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When it comes to finding cheaper business electricity prices to reduce overheads, then the UK has a very competitive supply market.

With more than 50 potential suppliers offering a range of prices and tariffs, there’s a lot to consider when you begin the search.

However, the onus is on your business to find a new supplier and if you don’t search the market when your renewal lands, then you may find yourself being moved to more expensive rates automatically as a result.

That’s not a pleasant experience when you may be locked into this contract for the next 12 months and only microbusinesses may be able to leave the contract without paying a penalty.

Search for a cheap business electricity provider

In the search for a cheap business electricity provider, all firms will need to appreciate that their energy contract will have two variable components that will need to be negotiated. They are:

  • You will need to understand the rate for each kWh (kilowatt-hour) or unit of electricity your firm will consume over the contract’s length
  • Plus there’s a standing charge which varies between providers and this is a sum paid for delivering electricity.

 

The other issue when it comes to understanding a commercial tariff for electricity is the contract itself – it may be offered for more than one year.

It’s not unusual for firms to be offered two- or three-year long contracts and some providers may even tempt you with cheap rates for five years.

However, whatever your firm decides to do, it’s important that you calculate what the new rates will cost – that’s the unit rate plus the standing charge – over the next 12 months.

Cheaper business electricity prices per kWh

While we mention cheaper business electricity prices per kWh, you may need to consider other incentives.

These may include an energy consultancy to help you reduce electricity consumption levels to boost your firm’s savings and also having access to a dedicated account manager.

It’s easy to compare business electricity rates online using one of the popular platforms, but you may find that they are not searching the entire market for you.

In addition, along with a restricted number of potential suppliers, you will still have to negotiate directly with a recommended provider to enjoy a bespoke quote.

To do this and to access cheaper business electricity prices, then you need to speak with the friendly team at the Business Utility Hub today.