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If you've looked into switching your business’s electricity before, you’re probably aware of some of the differences that exist between commercial and domestic electricity tariffs. However, the electricity that you use at home and for your business is essentially the same – it's generated in the same way and delivered through the same cables. So what do we mean when we say ‘business electricity'?
Simply put, business electricity is a term that helps to differentiate between household energy tariffs and the unique electricity contracts that determine the terms on which a business has its electricity supplied. Rather than supply electricity through predefined tariffs that every business has access to - which is what happens for consumers in the domestic market - suppliers will offer each individual business a bespoke contract that is designed to meet its needs and consumption habits.
For instance, it’s relatively safe to assume that a large manufacturer and a small corner shop will have entirely different electricity needs. In this scenario, the larger manufacturer may secure a cheaper price per unit for its business electricity - but they could be tied into the contract for a longer term. The corner shop, on the other hand, may pay more per unit of electricity, but may not be tied into their contract over a long term - so they can compare quotes and switch to a cheaper business electricity deal more frequently.
A large number of businesses in the UK are reliant on electricity to operate. This is why, as one of your main overheads, it’s important to ensure that you’re not overpaying for your business electricity rates.
However, the volatile nature of the electricity market, with prices frequently rising and falling, means you can be caught out by your energy contract and easily end up on rates that are well above the market average.
Another issue that affects business electricity customers is that they are offered bespoke contracts when being quoted for their electricity. This contract is drawn up after considering a number of different factors about a business, such as consumption habits. This means it can be difficult to gauge how your business electricity prices measure up to other businesses.
To help you gauge how competitive your business electricity rates are, below you can find the UK average for business electricity prices by business size.
|Business Size||Annual Electricity Usage (kWh)||Annual Electricity Cost|
|Micro business||5,000 - 15,000||£1349|
|Smal business||15,000 - 30,000||£2566|
|Medium business||30,000 - 50,000||£4280|
Please Note: The above prices are only intended as a guide, and it’s likely that you may be paying less or more than this figure based on your own business’s consumption habits. Click the link if you would like more in-depth information on business electricity prices by kWh.
For example, if you only use electricity to light and heat your premises, then chances are you may be paying less than the UK average. Alternatively, you may be paying more if you rely on electricity as part of your business’s day-to-day operations.
If you find that you’re paying more than average for your business electricity, there are a number of things that you can do to keep your business electricity prices at a manageable level. The most effective way to reduce the amount that you’re spending on your business electricity is to run a business electricity comparison.
Running a business electricity comparison is a good way to determine if you’re on the best business electricity rates. This is important, especially when dealing with small businesses electricity, where your overheads can have more impact on your margins. So, finding the best deal possible can pay serious dividends in improving your profitability.
However, running a thorough comparison involves a lot of work to attain business electricity quotes from all the suppliers available to you – which is why many business owners choose to use the services of a business electricity broker – such as Make It Cheaper.
If you’re interested in running your own business electricity comparison it’s important that you ensure you have all the relevant information to hand in order to get the most accurate quotes.
For starters, you’ll need:
Fortunately all of this information can be found on a past bill from your current supplier, visit our small print pointer for help finding all of the relevant information. Alternatively, if you don’t have access to a recent bill, you can always contact your supplier, who will be able to provide you with the information.
Once you have all of the required information, you can either give us a call #PHONENUMBER# to speak with one of our savings experts, or you can follow the steps outlined below.
When looking for cheap business electricity, it’s important to get your timing right. In the commercial electricity market, businesses looking to switch are bound by certain procedures, which means acting at the right time is crucial to securing a better deal. To help get your switch right, it can be useful to ask yourself the following questions:
Firstly, you will need to check that your business is within its renewal window before comparing new deals. Your business’s renewal window will open six months prior to your contract end date, and suppliers will usually write to you at this time with renewal offer for a new contract. It’s always worth running a business electricity comparison before accepting these terms, because in many instances, you can beat the terms of renewal by switching to another cheaper business electricity supplier.
Once you’re within your renewal window, you can approach suppliers individually in order to obtain bespoke quotes. Each supplier will offer you entirely unique quotes, so it’s worth getting as many as possible in order to carry out a comprehensive comparison of available deals. A quicker way to do this is to use a business energy broker who can compare deals on your behalf.
Finally, once you have decided which contract is the best match for your business, you should inform both suppliers in writing, and they will then liaise to arrange your switch. However, it’s important to note that your new supply will not come into effect until your current business electricity contract has ended.
If you find yourself asking this question, then Make It Cheaper can help. After a short conversation with one of our savings advisors, we’ll have all the information we need to find the right electricity deal for your business. One of our energy experts can do all the comparison leg work for you, including finding quotes and handling the switch – we’ll even help you decide which quote best suits the needs of your business.
Three quick reasons why you can trust us to take your energy contract in our hands:
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Our expert service helps you get on – and stay on – lower, fairer rates for electricity, gas, landline, broadband, merchant services and insurance.
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