One of the biggest challenges currently facing the energy market is dispelling the myth that switching your energy tariff is difficult. With the cost of energy – and supplier profits – rising every year, the government has decided to tackle this misconception head-on by announcing their “Power to Switch” campaign, which is designed to encourage more people to actively seek out a better deal on their energy.
By launching http://www.goenergyshopping.co.uk/en-gb, the government has provided consumers with all of the energy switching information they need to find themselves a better deal. However, as is usually the case, there is little to no information provided for small businesses.
In light of a recent report released by the CMA (Competition Market Authority), businesses make up over 8% of the Big Six energy suppliers’ profits – with their domestic counterparts only contributing 3.3% – which indicates that it’s just as important, if not more, for business owners to get their companies onto the best energy deals for them.
So, to redress the balance, we have compiled a helpful step-by-step guide to switching your business energy to help you get the best deal for your business.
Step 1 – Find out if your renewal window is open
Unlike some domestic consumers, a business energy customer must wait until their renewal window is open before they can switch suppliers. With a typical business energy contract your renewal window is open from approximately 60 days before the end of your current contract.
If you have not switched your business energy in some time, chances are you may be out of contract. In this instance you will have no renewal window meaning you can switch freely, but you do have to provide your current supplier with 30 days’ notice prior to switching.
Step 2 – Find a new deal
Once you know that you’re able to switch, it is time to find the best deal for your business. To do this you can either use a business energy comparison service such as Make It Cheaper, who will find the best deal and handle the switch for you. Alternatively, you’ll need to approach each supplier individually and get a bespoke quote.
Step 3 – Compare and choose
Now that you have quotes from several suppliers, you are in the position to compare the deals and decide which one best suits the needs and consumption habits of your business. To help you make a decision, you may want to consider some of the following:
Step 4 – Notify the relevant suppliers
Now that you have made a decision, you need to inform the relevant parties. You must write to the new supplier to begin the application process and inform your current supplier of the switch – again, this is something that a commercial energy broker can help you with.
Step 5 – Wait for your new supply to begin
Providing the switch is successful, no more action needs to be taken on your behalf. All you have to do now is sit back wait for your new contract to begin. Although, it is worth noting that your new supplier will not be able to begin the new supply until your previous contract has finished.
And that’s it! You’re 5 simple steps away from making big savings on the energy that you’re using.
With so much attention being given to the domestic switching market, we are beginning to see some positive movement as prices become more and more competitive. However, as the business energy market is often overlooked, the commercial switching market is running the risk of being left behind. This is why a proactive switching market is so important for UK businesses. It’s not just about saving yourself money, but also securing more competitive pricing for the future.
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