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Electricity is an integral part of practically every business. Without it, you wouldn’t be able to power your operations or even turn on the lights. Unfortunately, the importance of electricity is regularly reflected in your business’s expenses, with bills often making up a significant proportion of monthly outgoings.
So it’s important to make sure you’re on top of your business electricity contract. It’s all too easy to end up paying more than you should by simply staying on a tariff that’s not competitive or letting your contract expire without arranging a replacement.
But what’s the best way to ensure you’re getting a good deal when it comes to your business electricity bills? Just like a domestic electricity customer, to get the best price, companies must compare business electricity bills and be prepared to switch deals. By moving to a better tariff, not only can you put the savings back into your business, but you may find a contract that offers improved service.
There are two main charges that make the biggest difference to your business electricity bills:
- Unit cost - This is the price you pay for each unit of electricity (measured in kWh) that your business uses.
- Standing charge - This is a daily amount that covers the maintenance of the national grid and the cost of transporting electricity to your premises.
Knowing how much you should be paying in unit costs and standing charges can be difficult. Unlike domestic electricity customers who can compare all the predefined electricity deals readily available on the marketplace, business electricity customers must approach energy suppliers individually for bespoke quotes. This means that it’s hard to know how much you should be paying for your electricity. To help you get a rough idea, we’ve compiled a list of average figures below.
What are the average electricity rates?
| Business size | Unit cost | Standing charge |
|---|---|---|
| Micro business | 12.5p per kWh | 27p per day |
| Small business | 11.0p per kWh | 25p per day |
| Medium business | 10.5p per kWh | 22p per day |
It’s important to note that the figures above are based on industry averages and are only intended as a guide. There are many contributing factors that can impact the amount you pay for your business electricity, including consumption habits and the location of your business premises.
The best way that you can save on your business electricity bills is to shop around and switch to a more competitive deal. The first thing you need to know when considering changing your electricity deal is that unlike domestic electricity customers, business electricity customers are more tightly bound by the terms of their contracts. You are only allowed to switch, or even approach suppliers for quotes with which to compare business electricity bills, once your current contract enters its ‘renewal window’. This typically occurs six months before the contract is due to expire.
Once your renewal window comes up, your current supplier should send you a renewal offer. It would be tempting to simply accept this offer but beware: these renewal terms are very rarely competitive. Rather, it’s a good idea to compare business electricity bills from different companies to see what’s on offer elsewhere.
You can do this in just a few simple steps:
- Give the energy experts at uSwitchforBusiness a call on 0800 188 4930, or leave your details here and we’ll give you a call back.
- After a quick chat, we’ll compare energy deals to find the ones that best suit the needs and budget of your business.
- You choose the deal you prefer, then we take care of the rest. We’ll let your old supplier know you’re making the switch and you can start enjoying cheaper electricity when your new deal starts.
While you’re waiting for your renewal window to come up, here are some things you can do in the meantime to be more energy efficient, reducing your business electricity bills and your carbon footprint.
Carry out a business energy audit
A good place to start is by conducting an audit of your business’s energy usage. This will help you to see where your business is using the most of its energy and where it’s being wasted. Relatively small businesses can purchase a device known as an energy saving power meter to do this for them.
Unplug and shut down to save money on business electricity
Up to 70% of energy is wasted by equipment such as computers and monitors being left on standby overnight and during the weekend. To minimise this wastage and save on business electricity bills, products are available that automatically shut down appliances left on standby. For example, a PC automatic standby shutdown extension lead can recognise when a computer has been powered down and automatically removes power to equipment connected to the sockets.
Fit energy efficient lighting
Swapping your standard light bulbs for energy efficient bulbs can help you save on business electricity bills. You should also have all light fittings regularly cleaned so they’re free of dust.
If you compare business electricity bills before and after employing these measures, you should be able to see some savings. However, switching plans is still the most effective way that you can save on business electricity bills.
Talk to uSwitchforBusiness today on 0800 188 4930 to hear how we can help you find the best deal for your business. We’ll run a business electricity plan comparison and take care of all the details involved in switching.