16-Step Guide to Get The Best Business Energy Contract

Arranging a business energy contract in the UK can be complex, with several factors affecting your company’s finances and operations. Securing the right energy deal is crucial for managing costs, ensuring operational efficiency, and contributing to sustainability goals. This 16-step guide will walk you through everything you need to know to make informed decisions that benefit your business, and with our energy brokers, we’ll find the best deals for you.

1. How to Evaluate Your UK Business Energy Usage

Before entering into a new contract, it’s essential to understand your current energy consumption. Analysing your energy bills from the past 12 months will help you determine your average usage, peak periods, and any seasonal fluctuations. Our energy brokers can use this data to find the best contract that aligns with your business needs.

Action Points:

  • Review historical energy bills.
  • Identify peak usage periods and seasonal fluctuations.
  • Assess whether your current contract meets your energy needs.

Pro Tip: Use energy management software or ask us to help gain deeper insights into your consumption patterns and find opportunities to reduce energy usage.

2. Determine Your Contract End Date and Avoid Expensive Rollovers

Knowing your contract’s expiry date is critical to avoid being rolled over into a more expensive out-of-contract rate. Energy suppliers usually send renewal notices in advance, but with our service, you don’t need to worry. We’ll notify you and help you secure a better deal.

Action Points:

  • Check your contract’s end date.
  • Mark it in your calendar to avoid costly rollovers.
  • Let us start comparing new deals 6 months before your contract ends.
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3. Fixed vs. Variable Rate UK Business Energy Contracts: Make the Right Choice

One of the biggest decisions you’ll face is whether to choose a fixed-rate or variable-rate contract. Our energy brokers will help you assess whether fixed or variable contracts best suit your needs, finding the best deals for either option.

Action Points:

  • Evaluate your business’s cash flow stability.
  • Decide if you prefer predictable fixed rates or are open to variable rates.
  • Compare current market trends or let us handle the comparison for you.

Fixed-Rate Contracts:

  • Offer price stability.
  • Protect against market fluctuations.
  • Ideal for businesses with stable cash flows.

Variable-Rate Contracts:

  • Potential for savings if energy prices drop.
  • More flexibility but higher risk.
  • Suitable for businesses comfortable with some risk.

4. Determine the Ideal Contract Length for Your Business

Energy contracts typically range from 1 to 5 years. Finding the right balance between long-term savings and flexibility is key to securing the best deal. We’ll assess your business needs and help you choose the best contract duration.

Factors to Consider:

  • Long-term business plans and potential changes in energy needs.
  • Current market conditions and future price projections.
  • Flexibility needs versus the desire for lower rates.

Pro Tip: Longer contracts often offer better rates but lock you in for a longer period. Shorter contracts allow more frequent opportunities to switch but may come with higher costs.

5. Scrutinise Standing Charges and Capacity Charges

In addition to the per-unit cost of energy, most business energy contracts include standing charges—a fixed daily fee for maintaining your energy supply. These charges can significantly impact your total costs, especially for businesses with low energy consumption or high peak demand. Our team can help you compare suppliers and ensure that these fixed costs are competitive.

Action Points:

  • Compare standing charges across different suppliers.
  • Calculate the total cost of standing charges over the contract period.
  • Let us assess how capacity charges affect the value of the contract.
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6. Understand Terms and Conditions to Avoid Hidden Costs

The terms and conditions of your contract can include important clauses like early termination fees or switching limitations. It’s crucial to read and understand these details to avoid any unexpected costs or limitations later on. Our brokers review these details carefully to ensure you don’t run into unexpected costs.

Action Points:

  • Carefully read the terms and conditions or let us review them for you.
  • Watch for early termination fees, switching clauses, and payment terms.

7. Explore Green Energy Options for Sustainability

Many companies are opting for green energy contracts to meet sustainability goals. Our brokers will help you explore renewable energy options that align with your values and budget.

Benefits of Green Energy:

  • Strengthen your company’s sustainability credentials.
  • Potential access to government incentives and tax breaks.
  • Long-term savings as renewable energy becomes more prevalent.
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8. Take Advantage of Government Incentives or Grants

The UK government offers a variety of incentives and grants to encourage businesses to adopt energy-efficient practices and renewable energy sources. We stay updated on all available schemes and ensure you benefit from them.

Popular Incentives:

  • Enhanced Capital Allowances (ECA) scheme.
  • Climate Change Levy (CCL) reduction.
  • Renewable Heat Incentive (RHI).

Pro Tip: Research current government schemes or consult with an energy expert to see what your business may be eligible for.

9. Assess Supplier Reputation and Customer Service

We not only compare rates but also consider supplier reputation and service quality to ensure your business partners with a reliable provider.

Factors to Evaluate:

  • Customer reviews and ratings.
  • Responsiveness and transparency in billing.
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10. Consider Energy Management Services to Improve Efficiency

Our brokers also help businesses find suppliers that offer energy management tools to track and reduce consumption.

Valuable Add-ons to Look For:

  • Real-time energy monitoring tools.
  • Customised reporting and analytics.
  • Energy efficiency consultations.

11. Ensure Accurate Metering and Billing

Accurate billing is essential, and we help ensure that you get a supplier who offers transparent and accurate metering and billing.

Action Points:

  • Verify your meter’s accuracy.
  • Consider upgrading to a smart meter.

12. Plan for Future Energy Needs

Our energy brokers will help you choose a contract that can accommodate your future growth and any changes in energy needs.

Factors to Consider:

  • Business growth and energy needs.
  • Investments in energy-efficient technology.
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13. Address Industry-Specific Energy Needs

Different industries have unique energy requirements. Our team ensures your contract caters to your specific needs, whether you’re in manufacturing, retail, or hospitality.

Examples:

  • Manufacturing: High and consistent energy supply.
  • Retail: Focus on peak trading hours.

14. Stay Informed About Market Trends

We stay updated on energy market trends to help you secure the best deal when rates are favorable.

Ways to Stay Informed:

  • Consult with our experts who track market fluctuations.

15. Compare Multiple Quotes Before Signing

Instead of comparing quotes on your own, let us handle the legwork. Our brokers will compare multiple quotes from top suppliers to find you the best deal for your business.

Action Points:

  • Get at least 3-5 quotes from different suppliers.
  • Let us compare both unit rates and standing charges for you.

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16. Regularly Review Your Energy Strategy

Energy prices and your business needs change over time. Our brokers can help you review your contract regularly to ensure you’re still getting the best deal.

Key Actions:

  • Conduct annual energy audits.
  • Reassess your energy needs and usage patterns.

Our Message to You

Selecting the right business energy contract is a crucial decision that can significantly impact your bottom line. By following this 16-step checklist, you’ll ensure that you’re making informed choices that benefit your business in both the short and long term.

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