Could your business save by switching energy providers?

When can I switch energy supplier?

You can switch to a different business energy supplier as soon as your current electricity and gas agreement enters its renewal window. It’s likely that this will be anywhere between one to six months before the end date. Your provider should keep you informed. 

If you’re not sure about your renewal window, you can always check your contract or get in touch with your supplier to find out. Bear in mind that you can begin researching energy options before you reach the renewal window to see what’s out there.

Reasons to switch

If you decide not to switch energy supplier, it is likely that your existing one will probably move you onto a more expensive rate, so it pays to take a proactive approach to renewals. Of course, money isn’t the only incentive to make the move to a new energy option. 

As the business community joins the nation in “building back greener”, a growing number of companies are moving to green energy tariffs. Green energy suppliers can provide your business premises with electricity and gas that is generated through renewable sources, such as solar, hydro and gas. 

As well as helping the UK to reach its carbon reduction target of net zero by 2050, going green can help you future-proof your firm in terms of costs. After all, renewable energy isn’t as likely to be impacted by future upward pressure of fossil fuel costs.

How do I switch business energy contracts? 

The good news is you don’t even have to leave our website to start your search for a more cost-effective energy tariff!

We’ve partnered with Love Energy Savings to make it easier than ever for you to switch. Simply tell us your business address, name and number, and we’ll compare the best energy deals on your behalf, enabling you to switch to a better tariff in minutes. 

Like when you apply for business funding through our platform, you’ll be allocated a dedicated account manager who will help ensure the switch runs smoothly. 

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When making the switch, we’ll ask you for some information. Your latest energy bill should contain most of the details. To speed up the process, have the following to hand:

• Details of your current gas/electricity supplier

• The type of tariffs you’re on and the end dates

• Your supply types

• How much gas and electricity your businesses uses

What type of business energy tariff should I go for?

It’s likely that you’ll need to get a separate tariff for your gas and electricity because dual fuel tariffs aren’t commonplace when it comes to business energy contacts. You can, however, opt to take out both contracts through the same supplier.

When you search for a new tariff through us, you can compare fixed term and variable rate tariffs to see which would be more suitable for your business. Fixed term tariffs mean you pay an agreed price for each unit of energy used over a fixed amount of time – typically between one and five years. 

Going down the fixed tariff rate means you’ll pay the same for the duration of your contract, so you won’t be subject to price hikes. On the other hand, the exit fees can be high and in some cases you might not be allowed to leave your contract early. 

When you sign up for a variable rate tariff the amount you pay will fluctuate in line with the energy market. This means you’ll pay less if prices fall, but more if they rise. Again, if you’re looking to go green, you can move onto a green tariff and get some or all of your energy supplied from renewable sources. 

If you operate multiple premises you can apply for a multi-site energy contact. This will allow you to roll all your business energy tariffs into one package with your supplier. If you’re running more than one location this could be a smart move because it means your contracts will have the same end date, making them easier to manage. 

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