The number one way to secure the best energy deal for your business is to regularly switch suppliers to find more competitive tariffs. Even if you are happy with your energy deal right now, it is still worth checking whether there might be a better deal for your business.
Your business will often be given a lower fixed rate tariff for a set period of time. However, after this time period, your tariff will usually be pushed up to the standard rate energy deal, which is guaranteed to be more expensive. This may be the time for your business to consider switching suppliers.
Be aware that most commercial contracts usually provide a very narrow switching window before the end of your contract. It is important to find out your business energy contract date as soon as possible.
If you don’t inform your supplier of your plans to switch within the switching window, there is a risk that you will be automatically placed on an expensive rollover contract that will be difficult to get out of.
Check your current bill or original contract
The end date of your contract will be stated on your bill. The notice period you must give to your supplier if you are switching contracts is sometimes included on the bill but if you cannot find it then check your contract or call your current supplier.
Any other information you need should be stated in the contract.
Wait for your End of Tariff Notification
Legally, your supplier must notify you when you are coming to the end of your business energy contract. They will also explain what happens if you don’t renew or change your contract before the end date is over. This will arrive 42-49 days before the end of your energy deal.
Contact your energy supplier
If you are struggling to work out when you are allowed to switch suppliers or when your contract terminates, call your provider to get confirmation of this. You need to do this as soon as possible so you don’t end up finding out after your switching window.
Don’t let the provider pressure you to continue your contract or choose a different tariff with them. Review your options first to see if you can find a better deal. Get a business gas and electricity comparison and discuss it with your colleagues. You need to find the most cost-effective deal that suits the needs of your business.
If you have found a more competitive tariff, you must notify your supplier of your plans to switch within the 42-49 day switching window before your contract ends.
Make sure you have decided on a new energy supplier and sign your new contract before the termination of your current contract.
Switching suppliers usually only takes 4-6 weeks and in that time your energy supply won’t be cut off. Simply Switch will arrange the switch on your behalf, so you don’t have to worry about a thing.
If you don’t inform your supplier you are either renewing their contract or switching to a new supplier, then your contract with them will probably be automatically rolled over for at least another 12 months. This tariff will not be a good value for money for your business and you will be stuck with it for at least a year.
If you own a micro-business, the rollover contract cannot last longer than a year. Make sure your supplier has identified your company as a micro-business if this applies to you.
If you did cancel your contract but didn’t manage to organise a new contract with a different supplier, you are not in a contract. Your current energy supplier will charge you an out of contract rate which will be even more expensive than a rollover rate.
You have to pay these out of contract rates until you can sign up to a new contract. You should still make sure you compare business energy deals to find something that works for your company before you sign a new contract. This is the least preferable situation for your business so make sure you get your new contract signed as early as possible.