Business Energy Comparison

Decided it's time to switch? Here are some tips:

Having the right information to hand when you come to switch business energy providers is essential to receiving an accurate quote. There are some other things you should be considering too. For a seamless switching process, even if you're just reviewing the latest energy rates, consider these steps:

1. Locate meter registration numbers

When you compare business energy quotes, having your Meter Point Reference Number and Meter Point Administration Number (MPRN & MPAN) to hand will ensure you're getting accurate rates based on actual usage. These numbers should be displayed on a recent energy bill.

When you compare business energy quotes with Love Energy Savings, all you need to do is enter your postcode and select your address. Our comparison engine can then find your meter and provide the latest prices for your business. It couldn’t be simpler!

2. Your company information

You'll need some basic company information so our business energy experts can find you a great deal. Switching can be completed completely online at a time that suits you, or our team are just a phone call away should you need any assistance.

We'll typically need the following information:

• Business address and postcode
• When you would like your new energy deal to start
• Energy meter numbers
• How much energy do you consume annually

Most of the information you need will be on your recent bill.

3. Switch with confidence

There's no obligation to switch business energy providers with us. We want you to find the right deal for you. If you decide to switch with us, you can sit back and relax whilst we handle the process for you.

4. Remember rates change every day

The energy market can be highly volatile and multiple factors can impact the price you pay for your energy usage. Here are some reasons you could be paying more or less for your commercial energy contract:

• The size of your business - larger consumption businesses pay more annually for their energy usage but will get discounted unit rates. Businesses with lower consumption will pay higher unit rates.
• Your energy tariff - there's a wide range of tariffs that have different price models - for example, Economy 7/ 10 (cheaper rates at night), no standing charge tariffs and green energy tariffs will all pay different rates. Each one has its benefits depending on how your company uses gas and electricity.
• Energy suppliers - whilst generally guided by wholesale market prices, different suppliers will have different pricing models making some more expensive than others.
• Wholesale market prices - the wholesale market is always changing, and suppliers will use this as a guideline for their pricing models. Significant world events, weather and other factors can impact the wholesale market, and the prices will be adjusted accordingly.

If you run a business with high energy usage or multiple locations, you may choose to install a multi-site meter.

This allows businesses with multiple premises or high usage to manage their energy with one contract. Your multi-site business energy contract covers the billing for more than one meter, whether at a single premise or multiple locations.

Some of the benefits of a multi-site meter are:

• Greater management over multiple sites– Whether your business has 2 or 10 locations, a multi-site meter could help you manage your energy more effectively. This makes matters such as renewals easier to deal with.
• Better management for single large sites– Instead of having several meters on one site, you could get a multi-meter that will cover your whole premises.
• Further discounts may be available– You can leverage your buying power and get larger discounts when choosing a multi-site meter.

Your contract end date is important because it tells you when you can terminate your current contract and switch to a new deal.

If you fail to organise a contract renewal, termination or supplier switch before your contract ends, you could be placed on expensive out-of-contract rates or even be rolled over onto another contract for another term. Once your contract has been rolled over, it can be difficult to get out of it.

Many businesses face unnecessarily expensive energy bills due to failing to switch to a new energy tariff in time. Remembering your contract end date and the required notice period for termination could help you avoid overpaying for your business energy and help you save.

The best time to arrange a supplier switch is during your contract’s renewal window. This is the period when you are permitted by your supplier to terminate your contract and switch to a new energy provider.

Typically, your renewal period can be between one and six months before your contract’s end date, but you should check your original contract or contact your supplier to confirm.

Dual fuel tariffs are for domestic customers only. Businesses must switch their gas and electricity separately. 

Businesses can have the same supplier for both fuels, but they must be switched separately. You may be able to negotiate a better energy deal with the supplier if you decide to have a contract for both gas & electricity.

Your business credit score can impact the suppliers available, your tariff type, and unit rates.

A credit rating scores your business on a scale of 1-100. The higher your credit score is, the better. Businesses with a high rating are judged to be in a stronger financial position.

Businesses with a score of 40 or more are likely to have access to cheaper energy deals.You credit score will be calculated on a variety of factors including:

• The size of your company and number of employees.
• Whether you have failed to keep up with your bills.
• Your successful and unsuccessful finance applications.
• The credit history of your company directors.

A lower credit rating can limit your options when switching business energy suppliers. Some energy suppliers won’t accept businesses with low credit scores. Whilst others may limit the tariff options available to you.

Energy suppliers who accept businesses with low credit scores may take other steps. This can include:

• Charging you an additional premium.
• Requesting a security deposit.
• Charging you by Direct Debit.
• Installing a prepayment meter.

If you don’t renew or renegotiate your energy deal during the renewal period - at the end of your business energy contract - you will be rolled over. Energy suppliers impose these contracts automatically. This means your company will be locked into an expensive renewal tariff for at least a year.

A minimum of two months before your current contract ends, your energy provider will contact you to let you know that a rollover contract will start if you take no action.

If you haven’t negotiated your tariff, you will likely be placed on a monthly rolling contract or a deemed rates contract. These rates are often much more expensive than negotiated rates.

The good news is that you can switch at any time with no exit fees. So, if you find that your energy contract has rolled over, you can compare the latest prices and start your switch today.

You may be aware that once you enter a business energy contract you cannot terminate it early. However, moving premises is a rare chance to end your contract early.

This doesn’t automatically mean you should go ahead and do this. It’s important to assess your options and if you can get a cheaper deal with another business energy supplier.

You can transfer your business energy contract to your new premises. You should compare business energy prices to see if you can make a saving in your new premises.

It's important to remember that if you’re moving into larger premises to take increased usage into account.

When you first walk into your new business premises for the first time with the keys, you should take a meter reading for both gas and electricity.

Not checking the connections and meters can prove an expensive mistake to make but can easily be overlooked. Here are some things that catch out many relocating companies:

• Existing Premises - you should check that the building has not been disconnected from the national grid. This can happen if previous tenants got into energy debt. Having this surprise can cost a lot of money and you may need to pay a reconnection fee. Imagine trying to operate your business without gas and electricity until you can reconnect. Not an ideal start to your move, especially if this means you will lose revenue.
  
  
• New Buildings - has the building been connected to the main grid? This is the first thing you should check. There’s usually a large connection fee so it is important to ensure that this isn’t going to be an issue.

Switching business gas or electricity suppliers is a simple process, and you will not lose access to gas and electricity. When you switch energy suppliers, you're only changing who manages your supply. All the cables and pipes will remain the same.