How to Get the Best Business Energy Quotes & What to Prepare
Getting the best deals in the energy market can be both tiresome and quite confusing when you’re doing it all on your own. Complications can even arise here and there when you’ve come fully unprepared!
While we’re here to help provide you with the best business energy quotes in the market and do all the legwork for you, we’ve also listed a few tips on how to make your switch a walk in the park, what to prepare, and what to watch out for.
1. Keep note of your current tariff
Image source: Clint Patterson
Whether you are opting to get dual fuel tariffs or separate energy tariffs, knowing about your current electricity and gas tariffs will make comparing business energy quotes and securing the best deals much easier. This way, you’ll be able to know how much money your business will be able to save annually once you pursue the switch.
Please don’t guess! The more accurate the information, the better you will be able to score awesome deals in the market. If you do not remember how much you pay per kWh (including daily standing charge), clear information can be found in your business energy or gas bill / invoice.
2. Remember when your contract will end
No one wants to experience the hassle of being automatically rolled onto an even more expensive contract rate. In order to avoid being in such a predicament, know when your current contract will end. Terminate your account and start comparing and shopping for business energy at least 90 days (30 days for micro-businesses) to 6 months prior to your contract’s end date.
Business energy suppliers seldom inform their consumers and clients when their contract is up, hence some business owners being taken by surprise when they automatically get rolled over to out of contract rates (that are usually very costly!). If you do not know when your contract ends, make time to contact your current supplier and ask them about it.
Remember: not all business energy suppliers allow their customers to switch to a different supplier mid-contract.
Once you are able to switch to a new provider, always make it a habit to keep note of your contract’s renewal date to avoid such mishaps in the future.
3. Acknowledge contract terms
UK business energy suppliers often offer contracts with different rates in varying durations. A standard contract usually ranges from 1 to 3 years on a fixed rate. However, there are other energy suppliers that provide much longer terms that last up to 5 years even. It is up to you and your business to choose whether you want to be on a short-term or long-term contract, but maybe consider these first before you make the decision:
Longer contracts (3 – 5 years) give you an opportunity to pay the same rate for up to 5 years, even when market rates skyrocket. This will help businesses budget their finances better. If you are certain that your energy requirements will stay the same (no rise or decrease in energy consumption whatsoever), go for longer contracts. It’s important to note that if you go beyond the agreed kWh consumption limit on a certain point, your energy supplier might alter your rates.
Short-term contracts (24 months – 2 years) are generally, if not always, cheaper than that of long-term contracts. Essentially, if you expect changes in your energy requirements (for example: your energy consumption will rise or decrease in a certain period of the year), or if you are a start-up company, maybe opt for a short-term contract. We recommend start-up businesses to go for short-term contracts because they will be able to test the waters and fully grasp their energy requirements, budget, and business performance before committing long-term.
Also, cancellation fees are much cheaper for short-term contracts. This will be beneficial for you and your business if you plan on moving to a different building or premises, etc.
4. Don’t limit your options
While a majority of business owners prefer sticking to the Big Six giants or business energy suppliers with big names, they often find themselves missing out on better, cheaper deals! There is nothing wrong, however, with choosing the leading brands. They are renowned for a reason after all. Some businesses choose the former for multiple reasons: for a sense of security, the benefit of knowing that these energy suppliers will be sticking around for years to come, etc.
However, you must bear in mind that there are over 60 business energy providers in the UK, so don’t limit yourself to just 6. Especially if you are looking to score great prices!
Some small and independent business energy companies even provide outstanding customer service, flexible rates, budget plans for SMEs, extremely competitive rates, renewable energy contracts, among many other things that you cannot obtain in other leading energy suppliers.
We have a separate article that shows the many different energy suppliers available in the UK which includes important details such as their profiles, real time customer reviews and benefits.
5. Learn the background and profile of potential business energy suppliers by reading customer reviews
Image source: John Schnobrich
Unbiased reviews are great for when you want to know more about a certain supplier. While finding cheap rates might seem like a miracle, don’t be easily bamboozled by the prices just yet! Take the time to search the nooks and crannies of the internet for up-to-date customer reviews and experiences so you will know what to expect before you make the switch.
Don’t just focus on getting cheap rates. Always consider checking if the supplier you’re eyeing on treats their customers fairly and if there are no hidden charges or gimmicks waiting to catch you by surprise in the foreseeable future.
As a bonus, leaving a customer review yourself will also help others who are on the hunt for energy suppliers too.
6. Determine your business’ electricity profile class
You can determine what profile class your business falls under by looking at the first two digits of your supply number. Profile classes give you an idea of how much energy you will be consuming depending on your type of business, whether your business is home-based or if you manage a small/medium/micro-business situated in a different premise. These classes will be solely based on how much power you use.
Knowing your business profile class is important when acquiring business electricity quotes. This knowledge alone will help you determine whether or not you’re on the right tariff for your business.
7. Monitor your business energy consumption
You need to know how much energy you use so you can be able to determine how much you should be paying for your energy. Understanding your energy consumption patterns is especially useful when you want to know when you use energy the most. SMEs and larger businesses all have different consumption profiles.
8. Know your business MPR / MPAN
An MPAN (for business electricity) or MPR (for business gas) are a set of unique numbers that are assigned to every business and home.
Business electricity consumers can find their Metering Point Administration Number (MPAN) on their electricity bill. Providing your MPAN to your next supplier will help them determine that they will be taking over your supply. You can find these unique numbers in 7 boxes beside the letter ‘S’.
Same goes for business gas consumers: they can find their Meter Point Reference Number (MPNR) on their gas bill. This is usually a 10-digit code.
Providing your MPAN or MPNR to your next supplier will help them determine that they will be taking over your supply. This is to confirm that you have provided them with accurate details regarding your business.
9. Maintain a well-established business credit
Most business energy suppliers take their time to check your business credit rating before proceeding with any agreement or any contract of sorts with you and your business. They perform these checks to ensure confidence and reassurance that your business will be able to handle paying its utility bills on time with (preferably) zero complications, which of course, is totally understandable and valid. Your business credit will illustrate your reliability as a consumer.
You can improve your business credit score by straying away from debt and paying your monthly bills right on time; the same goes for your personal credit.
10. What mode of energy bill payment do you prefer?
Most business energy suppliers offer different deals and discounts based on how you prefer to pay your bills. There are many energy bill payment methods such as: direct debit which you can pay monthly or quarterly. You can also choose to pay as soon as you receive your bill which typically takes three months.
Most providers offer 7% discounts for consumers that use direct debit as a mode of payment. This mode is great for saving those pounds!
We suggest asking potential energy suppliers about discounts or deals that they can base off of your desired energy bill payment method.
11. Acquire as many business energy quotes as you can and start comparing
Getting loads of business energy quotes is essential when you want to compare prices. Which is exactly why we said that broadening your options will help you find that deal you’ve been looking for (see # 4). There are several business energy suppliers to choose from in the UK.
But don’t worry though, because we know that that’s quite a hefty amount of suppliers to collect business quotes from! We can provide you with the best deals available from a range of suppliers.
That being said, we’d love to help you compare business energy quotes! We’ve made it easy-breezy for you as it can be done in just a few clicks. Get started now by completing our energy quote form located on top of our website!