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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.
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