Businesses use energy in the same way homes do, but in some ways it’s even more important - if you lose energy, employees would struggle to get online, complete tasks and connect with customers. If your business is growing, that affects the amount of energy you start to use, so it’s important to make sure your business is on the best possible energy deal. Treat it in the same way that you would treat your home energy supply - compare business energy suppliers and switch as regularly as possible.
It can take a little longer to compare business energy. You can save time by telling our energy experts about your needs, and they'll do all the hard work for you.
Here is how to work out which electricity tariff you should get:
How does business energy differ from a home energy contract?
Business energy differs from home energy in a few key ways, so if you’ve recently switched your home energy, don’t expect switching business energy to be exactly the same.
Business energy rates are usually cheaper, but the contracts are usually longer. This is because business energy is bought in bulk to cover the contract in its entirety so it can be offered more cheaply. However, this means contracts can be as long as five years and there’s usually no way of getting out of it before the renewal window, which falls anywhere between one and six months before it ends. There’s also no cooling off period, so you need to be sure this is definitely the best deal for your business before you sign anything.
Additionally, business energy tariffs are single fuel only, so you’ll have to buy gas and electricity separately - there are no dual fuel options.
How to compare business energy quotes with Money.co.uk
To compare business energy quotes with Money.co.uk, simply enter your business’s postcode into the entry box at the top of the page and our partner, Bionic, will do the rest. They’ll search the market for the tariff that best suits your needs and call you to discuss potential options.
What should I consider when choosing a business energy tariff?
There are three main types of business electricity tariffs available to compare:
Fixed: This tariff works the same way as a domestic fixed tariff, where a set price is charged per unit of energy used.
Variable: This tariff works the same way as a domestic variable tariff, where market conditions can mean that the rate charged per unit of energy changes as the supplier raises or lowers prices.
Deemed rate: This is a rolling contract you’ll be put on if your previous contract expires without you signing up to a new one or switching supplier. You’ll probably be paying the supplier’s most expensive rates in the same way a domestic customer would if their fixed contract expired and they were put on a standard variable tariff.
What types of business electricity tariffs can I compare?
When comparing business electricity, you should think about:
The size of your business: Check your annual turnover, the size of your office space and the number of staff you employ, as this all affects your business electricity rates.
How long you plan to stay in one place: If you want to move premises, or if your business runs seasonally, a short term contract gives you more flexibility to switch.
Your energy usage: Check previous bills to see how much electricity you use each year. If you are a new business, our energy experts can help estimate your usage.
When you use electricity: If you only use electricity during the night or early hours of the morning, you may be able to pay less for your energy.
Most business tariffs are fixed contracts, which could tie you in for up to four years. This makes it especially important to pick a tariff that meets your needs as a business.
Compare business electricity quotes
You'll need to get a range of business electricity quotes from different energy suppliers, so you can find the right tariff at the best price.
If you have an existing tariff in place, start comparing other deals as soon as you get a renewal offer from your current energy company.
Here is more information about how to switch your business electricity tariff.
Decide on a business electricity tariff
Once you know what your business needs, you need to choose a business electricity tariff that suits it best:
Fixed rate: The price of your electricity stays the same throughout your contract
Flexible: You bulk buy your energy before you use it, usually if your usage is high
Smart meter: Your electricity usage is monitored half hourly and your bill is more accurate
Multi site: Your energy company supplies electricity to several business locations
Eco: The electricity comes from green resources, like solar power