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Business Energy

New Business Electricity

A guide to helping you understand and compare new business electricity suppliers

Reduce your overheads with a new business electricity supply

With so many electricity suppliers available, your business could save a vast amount when arranging a new business electricity supply. However, the vast array of potential deals, tariffs and suppliers available can make it difficult to compare the available options. To help you find the best tariff, we have put together this guide to finding a competitive new business electricity supply.

What business electricity supply tariffs are available?

The most common new business electricity supply tariffs

These are the two most common types of tariffs available to businesses and will generally provide the lowest rates. A fixed rate contract will usually be available for between 1 and 3 years, although some can be 5 years. The unit price of the electricity supply will be fixed for the duration of the contract period. In contrast, a variable rate tariff will change prices depending on the wholesale cost of the supply.

Avoid expensive electricity tariffs

If you have already moved to new premises, your business may have been automatically signed up to a deemed rate tariff. Electricity providers will automatically sign you up to this tariff until you formally agree to a new business electricity supply contract. The deemed rate will continue to work on 28-day rolling terms, with the possibility of switching by providing 28-days’ notice. If you are signed up to a deemed rate, you are likely to be paying a high price for your electricity. This means you should only use this type of contract as a short-term arrangement.

Have you never arranged a new business electricity supply contract?

If you moved to new premises and have never compared a new business electricity supply contract, you could end up paying too much. This is because there is a chance you will automatically be placed onto a deemed rate rolling contract. This type of contract is provided when a previous contract has ended with the previous tenant or owner and you have not yet agreed or signed a new contract. The rolling contract is a year long contract, with rates usually more inflated than the most competitive prices available.

Whatever contract your business is currently signed up to, there is a chance you could reduce your overheads. All you need to do is compare and switch to a new business electricity supply contract.

How are new business electricity supply prices calculated?

The overall cost of a new business electricity supply is made up of several smaller costs. Although, the two most important are the unit cost and standing charge. The unit cost is measured in kWh and is the price you will pay for each unit of electricity used. The standing charge is a daily rate which your business will pay and is calculated in pence per day. It is used to cover the cost of transporting the electricity to your premises and maintaining the national grid. It is these costs which will make the biggest difference to the cost of your business electricity.

When can a business switch to a new business electricity supply

If you have recently moved to new premises, you will need to start a new contract for your electricity supply. It is not possible to transfer your tariff across to the new premises, as there are different circumstances. This means you will need to end your existing contract and pay any required exit fees. Your business will then be free to agree a new business electricity supply contract at your new premises.

How to compare new business electricity supply contracts

Every new business electricity supply tariff is different, as they are each designed to fit the specific requirements of each business. There are no two businesses with exactly the same electricity requirements, so no two contracts will be the same. This makes it difficult to quickly compare your current electricity contract. If you were to search yourself, to ensure you find a competitive tariff you would need to provide your details to numerous electricity suppliers. This can become confusing and ultimately time consuming.

Compare new business electricity supply tariffs

Here at BusinessComparison, our energy team specialise in comparing new business electricity supply tariffs. By answering just a few quick questions about your business and current electricity contract, we could help you save money. We will compare our panel of energy providers to negotiate the best quotes on your behalf.

The information we require includes the current suppliers name, the amount you pay and the supply type. It is also useful to know how much electricity your business currently uses and how much you could use. This information will help us provide you with accurate quotes which reflect the requirements of your business. This information will be easy to find on your most recent bill and within your current contract. Although, if you are still unsure, your supplier will be able to send you the required information.

The service is completely free and there is no-obligation to switch to a new business electricity supply. All you will need to do is compare the quotes and decide whether to switch to a new contract.

How to compare the individual new business supply tariffs available

It is easy to assume that the quote offering the cheapest new business electricity supply will be the best deal for your business. Although, this will reduce the outgoings of your business, the cheapest tariff may not be the ideal fit for your requirements. To make sure you are getting the best supply for your business, you should look at a variety of factors. For example, customer service availability, how the electricity is produced and how easy it will be to manage your electricity account. There is huge competitiveness between suppliers, so many will offer perks and services which may suit your specific business model.

How does the switching process work?

Once you decide which new business electricity supply contract to switch to, it is a straight-forward process. In most situations the whole switch will take roughly 4 to 6 weeks to complete. Although, the BusinessComparison team and the new supplier will manage the whole process for you. During the switching process there will be no disruptions to your supply, as the new supplier will use the existing lines.

We will provide your new supplier with your business details, so that they can contact your current supplier. Between them they will arrange the changeover of your electricity supply. You will be sent a changeover date and will need to take a final meter reading for your old supplier. They will then send a final bill based on these figures and close your account once settled in full.

Save money and arrange your new business electricity supply today!

To find out more about switching to a new business electricity supply, please contact our energy team today. The team are available to discuss the process, so if there is any aspect you are unsure of please contact us. We are always here to help with every aspect of your new business electricity supply, to ensure a smooth switch.

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