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Businesses use electricity in a different way to domestic users - that’s why it is important to have a specific business electricity tariff in place for your business, so that you are not overpaying for each unit.
Not all business electricity tariffs are created equally, therefore, if you aren’t on the right tariff for your company then you’ll most definitely be overpaying.
With Quidco, you can compare different business electricity tariffs to find a deal that works for you. On top of that, you could receive cashback on your savings. So why wait? Read our informative guide to business energy comparison and start saving on your company's bills today.
Electricity suppliers for businesses offer a bespoke package for each one of their customers, meaning if you have moved into a new office and pick up the old electricity bill without tailoring it to your company's needs, you will likely be overpaying.
Switching to a more efficient business energy deal isn't as straightforward as switching to a new domestic plan, because commercial contracts are structured differently, with prices that vary from those provided to domestic consumers, and there is no dual-fuel option. You can, however, make the process a little less painless by comparing with Quidco.
Once you have compared quotes with Quidco and decided which supplier best suits your needs and budget, switching to a new deal is easy.
Typically, once you have submitted your switch request, your new supplier will contact your current supplier to let them know you are switching.
After this, you then wait for your new business electricity supply to take effect. It really is that simple!
According to Ofgem figures, the switch should take around two to three weeks.
It's possible that your switch might be rejected for a variety of reasons, but the most common reason is that you owe money to your current supplier or you’re still in a contract. If you're rejected, get in touch with your supplier as soon as possible to work out a solution.
There is no one-size-fits-all option for business electricity rates. All tariffs are bespoke to each business, due to the different need for consumption.
For your electricity, you still pay the same price per unit (kWh) for the term of a fixed rate contract. However, this does not guarantee that your bill will be the same each month; your bill will vary depending on how much energy you consume.
Another term for this is an out-of-contract tariff. It works as a rolling contract with high prices negotiated by suppliers for consumers who haven't signed a formal contract.
When your contract expires and you haven't arranged a new one, your supplier will place you on a rollover contract. You'll be automatically renewed for another year, and the prices you'll be paying will almost always be among the most expensive offered by the supplier.
Whatever the size of your business, it is important to be on a fixed rate contract as this offers the least amount of risk. Allowing you to calculate your annual usage across the length of the contract with ease.
Depending on the type of tariff you’re on, you could always save money by switching suppliers - so it’s important to shop around, because your business could be overpaying for its electricity usage.
There are a variety of costs that go into your monthly energy bill, but there are two that you should pay special attention to when looking for a new business electricity tariff:
● Unit cost: Measured in kWh (kilowatts per hour), this is the price you pay for each unit of electricity your business uses.
● Standing charge: This applies to the daily charge that covers the maintenance of the national grid, and the cost of transporting electricity directly to your premises.
While these are the two main charges you are looking at when it comes to electricity prices for businesses, they aren’t always readily available when you are switching to a new plan. That’s why we’ve put together an average estimation of unit cost and standing charge for business electricity rates.
A micro business can expect to pay between 14.4p - 15.9p per kWh, and the daily standing charge is, on average, 23p - 29p per day. A micro business is an organisation, or partnership that has around nine or less employees, including the owner, and has a turnover of around £250,000.
A small business can expect to pay between 14.3p - 15.1p per kWh, and the daily standing charge is, on average, 23p - 28p per day. Small businesses are usually privately owned corporations, or partnerships with less employees and a lower annual turnover than a larger corporation or business.
A medium business can expect to pay between 14.3p - 14.7p per kWh, and the daily standing charge is, on average, 23p - 27p per day. Medium sized businesses are considered to have over 100 employees and a higher turnover rate than a small or micro business.
It is important to keep in mind that on top of the unit cost and standard charge, businesses are required to pay VAT on their electricity usage.
Fixed-term contracts save the most money on electricity bills, but they are far from the only factor that influences your prices. The market price of electricity is the single most important factor.
This is measured by kWh and is measured by the amount of electricity you use. The more you use, the more you pay.
Before offering you a deal, some UK energy suppliers can check your credit rating. In general, the better your company's financial health, the lower the rates should be.
Some energy providers, such as Bulb, NPower, Ecotricity, and Good Energy, are now providing business electricity plans that are solely renewable. Although these policies are better for the climate, they might be more expensive than other providers’ plans.
Once your fixed term contract ends, you are then rolled over to a deemed rate or default contract which generally means you end up paying more.
Most fixed term contracts for business energy lasts 1 year, however, some suppliers are now offering 2-3 year contracts - but be sure to read the small print as these longer contracts tend to come with an early cancellation fee should you want to end it before the end date.
Similar to domestic electricity suppliers, the best rates for electricity are often offered to new customers. If your business is due to finish a contract soon, you will likely be rolled over to a new contract which may cost the same or increase.
That’s why it’s important to shop around to find the best deal, saving your business money to spend on more important things.
With Quidco, you can compare different business electricity tariffs to find a deal that works for you. On top of that, you could receive cashback on your savings.
You can find all the information needed to switch business electricity on your most recent bill. These include:
● Your current supplier
● Tariff name and end date
● Your supply type
● How much electricity your business uses in kWh or sterling
The amount of money you can get from selling excess energy is determined by a variety of factors, including the number of solar panels you have. In order to pay you, the supplier, must be a Feed-In Tariff (FiT) licensee. Visit the Ofgem website for a full list of licensees.
On April 1, 2019, the Feed-In Tariff (FiT) scheme closed to new applications.
If you applied before the deadline, you'll be able to sell any excess electricity your company generates to the National Grid.
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