Most businesses switch their utility suppliers to procure a better deal, reducing costs, overheads and ensuring prices are reflective of the market rates.
It is not uncommon for business owners or organisational leads to overlooking this either because they forget the renewal dates or out of sheer overwhelm of the process of getting various quotes and weighing up contractual options etc. Leading to the suppliers placing you on a ‘default’ or ‘deemed’ tariff that you didn’t choose to be on and as they aren’t obliged to put you on their best rates there is scope to get a better deal.
That’s where a brokerage such as Commercial Utility Consultants can help, once we have the essentials we get all the quotes and support you to make an informed decision that saves you money and time.
If you are switching as your supplier has gone bust, as per the instruction of Ofgem we advise against switching supplier and to consult the Ofgem document for guidance in this regard, available at the Ofgem website here.
How does the switching process work?
Step 1: Confirm you can switch your business energy
You need to establish whether your current tariff term has months to go, is reaching its end or if you are out of contract and how much notice you’ll need to give to switch. If you switch prior to your contract ending you may occur a charge and you could be at a financial loss by switching.
If switching isn’t an option, ask your current supplier if there is any scope to move over to a cheaper tariff, though you may have to sign a new contract. Review the length of the new contract, the unit cost, whether prices can change and the notice period.
Step 2: Understand your current energy contract
Your contract will tell you important information about your business energy rates thus allowing you to compare unit and any other associated costs. Establish the following points through your contract and previous bills:
- Unit rate and standing charge
- kWh’s usage (monthly and annual)
- Annual and monthly cost (£)
- Contract end date
- Contract notice period
It is also useful to have the MPAN (Meter Point Administration Number) for the electric supply and the MPRN (Meter Point Reference Number) for the gas supply. These can be found on the meter.
Step 3: Consult a broker
Equipped with key information, one of the easiest and stress-free ways to switch energy providers is to contact a utility broker such as Commercial Utility Consultants.
With years of experience as specialised intermediaries that work with businesses and energy suppliers, we seek to deliver competitive deals from our supply network. Whether you choose to go with Commercial Utility Consultants or another broker, they’ll become your go-to and will help you navigate the energy market in more than just getting quotes but also to understand what type of contract and provision best suits your business.
Step 4: Choosing the new supplier
The broker will use the provided information to collate together quotes from various suppliers and provide you with a selection to choose from.
The costings are a solid indicator of which supplier to go with but to help you make an informed decision at this point, make full use of the broker’s expertise, and seek clarity on any unclear matters or to address any questions you have before proceeding.
The next step is to instruct the broker, who in turn will let the supplier know and you will be issued with a contract and your new tariff will start promptly.