How do I switch my business electricity supplier?
As with domestic electricity, changing your business electricity supplier could help save you money.
However, you won’t be able to switch your supplier until the end of your contract. This is unless you want to pay off the rest of your expected usage, which will rarely make financial sense.
Once you have reached the end of your contract, you may also need to give your supplier notice. It is important to check your notice period ahead of time.
When comparing electricity quotes, a major factor to consider is the daily wholesale price of electricity. This is what business electricity tariffs are based on, and it frequently changes.
If you are considering switching suppliers, regularly checking your electricity quotes and timing the change correctly will help you maximise the amount of money you can save.
When applying to switch electricity suppliers, you may need to provide:
- your business postcode
- the name of your current supplier
- the terms of your current contract
- your energy costs per unit and standing charges
- your annual energy usage
It can take around three weeks for your switch to be completed, but may take longer if there are any complications. You won’t suffer any disruption to your energy supply during this period.
Why should I switch my business electricity to a new supplier?
Just like with your domestic energy, switching your business electricity supplier can potentially save your organisation money. And it is essentially a must if you have just moved into new business premises, as you will be put on an expensive deemed rate that you have had no say in selecting.
Beyond the cost of the contract, switching business electricity suppliers can also help make your business greener, depending on the tariff you choose.
How much can I save by switching my business electricity?
How much money you could save by switching business electricity supply will, in part, be determined by:
- the cost of your original tariff, versus the deals currently available
- the size, and energy usage, of your business
- the length of contract you choose to sign
- what type of tariff you choose
- what type of energy you buy, i.e. whether it is renewable or not
Can I switch to green business electricity?
Many business electricity suppliers offer renewable or green tariffs. To check exactly how their energy is being generated, you can look at the supplier’s fuel mix. This is the percentage make-up of how their energy is generated and, due to the Electricity (Fuel Mix Disclosure) Regulations 2005, should be found somewhere on the supplier’s website.