Anyone who runs a business will know how important it is to keep costs and overheads as low as possible. And, for many firms, one of the biggest costs involved is gas and electricity. That’s why it’s vital to ensure you are not paying over the odds for your energy bills.
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Many businesses energy contracts simply rollover when they come to an end, which means you could easily be forking out far more than you should be if you’ve never switched provider or haven’t switched for several years.
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Keeping an eye on your energy bills and switching to a better deal when your contract ends could save your business several hundred pounds a year.
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How do I switch my business energy contract?
You can usually only switch business energy contracts if your existing contract is coming to an end. It’s at that point you should start looking into switching deals, otherwise you’ll be moved over to your supplier’s pricey ‘out-of-date’ contract rates.
If you’re not sure when your contract ends, don’t worry. Your supplier will contact you when your contract enters its ‘renewal’ window – usually between one and six months before the end date.
As soon as your supplier gets in touch, use our comparison service to run a business energy quote and see whether you can save money by switching. Doing this in advance means you can have your new contract in place just as your existing one ends.
When comparing deals, it’s worth having your latest energy bill to hand as you will need to enter details such as:
- the name of your current gas and electricity suppliers
- the name of the tariffs you’re on and their end dates
- your supply type
- how much energy your business uses in kWh, or how much you typically pay each year.
If you find a better deal and decide to switch, your existing provider will request a final meter reading and send you a final bill. Your new supplier should then take care of the rest of the switching process.
Be aware that, unlike with domestic energy tariffs, there is no cooling-off period with business energy contracts, so you won’t be able to cancel penalty-free if you change your mind.
Domestic consumers have 14 days in which they can change their mind and bring the switch to a halt.
How long does it take to switch?
Switching business energy contracts usually takes around four to six weeks. Your new supplier should work with your existing supplier to take care of the switch and should inform you of the switching date.
Will my energy supply be affected?
No. Your gas and electricity will still be supplied through the same pipes and cables so there will be no digging or drilling at your workplace, inside or out, and there should be no disruption to your energy supply.
Smart metering
When you switch you may be offered a smart meter – this is an online device which sends information about how much energy you are using to your energy company in real time. Gas and electricity supplies need their own smart meters.
One advantage of smart metering is that your bills will always be penny accurate, and there is no need for you to submit the information – it’s done automatically (so clearly, no-one will need to visit your premises to ‘read your meter’ either).
Additionally, the smart meter can help you audit times of peak consumption. Some business tariffs offer lower evening, night and weekend rates, so the information could help you find a more appropriate deal for your usage pattern.
You can also install an energy monitor which lets you work out which parts of your operation are consuming the most power. This might prompt you to re-think a process or upgrade to more energy-efficient equipment.
Note that all businesses must be offered smart meters by 2024 under the government’s roll-out schedule. You are not obliged to have them fitted, but some suppliers may reserve their best deals for firms that have smart meters.
What type of tariff should I choose?
You can usually choose between a fixed term tariff or a variable rate tariff.
Fixed tariffs let you pay an agreed rate for each unit of energy you use over a set term – usually somewhere between one and five years. You’ll often find longer term contracts are more expensive, simply because you’ll be protected from price rises for a longer period of time, so you may feel that’s a price worth paying.
Be warned though – should you need to get out of your fixed contract early, exit fees can be high or you may not even be permitted to leave your contract before the end of the term.
With a variable rate tariff, the rate you pay for your energy will change depending on fluctuations on the wholesale energy market. This type of tariff can be more expensive than a fixed rate tariff, although if wholesale prices fall, a variable tariff could follow suit whereas a fixed tariff wouldn’t be able to.
You could also consider a green energy deal where suppliers match some or all of the energy your business uses with the amount they buy from renewable sources – such as solar, wind or hydroelectric.
Dual fuel energy tariffs – where both your gas and electricity come from the same energy supplier – are generally not available for business energy contracts, so you’ll need to look for separate tariffs for both your gas and your electricity – but this can still be from the same firm.
What if we have more than one premises?
Most suppliers cater for multi-site operations so that you only have one contract each for your gas and electricity supply across all your locations.
If you currently have different arrangements in place for different premises, talk to your supplier about the potential merits of consolidating them into one contract, or find a new supplier who is able to do so.
What about micro businesses?
Your business will be classed as a micro business if at least one of the following applies:
- you have fewer than 10 employees and your annual turnover does not exceed €2 million
- you use less than 100,000 kWh of electricity each year
- you use less than 293,000 kWh of gas each year.
Energy contracts work slightly differently if you run a micro business. On 30 April 2015, new rules were put in place around contract renewals, stating that:
- the maximum notice period for terminating an energy contract is 30 days (it was previously 90 days)
- if you’re on a fixed term contract, you must receive your renewal letter around 60 days before your contract ends
- your letter must include current prices, new prices, and your annual energy consumption
- suppliers can only roll over contracts for a maximum of one year.
What if I just work from home?
If you work from home you may be able to move to a business energy tariff instead of a domestic one.
It’s worth considering because the cost per unit of energy will be lower. But you’ll need to check whether the difference in VAT you pay on your bills (20% as opposed to 5% on domestic tariffs) erodes any savings.
You may also be liable to pay the Climate Change Levy, unless you find a green business energy tariff.
You’ll also have to settle for the terms of a business energy tariff as outlined above, and you’ll have separate tariffs for gas and electricity, though these can be from the same supplier.
Most suppliers require a minimum of 50% of the total energy used at the address to be for business purposes before they’ll offer a contract, so if your work is mainly clerical, you may find you’re best served by a domestic energy supply.
What happens if I move business premises?
If you’re moving premises, you’ll need to let your existing energy supplier know when you’re leaving – ideally at least a month in advance. You’ll also need to inform them of your new address as there will be a final bill to pay or you may even be due a refund.
Take a final meter reading on the day you move out and pass this on to your supplier to make sure you only pay for the energy you’ve used.
Some suppliers will allow you to transfer your existing business energy deal to your new address, but if not, you should arrange a new energy contract for your new premises as soon as possible to avoid being put on an expensive ‘deemed tariff’.
If you are sticking with the same supplier, you may find they waive any penalty fees for leaving your existing contract early – although keep in mind it may still be cheaper to switch completely, even when factoring in the fee.
When you move into your new premises, you’ll need to check whether the energy supply has been disconnected. There is a small chance this could happen if the previous tenant has not paid their bills or they cancelled their contract, and if so, you may need to pay a reconnection fee.
This will also be the case if there was no business energy supply previously.
If there are no problems with the energy supply, however, and you’ve arranged a new contract, all you’ll need to do is take a meter reading as soon as you move in and pass this on to your new supplier. You should then be set up and ready to go.
