A detailed guide to help you choose the best energy supplier

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Written By Charlotte Miller

Choosing an energy supplier sometimes happens when setting up a new business or during office relocation, when you need to organize many other utilities. This is an overwhelming time for any business owner because you don’t have a dedicated time to research on which energy supplier is right for you. If you rush your decision when it comes to choosing the energy supplier for your business, there is a chance that you can end up with a contract or energy supplier that is not right for your business. 

Worse still, you can be stuck with an energy contract you can’t get rid of without a cost. You can be happy with the supplier’s website or app, but find that their services are poor. This is why you need to work with Utility Bidder to help you research some key areas so that you can choose an energy supplier that meets your specific needs. This post is a detailed guide to help you choose the best energy supplier.

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The price of business energy

All businesses need to consider comparing energy prices before choosing an energy supplier. It can sometimes be tricky to understand the differences between energy suppliers, but price comparison is something you can understand.

Some energy suppliers can offer higher fixed daily charges but low prices per kilowatt hours. The other thing you should consider is fluctuations in the wholesale prices of energy. This refers to the amount retailers need to pay to purchase it from energy suppliers. You can decide to acquire an energy deal that locks in the energy rate for a few years.

There are also some energy suppliers that provide a different pricing system for their business clients compared to what they give to their residential customers. Therefore, you must research each energy supplier to know exactly what they can provide your business.

Discounts and promotions

Besides pricing, another crucial factor you need to consider for your business is to choose an energy supplier that offers discounts or promotions. These discounts can apply for a quick bill payment or it can be part of a certain promotion to attract new customers to sign in. 

You can see some promotions that offer large account credit for joining them. These are the types of incentives you can expect from traditional energy suppliers. 

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Understanding your energy usage habits

Remember that different energy plans tend to suit different businesses. Therefore, when you decide to shop around for your next energy suppliers, it can be a good idea to have an understanding of your current energy usage and estimated future energy usage.   

Sometimes, it can be hard to understand your energy usage. Therefore, you need to have information on your energy needs and your expected kilowatt hours. This can help you and the potential energy supplier to decide on the right energy plan.

If you already operate a business that has previous energy bills, then you can check the usage report from the previous energy supplier to give an accurate indication of your energy consumption. The good way to do this is to consider your old premises and energy usage against what you may need in future. You should remember that a bigger office space may require more equipment that can be in different categories of energy usage. 

Many businesses usually have significant energy needs with heating, electrical equipment, and lighting in constant use during the day. Some companies like those that try to reduce energy usage can have a smaller demand. These businesses can opt for a more cost-effective energy plan.

If your energy needs are a lot, then it’s worth choosing an energy plan designed for this. Failure to do this can lead you to paying more on energy bills than expected within a given period. 

The energy contract 

Aside from knowing the pricing structure of an energy company, you must also have clarity when it comes to the energy contract you intend to get. The energy contract can have the terms and conditions of the energy deal, such as payment, supply, and termination.

You may find a mixture of fixed-term and no-contract options on the market. It’s also common to have these energy options from the same energy supplier. You should note that the no-contract energy options gives you freedom to leave the energy supplier quickly, though you may have to pay higher rates for the energy you use.

This contract also offers you more security, so you can expect a good energy deal by committing. But you have to find out these options by comparing energy suppliers. 

An energy contract means that you can get better discounts and energy rates on the energy bill. You can also get protection against fluctuating energy prices as it has a set price for kilowatt hours used. Even better, you just need to pay a termination fee if you decide to leave the energy contract before its expiry date. 

With an open and non-fixed energy plan, you are free to leave the energy contract to another energy supplier at any time. In some cases, you may need to pay the energy bill at least to the end of your billing period. There is also no termination charge and your business can be more exposed to variable energy rates in the long run. This means that you can pay less or more, though this depends on the energy prices on the market.  

You should remember that the energy supplier may not provide both of these energy options, but this can depend on the particular energy supplier you choose. Therefore, it’s up to you to decide whether you desire complete freedom to switch energy deals or have the predictability every month that fixed terms can offer you.

Some businesses like to commit to a specific term, such as 12 months so that they can rely on the operating costs in their budget with a degree of certainty. Therefore, if you are not sure about the details of the available business energy plans and what energy contract is good for you, then you should contact an energy supplier to get more specific details.