The UK Retail Landscape
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Out-of-Contract rates are applied by business energy suppliers when customers have come to the end of their negotiated contracts. They are usually applied when a business’s gas or electricity contract ends and is automatically renewed by the energy supplier.
Automatically renewing a business gas or electricity contract is a common practice amongst business energy suppliers. Although it may seem convenient that the service is automatically renewed for your business, it comes with a pretty hefty price tag.
Rather than being renewed with similar business energy rates to those which you were paying during your contract, your business will be charged much higher Out-of-Contract rates. These higher rates can be a massive sting to any company, especially small businesses carefully planning their expenditure.
If your business experiences Out-of-Contract rates have you decide to cancel this, you may be even face additional penalties for ending the renewed contract early. In some cases, your supplier may even reject your cancellation request and this will mean your business is stuck paying astronomical prices for gas and electricity.
However, business energy suppliers are not allowed to enforce Out-of-Contract rates without warning you. At least 60 days before the date on which your current business energy contract is due to end, you should be contacted with a statement of the renewal terms and a reminder to renew.
To avoid being hit by staggering Out-of-Contract rates, be sure to shop around for new energy deals for your business as early as possible – we’d recommend that you start comparing business energy tariffs up to six months before your current contract’s end date.
SwitchMyBusiness.com works directly with energy suppliers to offer great deals and we’ll even handle all the paperwork for you! We know that changing energy contracts can be hard work so our service is quick, easy and dedicated to making your switch effortless.
To find cheaper business energy prices today, simply enter your details with our online comparison service or get in touch on 0800 411 8830.
"Spoke with Cheryl after using the website this morning. Incredibly helpful and friendly and easy to deal with. Got everything sorted in super quick time! Will also be using for my electricity tariff too"This review was posted by Kelly Bluett on the 22nd of May 2020
Why can't everything be this simple?
"It was so simple, and Cheryl, account manager was a pleasure to deal with. I will certainly be contacting Cheryl again when our other utilities become due."This review was posted by Jenny Taylor on the 22nd of May 2020
Cheryl was very helpful
"Cheryl was very helpful - thanks."This review was posted by James Chattell on the 21st of May 2020
Cheryl couldn't have been more helpful…
"Cheryl couldn't have been more helpful and informative, came up with good prices with no fuss or hassle No hesitation to recommend to others. Bryn Connor Director"This review was posted by Bryn Connor on the 19th of May 2020
Cheryl was really helpful to switch our…
"Cheryl was really helpful to switch our business account. Made it easy with no trouble."This review was posted by Kim C on the 18th of May 2020