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19th July 2022

Money Secrets: How To Slash Your Commercial Electricity Bill

There's no doubt that switching your domestic energy supplier can lead to big savings. But what about the other end of the spectrum? What if you're running a small business or large corporation? Could there be any benefit in switching your commercial electricity provider too? The answer is yes! In this post, we look at some of the most common misconceptions surrounding business energy bills and explain why it's so important to switch suppliers.

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There's no doubt that switching your domestic energy supplier can lead to big savings. But what about the other end of the spectrum? What if you're running a small business or large corporation? Could there be any benefit in switching your commercial electricity provider too? The answer is yes! In this post, we look at some of the most common misconceptions surrounding business energy bills and explain why it's so important to switch suppliers.

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When it comes to energy bills, most people know all about the importance of switching your domestic supplier.

When it comes to energy bills, most people know all about the importance of switching your domestic supplier. It's a no-brainer that the cheapest deal is likely with an independent provider rather than your supplier. But while most people are aware they should be shopping around and comparing prices, there are many who simply don't bother or get stuck in an inertia loop where they don't feel like they can do anything about their bills because they're already paying as little as possible.

On the other hand, there's also a large number of people who switch regularly—but don't necessarily always go for the best deal on offer at any given time. They tend to follow this pattern:

  • Switching every few months or even years (depending on what you pay)
  • Not bothering to check prices before switching

There are many businesses that have yet to benefit from this simple savings hack.

According to research, a large business's average commercial electricity bill is £100 per square foot each year. This can mean hundreds of thousands of pounds in wasted energy costs for companies across the country.

So why don't more companies take advantage of this? Many believe that if they switch from conventional power sources, their costs will skyrocket instead of dropping—and it's true: electric bills do tend to increase at first when switching from fossil fuels to renewable energy sources like solar power or hydroelectricity.

However, over time those costs will decline and end up being lower than what you were paying before—this is because renewable energy sources produce fewer greenhouse gases than traditional fuel sources such as coal or natural gas do; so switching to them means reducing your carbon footprint while also saving money!

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Indeed, according to data compiled by the Energy and Climate Intelligence Unit (ECIU), a whopping 90% of small businesses in the UK have never switched their energy provider.

The ECIU is a UK-based non-profit organisation that's been around since 2005 and acts as an independent source of information on climate change, energy, and sustainable growth. It's also a registered charity (no. 1132120), member of the Energy and Climate Intelligence Unit (ECIU), member of The Climate Group and Businesses for Energy Efficiency.

Meanwhile, only a quarter of medium-sized firms have done so, while big business fares even worse, with two-thirds admitting that they've never switched suppliers.

The results are troubling. In contrast, a quarter of medium-sized firms have done so, big business fares even worse, with two-thirds admitting that they've never switched suppliers. The reasons for this reluctance vary: for many businesses, the process is simply too daunting or time-consuming. Others believe that their current supplier has the best offers on the market and that switching would be pointless.

Despite being one of our most expensive utilities after water bills and council taxes, small businesses often forget or ignore electricity bills – one in five firms say they don't keep track of them at all. Some companies have such a complicated billing structure from their existing utility providers that it's hard to understand what you're actually paying for; others simply lack the resources to investigate potential savings elsewhere in their accounts.

And yet, it's a fact that switching can lead to significant savings for businesses.

You may be thinking that this is a lot of effort. You'd be right, it is. But the point is that it's definitely worth the time and effort.

For example, if you have an electricity bill of £500 per month and could switch to a tariff where you pay an average of £450 per month, then over the term of your contract (3 years), you would save more than £10k on that one bill alone!

According to research by Ofgem, the average small business could save up to £1,200 per year simply by switching their electricity tariff.

It's important to know that the price you pay for commercial electricity is not fixed, so it's essential that you compare energy suppliers regularly. The price of commercial electricity can be up to five times higher than domestic prices and fluctuate on a day-to-day basis, so you need to ensure that you're getting the best deal possible. Simply switching your supplier could save your business money on its annual bills.

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It seems like a no-brainer particularly when you take into account the fact that there's no disruption to your service.

It seems like a no-brainer particularly when you take into account the fact that there's no disruption to your service. How long does it take? You can expect it to be done within 5-10 days, depending on what provider you choose. How much does it cost? This will depend on how much energy you're currently using and how often you switch providers. In most cases, however, there is an initial cost which is then offset by savings over time – so in essence, nothing!

All that remains now is for your business to get started with finding commercial electricity providers online and comparing quotes for businesses like yours to see who offers the most competitive rates on their services and packages available today.

In fact, the entire process is relatively straightforward and hassle-free.

The process is a breeze, and it's almost as simple as changing your mind. You can do it from the comfort of your own home, on the couch with a cup of tea in hand—and you don't even need to get up to check that your new provider has been switched over. The whole thing can be done online, at any time during business hours (although we'd recommend switching at night), and takes just minutes.

And as for disruption? None whatsoever! Your current electricity provider isn't going anywhere; they'll still be there when you're ready to go back to them if things don't work out with the new one. Everything will just seamlessly switch over without any interruption or struggle on your part.

Switching commercial electricity providers is not as hard as you think

Switching commercial electricity providers is not as hard as you think. In fact, it can be done with just a few simple steps.

Compare your current commercial electricity prices with the rates of other providers. Your search should include both fixed and variable rate plans and all major suppliers in your region.

Once you've found the plan that's right for your business, contact them directly to get more information about their services and rates. If they're unable to provide this information on their website, try calling or emailing them directly; many companies will have representatives available 24 hours a day who are happy to answer any questions you may have about your new contract (and if they don't know the answer themselves).

Once again: this is an important step! It's always better to compare commercial electricity providers before signing any contracts—that way, there won't be any surprises later down the road when it comes time for renewal, or the termination date arrives unexpectedly soon after initialising service with one particular company offering low-cost pricing options but no flexibility.

If you're looking for a way to save money on your business's energy costs, Compare Business Electricity is the perfect resource. We provide information and comparisons on all of the top commercial electricity providers in the UK, so you can find the best rates and contracts available. Visit us today to get started.

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Woodgrange Laundry

5 Stars Rating

2019

Year Joined

£120,000

Total Savings

Voltix Services Ltd

5 Stars Rating

2019

Year Joined

£120,000

Total Savings
Don’t wait any longer!

Want to know how much you could save?

Simply get in touch to let us know a bit about your business and we’ll source quotes from a range of suppliers.

Call our business energy specialists for free right now!

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If you’re looking to switch your company’s energy suppliers, our team here at Compare Business Electricity can help you find the deal that will secure you the biggest savings.
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