The coronavirus pandemic is affecting businesses in different ways, including our relationship with energy.
Some businesses are using less energy than ever, while others are consuming more energy than ever. Either way, the way we use energy has changed in a short space of time. So, what can businesses do to manage their bills during COVID-19?
Switch your supplier to cut costs
Whether you are using more energy than ever or less, you could save hundreds of pounds a month by switching your supplier. Surprisingly, renewable energy is now often cheaper than traditional energy, so you can save cash and help the environment in one go!
Figures show that 50% of businesses never switch despite savings being possible. Why? Over half of businesses consider the process too complicated, and some businesses don’t trust the market to get them a better deal.
Trust is an obvious barrier but switching is actually easy. Your new supplier will handle the switch for you. You won’t have to do anything.
Don’t skip a bill
Utilities companies have responded to the coronavirus pandemic by accommodating businesses who cannot afford to pay their energy bills as a result of the pandemic. However, there is a difference between asking for leeway and skipping a bill.
Skipping a bill may affect your ability to get a good energy deal in the future, because missed payments affect your credit score. If you can’t afford to pay, you should speak with your supplier and ask them for help to reduce your energy rates.
Take regular meter readings
If you don’t have a half hourly meter or smart meter, you should take regular meter readings and submit them to your supplier. This will ensure your account is kept up to date to avoid any nasty surprises when you get your bill.
This applies to energy and gas. You will pay a fixed price per kWh for your electricity and gas. Regular meter readings will ensure you only get charged for what you use.
Communicate with your supplier
If your energy consumption has decreased as a result of the coronavirus pandemic, your supplier may be willing to help with your energy bill – however, you’ll need to contact your supplier and ask them to look into it.
Some businesses will be overpaying for their energy as it stands and will accrue a positive balance at the end of their term. Your supplier may be willing to reduce your monthly bill to reduce your costs, at the expense of a positive end balance.
Keep an eye on your contract end date
The last thing you want is for your energy contract to run out during the pandemic without either switching or renewing with your supplier.
If your contract runs out, you will be moved onto your supplier’s standard rate which could cost you up to 40% more per kWh. It’s in your best interests to switch or at least consider an energy renewal with your supplier to prevent a hike in your bills.