Finding the right energy supplier in the UK is as simple as determining your business energy needs and finding the perfect fit for them in a potential supplier. Here is your how-to guide for doing just that:
Understand Your Business’s Energy Needs
Start by assessing your business energy needs. This means determining how much energy your company uses on a daily, monthly, and annual basis. You can do this by looking at past bills to find peak energy consumption periods and gauge overall consumption.
Next, consider your company’s specific requirements. These may include a need for renewable energy options or flexible payment plans – whatever suits your business’s individual needs and helps you meet your goals. Once you understand your company’s needs, you can find the right provider.
Compare Providers
Next, it is time to compare your options. There are many energy providers to choose from, so this comparison is essential to finding the most affordable and best-fitting option for your company’s budget and needs.
Does this mean you have to spend endless hours sending emails or making calls to request clothes and compare prices? No! There are convenient options for doing this that you can do right from your home or office. Using online comparison tools, you can quickly find rates offered by numerous nearby business energy providers. While doing this, you can also compare reviews from past customers and weigh these against the prices you are quoted.
Evaluate Tariffs
Once you have narrowed down your provider options, it is time to compare available tariffs. These are the contracts offered by business energy providers. These generally come in various lengths and may be fixed-rate or flexible from month to month.
Fixed rates offer greater stability for corporate clients. Their predictable rates mean managing budgeting is easy. For larger companies with predictable energy needs, this is often the ideal choice. However, smaller companies with less stability of their own may not benefit as much from fixed-rate tariffs.
Flexible rates offer exactly that – flexibility. This can be great for companies that are newer or smaller, who do not yet understand their business energy needs well. The flexibility also means these companies can take advantage of market movement, meaning their energy bills will drop when market energy prices go down. However, it also means the prices will rise along with the market, which can blindside the business and make budgeting more difficult.
Remember to also consider any additional fees your energy supplier may have, including early termination fees, administrative fees, and more. These can quickly add up to more than you are counting on paying.
Consider Renewable Energy Options
Your company may also want to consider renewable energy options. If so, talk to potential suppliers about the availability of these options. Some companies partner with government or private organizations to offer discounts or stipends to help reduce the costs of these tariffs to encourage more businesses to go green.
Check Supplier Credentials
You should always evaluate the credentials of any business you partner with. This includes your energy supplier. Look for a company that is financially stable, with a track record of customer satisfaction and few – if any- complaints. Ensure they are also registered with Ofgem, as this will assure you of their regulatory compliance within the United Kingdom.
Negotiate Contracts
While you should consider all “off the shelf” contracts your company offers, you may also want to inquire about specially tailored services. You may be able to negotiate contract terms to better suit your business energy needs, as well as your budget. This may include the terms of your payment, special discounts for longer contracts, or prices based on your unique energy usage and needs.
If you do not feel prepared to do this negotiation yourself, consider partnering with an energy broker. These professionals can negotiate on your behalf to deliver the best possible solutions at prices your company can afford.
Review Contract Terms Carefully
Once a contract is presented to you, review the terms carefully. Termination of an energy contract can be difficult and expensive, even from the best providers. Ensuring that you carefully examine the terms of your contract and rule out any potential issues with it before signing will reduce the likelihood of termination and help you find a tariff that does not feel like you are settling for less than you want and need.
Look at things like terms and conditions. Ask a legal expert to read things over if you feel unsure. Always consider renewal terms too, as these can quickly become a financial sticking point later if prices increase upon renewal.
Monitor and Review Regularly
Lastly, do not be afraid to monitor and reevaluate your supplier throughout your contract with them. It is common for your company’s energy needs to change throughout the length of a contract – and a good energy supplier should be able to grow, change, and adapt to these diverse needs. If not, you might find that termination or other changes are necessary to ensure you still have the best possible rates and services for your company’s needs.
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