If you’re ready to compare business energy suppliers, there are several steps you’ll need to take before you get started.
First, you’ll have to review your contract details and calculate your current rate. Then, you may decide that switching billing models will help reduce costs even more in addition to a new supplier.
Lastly, based on your company’s needs and how often it uses energy, an energy monitoring system could prove useful for managing future consumption.
Learn all you need to about how to choose an energy supplier below…
#1 Find The Right Rate
The best way to find the right rate is by comparing suppliers and their pricing.
Your goal is to find a supplier that charges you less than what your current supplier charges. There are many different types of rates available, so make sure you take a look at each and compare all the terms and conditions.
#2 Get A History Of Your Energy Use
As a business owner, it’s important to know your energy usage patterns so that you can compare different suppliers’ offers and ensure that the right amount of power is being used.
You’ll need to get a history of your energy use from whichever supplier you’re currently working with. You can do this by calling them or using their app or website.
Once you have this history in hand, understanding where your power goes becomes much easier.
#3 Check your contract details
Choose a contract length
Most businesses opt for 12-month contracts, as this gives them the flexibility to switch suppliers if there are price reductions during the term of the contract.
However, shorter contracts are available if you’re confident your energy usage will remain relatively stable over that period.
Check exit fees and terms and conditions
Even though you may only be paying an exit fee at the end of your contract, it’s important to factor that fee into any calculations when comparing energy suppliers’ quotes and deals.
Read through all terms and conditions carefully
Check there aren’t any hidden fees or restrictions on usage, especially if you plan on being more environmentally conscious as possible.
#4 Review Your Current Billing Model
The first thing to check is whether you are on a fixed or variable rate. This is important because it will affect how your payments go up or down when the market fluctuates.
You can find out if you’re on a fixed or variable rate by looking at your most recent bill.
If it shows “N/A” under “Rate Type,” then you’re probably on one of those two options.
If you’re not sure what type of billing model your energy provider uses, call them or email and ask for confirmation of your billing model.
The next step is comparing that information with what other suppliers offer.
Compare them based on the terms of different payment plans. Make sure all providers’ rates are based on the same set of variables before making any decisions about which one makes sense for your business’s needs.
#5 Consider Installing An Energy Monitoring System
An energy monitoring system is a great way to keep track of how much energy you use and when. This will help you identify opportunities to reduce your usage by changing habits or making changes in your operations.
You can also see if there are any patterns in your energy usage, such as how long it takes for the heater or printer to turn off after use.
If there are spikes in these times, this could be an indication that something is malfunctioning and costing you more money than necessary.
It can also be a great tool to use when coming up with a plan to use less electricity in your business.
#6 When You Decide To Switch Suppliers, You’ll Have To Decide On A New Rate And Billing System
When you decide to switch suppliers, you’ll have to decide on a new rate and billing system.
If your current supplier is not understanding and helpful, they may try to charge an early termination fee or other charges.
To avoid this and ensure that you are switching at the right time, it’s best to wait until your contract ends before changing suppliers.
With your new supplier in place and your contract signed, there will be some technical changes that occur as part of this transition:
Your meter will be read by someone from the new company (the supplier)
This means that they will need access to the meter so that they can credit/debit it with units used.
They’ll also have an opportunity to check any issues with its accuracy or installation.
If there are problems these should be addressed before switching over to a new energy supplier to avoid confusion later down the line.
You might receive two bills from each company
One shows what energy has been purchased while under contract with them, and the other shows how much energy was consumed during the transition between contracts.
We hope this guide has been helpful in showing you how to compare business energy suppliers.
Remember that finding a supplier is not as simple as looking up their rates and signing a contract.
You may also have to negotiate terms, so keep these tips in mind when you’re deciding which business energy supplier will be the best for your company’s needs.