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Many businesses rely on electricity to function, whether it's to light their premises or sustain bigger operations, such as running large industrial chillers. Because of this reliance, it’s important to ensure that your business is on the best possible deal for its energy - if you're overpaying for your power, the fact is that you're putting an unnecessary dent in your bottom line.
In an energy market where prices are rising, the task of finding a cheaper deal on your business’s electricity might seem like a major project. However, provided you’re armed with the right kind of knowledge, it’s easy to find a cheaper deal that suits your business’s electricity consumption habits.
Business electricity tariffs
Business electricity isn’t offered through pre-defined tariffs as it is on the domestic market. Instead, suppliers offer bespoke contracts that are based on the individual circumstances of a business. This means that you are unlikely to see two businesses with identical business electricity contracts, because their needs will always differ.
The contracts offered by business electricity suppliers also come with a number of stipulations which bind a business to their contract for a set period of time. This means the business will be unable to arrange a new contract until they are within their renewal window (usually six months before the end of their current contract).
A business electricity contract is typically made up of two main charges. On your bill, you will likely notice a price per kWh, which is how much you'll pay for each unit of electricity you use. You'll also see a standing charge, which you'll pay regardless of your consumption levels. This facilitates the maintenance of the national grid, as well as the supply of electricity to your premises.
Business electricity prices
If you’re unsure how you current business electricity rates stack up compared to the rest of the market, we have put together a list of average electricity prices based upon business size.
Business electricity prices per kWh
- Medium businesses pay 12.5p per kWh on average.
- Small businesses pay 11p per kWh on average.
- Medium businesses pay 10.5p per kWh on average.
With these figures in mind, if you find your business is paying over the odds for the energy that it’s using, you will almost certainly benefit from running a business electricity comparison to find a better deal.
Business electricity quotes
While bespoke contracts are good for offering the flexibility required to power Britain’s businesses, it can also cause some confusion when trying to determine whether or not a business is on a competitive contract.
To find out how competitive your business’s electricity deal is, it can help to run a business electricity comparison.
When running a comparison, it’s important to first ensure that your business is within its renewal window. If this is not the case, you will be unable to get quotes from other suppliers, or switch to a new deal. Once you’re within your renewal window, you can begin comparing business electricity quotes.
Once you feel you have enough quotes, it’s time to make decision. It’s important that you properly assess all the offers that have been made, and weigh up all of their pros and cons. It can be tempting to simply pick the cheapest business electricity deal, however this may leave you with a substandard quality of service should something go wrong.
If you use the services of a business energy broker, it’s possible to run a business electricity comparison to get your business a good deal within minutes. This takes all of the leg work out of the process, allowing you to focus on running your business.
To find out if we can lower your business electricity bills, give us a call today for free on 0800 188 4930 and we’d be happy to help. Or if you’d prefer us to call you back, simply fill in the form to the right. To ensure that we can provide you with as accurate information as possible, it’s helpful if you can have a copy of a recent electric bill to hand, although this isn’t essential.