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Many UK businesses rely on electricity to function. Whether it’s used to simply light a premises or to operate essential machinery, this reliance means it’s important for business owners to ensure they’re getting the best deal possible on their business’s electricity supply.
However, in an energy market where prices are rising, the task of finding a cheaper business electricity quote might seem like a major project. But, provided you’re armed with the right kind of knowledge, the reality is that it’s easy to compare business electricity prices & find a cheaper tariff – particularly if you use the services of a broker.
To help you get off to a good start on your switching journey, we’ve put together this guide covering the relevant areas of comparing and switching your business electricity to help you find a cheaper quote, including:
To get started read on, or click the links above to jump to specific topics.
Alternatively, you could contact one of our team on 0800 188 4930 who, after a short conversation, can not only organise quotes on your behalf, but also advise you on which deal will best suit your needs and switch you within minutes.
Business electricity tariffs: an introduction
Unlike on the domestic energy market, when you’re looking to secure a new business electricity tariff, you must approach each supplier individually for a quote. This is because suppliers will offer you a bespoke business electricity quote based off an assessment that they carry out of your business and its consumption habits.
Bespoke business electricity quotes can offer customers and suppliers the flexibility that is required to meet the varying consumption habits of all businesses in the UK. However, it can also cause confusion for customers new to the market who are looking for guidance on what a good business electricity tariff looks like for them.
This is because no two businesses – regardless of how similar they are – will have an identical business electricity contract.
There are, however, similar contract structures, and familiarising yourself with these is one easy way to identify if you’re getting a good deal.
To help you understand how your tariff stacks up against the rest of the market, you will first need to find your current tariff type. In the lsit below we have outlined some of the more frequent contract types that small and medium sized business owners are likely to encounter when running a business electricity price comparison.
- Fixed rate tariff (Competitive)
A fixed rate business electricity tariff allows customers to pre-agree unit rates with their supplier and pay these rates throughout the duration of their contract. These rates are usually competitive, but it is recommended that you run a business electricity comparison if possible to be sure you can’t get a better deal elsewhere.
- Deemed rate tariff (Not competitive)
Deemed rate tariffs work on 28-day rolling terms that come into effect if a customer fails to formally agree a new contract with their supplier before their current business electricity tariff ends. On a rolling contract you’re charged at inflated rates, so it’s recommended that you look to switch away from these contracts as soon as possible.
