With energy prices on the rise, keeping energy bills as low as possible is fairly high on the list of priorities. Businesses are looking for ways to cut costs and slash their energy bills as much as possible.
One of the best ways to do this is to make sure you find the best energy deal for your business energy needs. Of course, before one signs a business energy contract, it’s important to know all your options.
For example, if a better deal comes along, how much flexibility do you have when it comes to switching contracts? Is switching business energy contracts even a possibility?
The answer is yes! And thanks to the Faster Switching Programme, the process will take 5 business days at most. Get the full definition of the Faster Switching Programme and find out what it means for you.
Can You Switch Business Energy Suppliers?
While it is possible to switch business energy suppliers; it is only possible under certain conditions. Generally speaking, you can switch your business energy supplier if any of the following is true:
Expired Business Energy Contract
If your business energy contract has expired, you are free to switch to a new energy supplier. Make sure that you’re aware of all the terms and conditions of your current energy contract.
Some energy suppliers require you to give notice within a certain notice period to formally end your contract. In this instance, failure to do so will result in your contract rolling over onto pricier, default rates. You’ll then be locked into these prices for your new contract.
Deemed Energy Contract
If you’ve recently moved premises and have yet to sign up with an energy supplier, you will be placed on a deemed energy contract by default. In this situation, you will be able to switch business energy suppliers and get onto a contract of your choosing.
It’s always best to avoid finding yourself paying deemed contract tariffs. These are typically the most expensive tariffs that energy suppliers have. The best way to avoid paying deemed contract tariffs is to ensure you stay on top of the dates of your contract expiration and notice periods.
Depending on your contract and energy supplier, you may also be able to switch business energy suppliers mid-contract. Usually, breaking an energy contract before it’s expired will come with an early cancellation fee. Switching suppliers in the other two situations comes with no fees.
How to Switch Energy Suppliers
Switching energy suppliers can be a simple and hassle-free process provided that you take the right steps.
- Keep track of your expiration dates and notice period, if your business energy supplier has one. Make sure you follow the relevant process to turn in your notice or intent to switch business energy suppliers. Doing this will ensure you avoid deemed contract tariffs.
- Make sure that you compare deals from different energy suppliers to ensure that you’re picking the best deal for your business. You should also know how much energy you typically use and how much money you typically spend on your energy bills.
Trying to find the best deal can be a little overwhelming but you can make the process simple for yourself. You can use an energy broker or consult an energy comparison website. You’ll find all the best deals from all the top suppliers right at your fingertips
- Finally, once you’ve signed your new contract with your new supplier; your job is done. Your new energy supplier will handle the switch with your old energy supplier. The whole process should take several business days.
What if the Supplier Says You Can’t Switch?
If your business energy supplier informs you that you can’t switch, they are required to promptly explain why. In the scenario where you can’t switch suppliers or change contracts, you should enquire with your supplier about switching deals. You may be able to change tariffs with the same supplier.
Final Thoughts
Switching business energy suppliers, and contracts, can be one of the best ways to reduce your bills by cutting down on utilities. You don’t have to be stuck in the same contract forever, you can switch business energy suppliers in a few business days. This is provided that you are in the position to do so.
However, it is important to carefully review the terms and conditions of your current contract before making any changes. Additionally, it may be beneficial to compare rates and plans from multiple suppliers to ensure you are getting the best deal for your business.