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In today’s competitive business landscape, managing costs is key to maintaining a healthy bottom line. One area where significant savings can be made is by switching your business energy supplier. However, navigating the complexities of the energy market, especially if you are unfamiliar with it, can be a daunting task. This is where energy brokers step in, simplifying the process and securing the best deals for your business.
Before we delve into the benefits of using an energy broker, let’s first understand the essentials of a business energy contract and why switching is a smart move.
If you’re contemplating switching your energy supplier, there are a few crucial details you should consider:
1. Contract Terms: Begin by checking the terms of your current contract, including its end date. This information is vital as it dictates when you can make the switch.
2. Charges and Usage: Take note of your current standing charges and energy costs per unit, which are measured in kilowatt-hours. These figures can be found on your energy bill. Equally important is understanding your annual energy usage.
3. Eligibility to Switch: You can typically switch to a new business energy supplier if you are not bound by your existing contract, are on a “deemed” tariff due to moving to new premises, or if the fixed term of your contract has ended. Deemed tariffs are often the costliest and, luckily, they can be changed without incurring fees.
Once you’ve determined your eligibility to switch, it’s time to consider contacting suppliers directly. Here’s a step-by-step guide:
1. Compile a List: Start by making a list of the suppliers you want to approach for quotes. You can find their contact details on their websites.
2. Make the Call: It’s best to reach out to these suppliers via phone. When you do, express your interest in switching and inquire about the prices and contract options they can provide. If another supplier has offered you a better deal, don’t hesitate to mention it; you might secure a more favorable offer.
3. Request Full Terms: Before committing to a new contract, ask suppliers to send you the complete terms and conditions. This step ensures you have a thorough understanding of what you are getting into.
When comparing the business energy contracts you’ve been offered, be sure to scrutinize the following aspects:
1. Energy Costs: Pay close attention to how much you’ll pay per unit of energy and whether this price can change over time.
2. Additional Charges: Are there any extra costs, such as maintenance charges, that might affect your bottom line?
3. Contract Duration: Determine how long the contract will last and if there’s a fee associated with early cancellation.
4. Notice Period: Find out how much notice you’ll need to provide to terminate the contract.
5. Cooling-off Period: While most business energy suppliers don’t offer a cooling-off period, it’s worth checking for one. This provision could be crucial if you’re not satisfied with the contract terms.
While dealing directly with suppliers is an option, enlisting the services of an energy broker can streamline the entire process. Here’s why:
1. Expert Guidance: A business energy contract can be complex, but a reputable energy broker can break down the prices and charges, ensuring you fully understand the terms.
2. Access to Preferential Rates: Brokers often have access to preferential rates with suppliers or can point you to the best deals currently available.
3. Registered Brokers: Ensure that the energy broker you choose is registered with the Energy Brokers Dispute Resolution Scheme. You can verify their registration on the Ombudsman Services website.
In conclusion, securing the right business energy contract is a smart move for your company’s financial health. While it is possible to navigate this process independently, using an energy broker can simplify the journey and lead to more significant savings. So, when it comes to your next business energy contract, consider the expertise of an energy broker to make the process hassle-free and to secure the best deal for your business.
