Why Covid-19 shouldn’t stop you renewing your energy contract

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If COVID-19 has impacted your business then your energy contract probably isn’t high on your agenda right now. You’ll probably be focused on running your business and ensuring it can continue to operate and serve customers.

Your energy contract may not seem important now, but if your contract is up for renewal anytime soon, there has been no better time to switch.

Here’s why:

1. Energy prices are lower than they have been in ages

Lower energy prices have risen from the ashes of COVID-19 because of significant drops in oil prices (oil is used to make electricity).

Also, gas and electricity contracts are often indexed to the price of oil. This means when oil prices go up, energy prices usually do too.

It just so happens that COVID-19 has caused the price of oil to plummet, and this has knocked on to some electricity and gas tariffs – although, you’ll need to find the right deal with the right supplier to take advantage.

2. You can avoid out of contract rates 

For many businessowners, one of the most frustrating things about COVID-19 is the stop and start nature of it. Who knows if lockdown might be reintroduced? Who knows which businesses will survive the economic fallout?

With so much in the air right now, it can be easy to put your energy contract on the backburner and revisit it at a later date.

This is a big mistake!

Out of contract rates can be up to 40% higher than contracted rates, so it is in your best interest to switch to another deal.

If you are moved onto out of contract rates at any point, your rates will cost you a lot of money. It’s always best to switch.

3. These low energy prices won’t last forever 

The great thing about business energy (electricity and gas) is you can often fix energy contracts for 1, 2, 3, 4 or 5 years at a time.

The way we see it, if you can fix at a rate for 2 or 3 years that’s lower than the average energy prices seen over the last 12-months, you’re bound to save money.

Energy prices change all the time and fixing your energy deal at the right time is key to saving as much money as possible.

We have helped some businesses save as much as 20% on their energy bill with a simple, hassle-free comparison and switching service.

Switching is easy with EnergyBillKill – get started with our easy-to-use comparison tool or download our mobile app on Android or iOS.

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