Set up a plan
After you've identified the best plan and provider for your business, it's time to set up a payment plan. When setting up your plan, there are several factors you should consider:
- How much can I afford to pay per month? The cost of electricity varies depending on where you live and what type of energy source is used by your provider. However, there are some general guidelines that will help you determine how much money is appropriate for each month.
For example, if you have a small business with fewer than 10 employees and less than £5 million in annual revenue, then it's likely that any plan between £100-£300 per month will suffice (although this will depend on which state/area).
- What kind of budgeting tool should I use? There are many different ways to create a budgeting tool—from using spreadsheets or web-based apps to hiring an accountant—but one thing remains true: the more organised and efficient your system is when creating budgets (or any other financial task), the better results it'll produce over time!
If you're looking for something simple, then spreadsheet-based tools like Microsoft Excel or Google Sheets are good options. If you want more advanced features such as tracking income/expenses, setting up alerts and notifications, etc., then there are plenty of free web-based apps that can do this as well. Some businesses prefer to pay an accountant who can help them set up a budgeting system.
Understand your rate plan
When you're first starting out with a new electricity rate plan, there are several things to keep in mind. The first is understanding how your bill is calculated. Electricity rates are generally determined by the type of plan you select and when and how you use electricity.
For example, if you have a tiered rate plan where power costs more as usage increases, then it's important for you to know how much energy your business consumes on average each month. Likewise, if your business has been using green energy from solar panels or wind turbines for some time now, this could affect how much money you spend on electricity per kilowatt hour (kWh).
All told, though, these calculations will help determine exactly how much money goes into powering all those lights and computers at work each year—and if there's any room left over after paying rent and salaries!
Compare the rates of multiple electricity suppliers
Once you understand how much your business spends on electricity each month, you can start to compare the rates of different suppliers. The most important thing is to find a supplier that offers a competitive rate that's lower than what you're currently paying. You can also look for other benefits such as green energy options, fixed-rate contracts, and no early termination fees.
You can compare the rates of different electricity suppliers by calling each one or by going to their websites. You should be sure to understand all of the contract terms, including cancellation policies and penalties for early termination, before signing up with a supplier. Some companies may require you to sign a new contract yearly, while others offer open-ended contracts that do not expire unless you cancel them.
Many also charge early termination fees if you decide to change suppliers before your agreed-upon term has ended; in this case, it would be best for both parties if we could reach an agreement where neither party is penalised for terminating our business relationship early.
Check for government-subsidised rates
- Check with your government. If your business is located in an area that has an energy efficiency program, you may benefit from lower rates.
- Check with your local government and utility companies. Some areas have special rates for businesses as part of their economic development initiatives, so this is worth checking into if it's applicable to your situation
- Ask about any available grants or rebates for switching to renewable energy sources at home or in the office
Find out if you could be eligible for a discount
- If you're a low-income customer, there are some discounts available to you.
- If your business uses less than a certain amount of electricity, it might be eligible for a discount. This is called the "demand charge" and is based on how much power you use during peak times.
- There are also special discounts if your business uses less than the peak load (during off-peak hours) or if it has solar panels installed on its property.
Managing your energy costs is more important than ever.
Managing your energy costs is more important than ever. With the cost of electricity on the rise, managing your business's energy budget is essential to keeping expenses low and profits high.
It might seem like there are no options for saving money on utility bills—but it turns out that there are a few things you can do to reduce your energy costs, including:
- Switching to a cheaper plan
- Managing your usage by unplugging equipment and appliances when not in use
- Investing in energy-efficient appliances
Shopping for electricity is a lot less daunting than it used to be. Today's companies have more options than ever before when it comes to finding the best rate for their business. You can compare plans online, get advice directly from your local utility, or even use an app that helps you find the cheapest rates in your area.
If you're looking for ways to reduce your business's energy costs, then be sure to check out Compare Business Electricity. We have a wide variety of solutions and options that can help you save money on your monthly utility bills. Our team of experts is standing by to help you find the best rates and plans available in your area. Give us a call today or visit our website to get started!