Troo
Finding the right business energy supplier can feel like a full-time job in itself.
You’re already focused on keeping your business running smoothly and serving your customers. You don’t have time to waste searching for the right supplier to power your operations - but making the wrong decision could prove costly.
Choosing the right business energy supplier could make a noticeable difference to your costs and long-term stability.
A study by Ofgem, the energy regular for Great Britain, found nearly a third of businesses (29%) reported switching supplier within the last year.
We won’t lie: it’s not the most exciting task on your to-do list. But finding the right supplier for your business is crucial because every company has different energy needs.
We will run through the top tips you should know before rushing to a supplier to make sure you get the most suitable deal.
Review your termination fees and notice period
Before you launch head first into comparison websites, check your current energy contract by finding a recent energy bill.
When does your contract end? What is the termination notice period? Do you have exit fees?
You don’t want to attract early-termination fees for breaking your contract early, but you don’t want to leave it so late you miss the termination notice period, which is your window to switch.
Review your current deal and make sure you're able to switch without triggering unnecessary fees.
Assess your current energy usage
Once you know you are free to shop around, gather information about your own energy usage and current tariff.
What is your unit rate (kWh) and standing charge? What is your annual usage? Find your MPAN (electricity) and/or MPRN (gas) to identify your supply. All of this information will be on your bill.
Knowing your usage is really important. It’s even more helpful if you have an idea of when you use energy.
Assess your current usage to understand what energy you need and, if possible, when you need it.
Compare energy deals - and don’t get distracted by headline figures
Now you’re in a position to leave your current supplier and understand your usage, you can begin to shop around.
Contact energy suppliers with your details to receive quotes. Compare multiple quotes from multiple suppliers, including your own, to work out the best deal for you.
Consider the length of contract. Longer contracts usually come with higher unit rates and standing charges but they offer relative stability. If wholesale energy prices spike during your term, you are protected from increases. Shorter deals may be cheaper, but you will be exposed to the open market sooner.
Some suppliers offer tariffs with low standing charges - or without them altogether. This can look nice on paper, but if the trade-off is a higher unit rate, you’re likely to pay more than a deal with a much lower unit rate.
Price matters, but so does service. If billing problems arise or your business changes during the contract term, responsive customer support can prove just as valuable as a lower rate.
Alternatively, contact a business energy consultancy. Troo can do all the work with suppliers and present you with the best options for you to choose what works for your business. We also offer support whenever you need it from our dedicated Troo Assure customer experience team based in the UK.
Take a meter reading at the very end of your current deal
Let your current supplier know you have agreed to switch as soon as possible. Your new supplier will confirm a start date.
Make sure to take a meter reading on the day you switch and inform both suppliers.
If you fail to take an accurate meter reading, take one too early or not at all, suppliers could use estimates and your bill may not be wholly accurate.
In most cases, your meter will stay the same and your energy supply will not be interrupted.
