Business Energy Suppliers

Determining the cheapest business energy supplier can vary significantly depending on factors such as location, energy consumption patterns, contract terms, and the specific needs of each business.

Due to the number of different factors, there's no definitive answer to who the overall cheapest business energy supplier is.

That said, if you haven't renegotiated your business' energy tariff for over a few years, you're likely paying over the odds.

The most effective approach for businesses seeking the cheapest energy deal is to compare quotes from different suppliers and assess what they offer against their business' needs.

Power is increasingly being sourced from renewable sources in the UK, with wind, solar and hydro power leading the way.

With the UK's net zero by 2050 target in mind, UK energy suppliers are implementing more and more sustainable measures. These include:

1. Increasing renewable proportion of their fuel mix - Suppliers that rely more on renewable sources like wind, solar, hydro, and biomass are generally considered greener. Extra credence is given to suppliers who generate renewable electricity through their own assets e.g. on-shore wind farms.
2. Reducing carbon emissions - Some suppliers invest in carbon offsetting schemes to neutralise the carbon emissions produced through their operations or their customers' energy usage.
3. Smart Export Guarantee (SEG) – Suppliers that offer SEG tariffs are given green bonus points. SEG tariffs pay businesses who generate and sell their own renewable electricity back to the national grid.
4. Providing businesses with energy solutions – Such as heat pump installation, battery storage, EV charging, and solar panels.

Ecotricity and Octopus Energy currently lead the way among green business energy suppliers.

While it may seem obvious that the cheapest rates for electricity and gas are the paramount facet of your business energy contract, the upfront price of a business energy tariff isn't the only thing you should consider when choosing your energy supplier.

For example, fixed-rate terms for business energy contracts run up to five years. With that in mind, it's important to sign with an energy supplier that is renowned for good customer service. Cheaper suppliers may offer lower-quality customer service, leading to issues with billing, meter readings, and resolving queries. A reliable and responsive supplier can save time and frustration in the long run. Reading reviews and checking with other entrepreneurs in your network are useful ways of learning about different energy supplier's customer service.

Here are some other points to consider when choosing a business energy supplier:

• Your business' unique needs - For example, if you run a nightclub, your business will use far more energy at nights and on weekends. Therefore, you might be suited to a plan that incentivises businesses for using energy outside daylight hours, rather than the plan with the lowest unit rate.
• Green tariffs – If your business has sustainability goals or a strong environmentally-conscious customer base, then you may want to prioritise a supplier with robust green credentials over one that is more cost-friendly.
• Budget – What length of contract works best for you? Cheaper deals may come with longer lock-in periods, expensive exit fees, or variable rates that could increase unexpectedly. Understanding contract terms is crucial to avoid hidden costs.
• Additional amenities - Some suppliers offer value-added services beyond energy provision, such as energy management solutions, efficiency advice, or equipment maintenance. These services can help businesses optimise energy usage and reduce costs in the long term, outweighing any initial price differences.

You can assess the merits and drawbacks of each business energy provider using our comparison service. We're confident that you'll find the most suitable deal on the market for your business' individual needs. Once you've chosen the deal you want, we'll take care of your whole switch from start to finish, saving you time and money.

Switching business energy supplier is slightly different to switching home provider. To ensure you get the best deal, you have to:

1. Contact each supplier for an individual, tailored quote.
2. Choose the tariff that best suits your business' needs
3. Apply for the business energy contract
4. Ensure you have no debt outstanding to your current business energy supplier before notifying them that you are switching supplier.
5. If your current supplier approves the switch, then the rest of the work will be handled by the two suppliers, and you are free to focus on other matters.

Switching business energy supplier is usually a quick and hassle-free process, but there are scenarios where your switch can be rejected by your current provider. This is usually because you have an outstanding balance that you need to pay off. However, you can run into other issues. We at Smarter Business can help with any issues you may face during the process.

Also, contacting every supplier for a bespoke quote can be time-consuming and confusing. This is where Smarter Business come in. We can do the heavy lifting for you and gather a range of energy quotes from the top business energy suppliers on your company's behalf. That way, you are free to focus on other matters secure in the knowledge that we are acting in your best interests.