It is a common practice for companies to compare deals and energy tariffs from different suppliers as a way to save money. Aside from this, switching to a different supplier means you can get better service and take advantage of cheaper offers. Shopping around for suppliers does pay off. In fact, by changing your business energy supplier, you can save up to £300.

If you’ve never done this for your company before, the process may appear daunting. But on the contrary, switching from one energy supplier to another is simple.

You can find online tips and convenient tools, some of which are authored and maintained by government agencies to help you compare business electricity and tariff providers. Aside from this, there are similar resources available from third-party and independent providers like Utility Bidder.

How do you compare energy suppliers?

There are specific parameters you need to look for when comparing one energy provider to another. Aside from cheaper rates, you should also examine how well the company is doing regarding customer service satisfaction. You should also check the company’s green energy tariff. Aside from this, the contract should not have an exit fee in case you want to switch to another supplier later on.  Moreover, some suppliers promise to offer a service guarantee when you switch to them.

What do you need to provide when switching from one energy supplier to another?

To help with your preparation to switch from one supplier to another, you should be ready with the following information:

  • Your current energy supplier’s name
  • Have your most recent bill ready and look for the energy offer you are currently paying and your company’s actual energy and gas consumption.
  • Your company’s most recent meter reading.
  • Your bank account information or your preferred payment method.
  • Your address and postcode.

Lastly, you will also need your MPAN or Meter Point Access Number and the Meter Point Reference Number, both of which you can find on your energy bill.

How long does it take to switch energy suppliers?

Changing from one energy supplier to another can take a maximum of 21 days. You should also include the 14-day cooling off period applicable to all suppliers. Once you switch to a new energy supplier, you will receive a confirmation date when the switch will take effect.

What happens if you want to back out?

The cooling off period is specifically allotted in situations when you end up changing your mind, and you want to stay with your current energy supplier. If you wait until after the cooling off period to change your mind, you may end up paying for contract exit fee. However, this still depends on the agreement you signed with the supplier.

In conclusion, switching from one supplier to another is a standard business practice. Fortunately, the process is simple, and information and tools are abundant online to help you with the process. By doing a little bit of research and putting in some effort, you can end up paying less for your business gas and electricity consumption.

Photo courtesy of (Joe Bailey)