Electricity bills can be one of the biggest expenses both in your business and homes. If you do not have the right supplier and tariff, power cost can be very hard to manage. Most homes and businesses rely on commercial electricity in order to run efficiently. As a result, there is a need for you to find the best supplier who will offer you with a quality but affordable tariff. To find the best deal, it is advisable to do a thorough comparison of various suppliers on the market. To do this, you need a cost effective strategy that will align to your energy needs. Below, we will look at the tips that you need to learn when doing a comparison of energy prices.
What to do
There are some things that you should do when looking for the best energy supplier. This includes:
– Do proper shopping. If you want the best electricity supplier and tariff, you need to do a thorough comparison of energy prices by shopping around. Luckily, the increasing number of energy providers in the UK translates to higher competition and lower electricity rates.
– Get a breakdown of the costs. It is important to get a breakdown of the charges per unit as well as other costs associated with the energy supply. Therefore, you should also look at the standing charges associated with the supplier, as well as exit fees if applicable. Remember, a lower rate can be reciprocated by higher standing fees and vice versa.
– If you go for a company that offers a fixed term contract, ensure that the cost relates to the entire duration of the contract and not just a fixed rate tariff. With a predictable cost and duration of supply, you can be able to plan your finances better.
– If you want to get power for your business, check to see whether it is listed for exemption on the climate change levy. If it does, you will get a lower power rate.
What to avoid
– Don’t delay for too long when shopping for an energy supplier. This is because there is a waiting time required before switching from one supplier to another. For example, your new contract can be approved 90 days before the end of your current one but it takes about 4 weeks for it to take effect. Therefore, you should be careful with your timing so as to avoid a situation where you have no power.
– Do not auto renew your current contract. Many people make the mistake of auto renewing their current contract without doing a comparison with other companies in the market. This is a bad idea as it can prevent you from switching suppliers thereby missing on better rates and cost savings that can be brought about by a new contract.
Electricity costs are very important for any type of business. Therefore, it is advisable to conduct a comparison of energy prices so as to get a good deal. This will not only enable you to save on money, but also get a better customer experience.