How to Find The Best Business Electricity Rates
by Northern Life
Electricity is in the air, as it is the most consumed form of energy by businesses annually. With this in mind, companies are often on the hunt for suitable business electricity suppliers, ensuring they can keep their overheads under control while maintaining a consistent supply to their workplace. However, keeping the lights on isn’t the only concern for modern businesses — reliable backup power and generator servicing can be just as essential for ensuring operations never grind to a halt.
This piece will offer some insight into ensuring you pay the business electricity costs that suit your enterprise, guaranteeing you don’t overpay while also getting enough of what you need.
Step 1 | Ascertain your needs
The trick to finding the best business electricity tariffs is properly understanding your usage and requirements. This will help you get the most accurate quotes possible from potential suppliers.
Some steps for adequately understanding your needs include:
- Analysing past bills to determine your average monthly consumption in terms of kWh
- Determining your peak usage times in terms of seasonal changes and peak customer-facing times – this will align tariffs with your usage
- Figuring out which meter your business uses to measure consumption, such as a smart meter or a half-hourly meter
Getting the lay of the land will set you up for finding the most suitable supplier. It’s worth noting the likely factors that will influence your tariffs and rates, such as:
- Larger businesses in more populous, metropolitan areas will generally have higher rates of electricity consumption
- Higher consumption will often result in business electricity providers offering discounts or better rates
- The state of the Energy Crisis at the time of searching – prices are generally quite volatile at present, so it’s important to be mindful
Step 2 | Compare energy suppliers online
The right place to find the best business electricity rates?
It’s worth contacting business electricity suppliers directly to see what they can offer you on a bespoke basis.
Step 3 | Considering different tariff formats
There are multiple tariff formats available to businesses, each of which will change how much is paid over the lifetime of a contract. If you don’t find a new tariff, you’ll be subject to rollover tariffs, rates that begin automatically and can somewhat gouge you.
- Fixed-rate tariffs – stable prices for the entirety of a contract
- Variable-rate tariffs – fluctuating costs that follow the trends of wholesale prices
- Green tariffs – rates that match consumption with renewable energy sources
- Economy 7/10 tariffs – designed for cheaper rates for off-peak consumption hours
The right energy supplier should be able to guide and connect you with the best business electricity tariffs for your operation.
Key considerations to keep in mind
Finding the best business electricity rates requires some core considerations throughout the process. For example, consider the length of the contract, mindful of your business continuity and longevity. It’s also important to consider every potential supplier’s customer service reputation.
Other vital considerations:
- Unit rates (cost per kWh)
- Standing charges or daily fixed costs
- Termination fees or lack thereof
Finding the energy rates that suit your business will ultimately come from thorough research and proper comparison. Start by figuring out exactly what your business needs, and the rest of the steps should come naturally. You’ll be connected with the perfect contract in no time.
