Guides To Switching Business Energy Suppliers
A business primarily considers switching when the energy bills have become worrisome. While at some point it is the top option to consider, it’s important to weigh the pros and cons first as well as the things needed in switching business energy provider.
There are over 50 providers in the UK aside from the Big Six, therefore, it would be easier for businesses to jump from one provider to the next. However, is it really the best thing to do?
Examining The Pros And Cons
The great thing about switching is that it improves the competition in the market. Through switching, independent gas and electricity suppliers can compete with the Big Six.
Another plus is that if offers additional savings to the business customers. The current supplier is demanded to provide a notification about the end of the contract for at least 40days before it is due. This gives customers enough time to shop around and look for a new tariff or a new supplier. In addition, the business customer might land on a cheaper provider that would make them use their extra money on other business matters.
Finally, switching to a new supplier may help the business find other ways to save extra cash. Some business energy suppliers may offer energy-efficient products such as LED light bulbs and a smart thermostat, which can help a huge amount of cash in the long run. These products cut cost and consumption, therefore benefiting the business. Meanwhile, some energy companies help their clients by providing a customer centric approach. These companies assist their business customers by giving advice and tips on how to become more energy efficient.
On the other hand, there are also cons about switching business energy supplier.
First is the dreaded exit fee that most business suppliers apply on fixed rate tariffs. The exit fees are required charges if the customer fails to finish the contract and it can be as much as £100 or more.
Another downfall is that customers may get enticed immediately with a better rate, thinking that the price is fixed when in fact, it becomes a variable rate after some time. Therefore, it is important for business customers to study the terms and conditions first prior to signing the contract.
To avoid any conflicts with switching to a new energy provider, the business customer should do a full research first about various energy companies, particularly with the one they are eyeing to. It is recommended to fully understand their terms and conditions, the duration of the contract, and any fees that may incur if they leave the contract.
Switching to another business energy provider should also involve doing a research on various company offers, the type of tariffs they have, and the company’s reputation. Once the switching has been fully decided, it is important to fully understand the entire contract. If anything’s unclear, the energy supplier’s customer service center is available to explain the agreement further. If the customer service responds otherwise, such as being unable to explain the contract, it’s best to look for another provider.
Switching To A New Provider
Prior to switching, check with the energy supplier whether any payment is needed for canceling the current energy tariff. The customer should also prepare the necessary information such as the postcode, the name of the energy supplier and the tariff/plan, the amount spent on the gas and electricity, and bank details.
The recent bill is needed for comparison purposes. If the bill is not available, the customer can ask the energy supplier’s customer service center.
Using Ofgem-accredited comparison sites can help in finding the best deals and tariffs as well as the next potential business energy provider.