small businesses. These types of tariffs could provide low standing charges and flexible contracts with no penalties for ending the contract early.
Alternatively, if your business tends to pay electricity bills as they arrive by cheque or card, you may wish to rethink this. It is worth finding out whether there are savings to be made by switching to direct debit payments. In addition to lowering your bills slightly, paying by direct debit will also make it much easier to manage your businesses cash flow.
One of the most obvious ways to secure the cheapest business electricity, is to reduce the amount of which your business consumes. Try to analyse factors such as when your business is likely to be consuming the most amount of electricity. If you have this information, it may be possible to switch to tariffs which provide cheap rates at these times.
By assessing your usage requirements and the amount you currently pay, it will make it much easier to compare quotes. You will also be able to decide whether your renewal quote from your current supplier is competitive. If your business is looking to secure the cheapest business electricity, it is advisable to see what tariffs other suppliers can provide.
Which suppliers provide the cheapest business electricity?
We know how important it is to secure the cheapest business electricity, but we also understand the need for suppliers to meet your individual requirements. We handpick our panel of business energy providers based on their ability to offer the cheapest business electricity. Although, we also look for brilliant customer support and contracts which match the requirements of every type of business.
Our panel includes the ‘Big Six’ energy suppliers; British Gas, EDF Energy, npower, E.ON, Scottish Power and SSE, alongside a range of independent suppliers. By searching a range of suppliers for your business electricity quote, we can provide you with access to the most competitive tariffs. It also means that your business may benefit from short-term offers, discounts or new tariffs which could differentiate between suppliers.
Once we find the cheapest business electricity tariffs available, we also consider the strength of their customer support. For example, does the supplier offer a UK based customer service team and are there multiple ways to contact them? We will also take into account factors which are important to your specific business, such as whether they provide energy from a renewable source.
When can a business switch to a new electricity tariff?
With every business electricity contract there is a renewal window, which is the period of time before your contract expires. Depending on your contract, this will be between 1 and six months before the contract ends. This is the perfect time to start looking for the cheapest business electricity quotes. You will be in an ideal position to compare the renewal quote you receive from the current supplier.
Even if your business plans to stay with its current provider, it is essential to sign a new contract when the current one ends. If you do not sign a new contract, you will be switched to an out of rate contract, which is more expensive.
If your business moves to new premises and uses the electricity supply, you will be automatically signed up to a deemed contract. This is expensive as there is no formal contract in place, but it is possible to switch to the cheapest business electricity supply.
How to switch to the cheapest business electricity provider
Our energy team will ask you a series of questions which will provide an insight into your energy requirements. We will establish your current levels of electricity usage and the projected use for the future. The information we require can be found on your electricity bill, such as the current unit price and the name of the supplier.
We will negotiate with our panel of business electricity suppliers to find you a range of competitive business electricity tariffs. Once you have reviewed the available contracts if you decide to switch, we will pass the details across to the supplier. They will then arrange every aspect of the switching process. There is no disruption to your services and the whole switch will usually be complete in just a few weeks. This means you benefit from the cheapest business electricity available very quickly.
To find out more about how our energy team secure cheap gas and electricity for small business, please contact our team to find out more.