10 Tips to Help You Get the Cheapest Business Energy Available

by | Sep 6, 2018

With energy prices on the rise, businesses are seeking out the cheapest business energy deals available to mitigate the effects of recent energy price hikes.

There are two main elements to your business energy bill – your consumption data and your energy contract rates; getting the cheapest business energy means looking for reductions in both.

Sourcing the cheapest business energy contract

Tip #1 – Switch suppliers

Lowering your business energy bill starts with ensuring that the energy contract you are on is best-suited to your business needs and budget. This could mean that you’ll need to switch suppliers to secure a better, more cost-effective energy deal.

Tip #2 – Keep an eye on contract end-dates

Monitor your energy contract end date so that you can terminate an existing contract and move onto a cheaper energy deal. Even if you’d like to stay with your existing supplier, you’ll need to renegotiate your contract deal to avoid been rolled over onto expensive out-of-contract rates.

Tip #3 – Compare quotes accurately

When shopping the market and comparing energy quotes, there are two different charges to take into consideration:

  1. The actual unit cost of gas and electricity – dependant on your consumption, varying every month according to how much gas and electricity your business has used.
  2. The supplier’s standing charge – a set amount charged every month.

(Here’s our helpful infographic on how to read your business energy bill).

Both need to be taken into account when you compare supplier quotes to find the cheapest business energy. Sometimes, lower energy unit prices are offset by the supplier with a higher standing charge.

Tip #4 – use an energy broker

If the process of obtaining and comparing quotes sounds complex and time-consuming, you may wish to consider using the services of an energy broker who knows the energy industry, can assess your energy needs, negotiate with suppliers on your behalf, and can do the hard work for you to find the cheapest business energy.

Reducing energy consumption

Getting the cheapest business energy is not only about getting the best deal; the most effective strategies also involve implementing short- and long-term energy efficiencies to reduce energy consumption.

Tip #5 – Go green

Invest in renewable sources such as wind turbines or solar panels. You’ll receive payments from the government’s business feed-in tariffs as well as reduce your reliance on traditional fuels sources.

Tip #6 – Consult the experts

Your energy supplier or your business energy broker has a team of energy experts on hand who will be able to suggest ways for your business to reduce its energy consumption.

Tip #7 – Get a smart meter

Install a free smart meter (issued by your energy supplier) so that you can collect and analyse accurate data about your energy consumption and implement energy-efficient measures as a result.

Tip #8 – Switch to energy-efficient lighting

In the last few years, LED lighting has improved in quality and reduced in price. Not only do LED bulbs last longer than traditional halogen lighting, but their energy consumption is almost negligible.

Tip #9 – Get the team involved

Encourage your employees to practice energy-efficiency, such as turning off lights and other electronic equipment when not in use. This is simple to implement but can yield significant results.

Tip #10 – Keep your cool

Heating and cooling costs typically form a large portion of a business’ energy bill. The cheapest business energy can be achieved by taking proactive measures to monitor and maintain temperature controls. Consider insulation or double-glazing to keep inside temperature more consistent, and turn down the thermostat by a few degrees if you can.

By sourcing the best energy contract and reducing your energy consumption, you can get the cheapest business energy, save money on your energy bills, and channel more funds into the areas of your business that drive profitability.

Contact Smarter Business for expert assistance with your energy contract, metering solutions, and effective energy analysis and portfolio management.

Smarter Utilities Management for ESG

It’s Time To Get Started Or Get Smarter About ESG  Environmental, social, governance (ESG) is a powerful, growing global trend. In the context of climate change and the race to net zero, ESG is set to become the new normal. There has been an uptake of investment for...

Bureau Services & Business Energy Savings | Smarter Business

Ensure Accurate Utility Billing and Cost Recovery With Bureau Services   Energy market volatility and net zero pressures make airtight business energy management a must for modern businesses. Engaging energy experts for bureau services is an integral strategic step to...

2024 Energy Market Volatility Strategy | Smarter Business

2024’s Forecasted Energy Price Increases and the Best Way To Save  Energy Market Volatility: Take The Power Back   Wholesale energy market volatility has seen an increase in prices, with projections showing fluctuations for the remainder of the year. With anticipated...

MOP DC/DA For Business Electricity | Smarter Business

Energy Spotlight: MOP DC/DA Contracts  What Are MOPs and DC/DA and Why Are They Important?  Effective metering and timely energy data hold extensive potential benefits for businesses. These include billing accuracy, effective energy efficiency strategies, and costs...

2024 Commercial Energy Price Forecast | Smarter Business UK

2024 Commercial Energy Price Predictions  For business owners, the question on everyone’s minds is, “Will energy prices fall in 2024?” At first glance, we appear to have started strong in 2024 – with a 12% reduction in the short-term energy price forecast according to...