It’s time to get a new business electricity supplier. You may have been with the same one for years, but you may be paying too much for your energy supply. But there’s no reason to panic. Companies like Business Energy Comparison are there to help you find the best electricity rates for your business. We have a handy guide that will make switching companies quick and easy.
Write down your business electricity supply details
You’ll need to write down your business electricity supply details. You can do this by using the table below or creating your own version.
- Name of current supplier
- Account number – you should have received this from your current supplier when you opened an account with them
- Meter reading – remember to include the date on which it was taken and when that was in relation to the switchover date at the top of this article
- Switchover date (this will be included in any communication you get from your new supplier)
Check your contract notice period
The process of switching from one electricity supplier to another can be daunting and confusing. But there are some key things you need to know before you make your move.
- The first thing to check is the contract notice period. This will be stated in your current contract with your current supplier, and it sets out the length of time that you have to give them notice if you want to cancel or change your service. It’s important that this doesn’t run out while you’re waiting for your new deal or plan, so keep an eye on it.
- If you don’t give notice of cancellation, then there’s nothing wrong with continuing with your existing supplier until the end of their term agreement. If this happens, though, do make sure that they haven’t missed any payments during this time so as not to risk losing any credits towards future bills either way. And remember: Don’t cancel anything until after changing energy suppliers have sorted out everything for themselves too.
Find out if you are in a non-switch penalty period
Before you can begin the process of switching business electricity suppliers, you need to find out if your contract is in a non-switch penalty period. This is often a 3 or 6 month notice period, but it may be different depending on your contract. A non-switch penalty period means that you cannot switch suppliers until the end of this period.
Search for a new business electricity supplier
There are various ways to find a new business electricity supplier. You can use comparison websites, for instance, or ask around for recommendations. And when you’re ready to switch, make sure to check if the company has been accredited by the energy regulator and is a member of a trade association like Energy UK or REA.
If it’s an energy supplier offering green tariffs, it might be worth making sure that they are accredited too.
Get to know about the tariffs offered by different suppliers
It is important to look beyond the cost of your electricity supply when comparing tariffs. The following questions should be considered:
- What is the difference in price between the two suppliers?
- What will happen to my monthly bill if I choose a different supplier?
- Will I save money by switching suppliers?
- What are the additional charges (e.g., exit fees, connection fees) that I might have to pay if I switch from my current supplier, and how much will they be?
Make sure you read the terms and conditions before signing up.
If you are unhappy with your existing energy provider, it’s worth checking out some of the new suppliers that have entered the market in recent years. However, before switching, be aware of some things to look out for when looking at new contracts:
- Read through all pages of your contract, including any terms and conditions or disclaimers. Make sure there aren’t any hidden fees lurking around – possibly related to switching back once you’ve signed up with them.
- Check if there are any exit fees or penalties if you decide to switch at a later date (for example, after six months). These can add up quickly, so it might not be worth sticking around just because it saves money in the short term. Also, check whether they offer free cancellation rights if this isn’t included within their T&Cs already. Otherwise, they may charge an early termination fee which could make up for this loss themselves.
- If there is an early exit penalty clause, take note; however, since these can vary widely depending on what type of tariff plan, so always ask before committing yourself.
Put in your meter readings before switching
You will need to put in your meter readings before switching, which should be done at least a few days before the switching date. This can be done either online or by phoning up your current supplier. If you miss the deadline, you could be charged for the previous supplier’s electricity.
Conclusion
If you are currently using a business electricity supplier, we recommend switching to a new one. This is because the cost of your electricity supply will be reduced if you switch to a new supplier. The process for switching suppliers can be quite simple and straightforward, but it does involve some work on your part. We have outlined some steps above that should help make it easier for you.