How to Get the Cheapest Business Electricity and Gas Prices

26 January 2017

Lowering the cost of energy means more profit for your business, more money to invest, or more money to run your business. The following tips will help you get the cheapest business electricity and gas prices.

Don't Rollover

It’s important you know when your current energy contract is up for renewal so you have enough time to find a new tariff and get a new contract. If you don't leave enough time, or you forget about the renewal date, the contract might roll over with your existing supplier.

This is surprisingly common despite the fact that some energy suppliers put up their prices considerably when rolling over a contract. It’s best to be prepared to take action if you have to, and that means knowing your renewal date.

Review Your Current Contract

You may not remember the details of your current energy contracts, particularly if you signed them 12, 24, or even 36 months ago. However, it’s important you understand how you pay for energy so you can get the best possible deal for the future. It’s a good idea, therefore, to review your current contract.

Research the Market

Don't just speak to your current supplier when researching new deals, and don't focus on the big six energy suppliers. Excellent deals and tariffs are available from smaller energy suppliers, so always cast your net as far as possible.

Check the Total

The tariff you’re on will have two elements - a unit rate for the energy used, and a daily standing charge. To get the best business gas rates and the cheapest business electricity prices, you can't look at either of these figures in isolation. For example, you can't simply focus on getting the lowest possible rate per kWh while ignoring the standing charge.

Both of these figures are important, and you should research and compare both. However, make sure your main focus is on the total quote. This is the only way to know what you’ll be charged, and whether the tariff is right for you.

Check for Additional Discounts

Many energy suppliers offer additional discounts under certain conditions. For example, if you agree to pay by direct debit, you might get a reduced rate. Offers like this are worth exploring.

Consider the Contract Term

Getting the term right for your energy contract can be as complicated as researching rates and selecting tariffs. Do you go for a short-term contract, for example, as this will usually give you the best rates? Also, you can then get another deal in 12 months, hopefully at an even lower rate. The risk with this option, of course, is that prices could rise over the 12-month period.

On the other hand, you could decide to pay more now for a contract that locks in a price for a longer period of time - three years, for example. This makes budgeting easier, and means your business is less susceptible to fluctuations in energy prices, i.e., if energy prices go up in 12 months, you won't be affected as your rate is set.

The time spent going through these points will ensure you get the best possible deal.

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