How to switch business electricity or gas providers?
Switching business electricity or providers consists of three steps. First, you need to know your meter address, current provider, latest energy consumption and how much you are paying. Second, you look for the lowest prices. Third, pick the best deal and switch.
1. Check your latest business electricity or business gas bill:
- Meter Address (sometimes it is different from your business address).
- Your current provider (Sometimes providers have different names. For example you may be with British Gas or British Gas Lite).
- Your latest energy consumption and/or spending amounts. Your consumption will be in kWh (kilowatt hours). Your cost, or Unit Rates and Standing Charges, will be in pence per kWh. For example it may be 15 or 20p per Kwh unit rate and 30 pence per day in Standing charges.
2. Find the best prices from EnergyBillKill.com or other
- Review Switching Fees – always ask what broker and switching fees you are paying. Energy companies pay broker fees to brokers and switching sites. These fees are normally hidden inside your energy bill. Utility companies pay EnergyBillKill.com very low and transparent fees. We comply with Ofgem’s voluntary principles. You can read about our fees here.
- Review fixed deals– energy brokers often encourage businesses to lock into very long fixed term contracts up to 5 years+. Please always double check if this makes financial sense and understand what brokers will make if you are locked in for such a long period of time. There is a fine balance between price certainty and being unable to take advantage of future declining prices.
3. Pick the best deal & switch
When you find the best deal, the next step is to switch energy providers. Always double check when your current fixed term deal expires (if you are locked-in at the moment). Energy companies charge heavy penalties if you try to switch before your deal expires (similar to mobile phone contracts). On the other hand, if you are on deemed or out-of-contract rates, then you should switch as soon as possible.
- Easy switching – pick the easiest switching service. At EnergyBillKill.com it takes less than sixty seconds to switch. You answer a few questions and digitally sign your new contracts.
- Switching time period -The switching process itself takes up to 30 days.
- Sign Documents – You will typically need to sign two or three documents. To read our EnergyBillKill.com’s steps to switch please click here.
- Letter of Authority – this gives the right to the switching service provider, such as EnergyBillKill.com to submit your switching contract to the energy company and to lock-in your new energy prices.
- Energy contract with the new provider – this is your new energy supply contract that is directly between you and your new energy provider.
- Direct Debit instructions – some energy companies require a separate signature on the energy contract and the direct debit instructions. You may choose to pay by other means, but then you will not get the lowest prices. Energy companies prefer direct debit payments.
- Credit checks– during the switching process energy companies will carry out credit checks on your business (and possibly yourself if you are a Sole Trader for example). If any questions arise, your switching service provider will inform you and should help you answer any questions that energy companies may have.
In the above guide we have covered the basics. In addition, we have put together brief answers to commonly asked questions about business energy switching on our FAQ page.