DCP228 and Business Electricity
What is DCP228? DCP228 is a regulation to be introduced by Ofgem in April 2018 which will change the way busin...Read More
We know switching energy suppliers isn’t always at the top of everybody’s list of priorities, and that’s why it is so easy to forget to renew your business energy contract.
However, we are here to remind you how important it is to regularly compare the gas and electricity market when you are due to renew your energy contract so you can be certain you’re getting the best deal for your business.
You can switch energy suppliers when your contract’s ‘switching window’ opens. Your ‘switching window’ is the time period determined by your current supplier in which you are allowed to renew your contract or switch to a different supplier.
The length of the switching window varies depending on which provider you currently use.
The amount of time available to switch ranges from 30 days before the end of the contract, to 4 months prior to the contract end date.
It is best to check your energy contract or speak with your supplier to confirm how long your ‘switching window’ is so you can avoid any fees for switching delays and prevent yourself from being placed on Out-Of-Contract rates.
Ofgem encourages customers to make sure they switch energy contracts once their current tariff finishes as to avoid being moved on to Out-of-Contract rates which can be very costly to businesses. As the name suggests, Out-of-Contract rates are imposed once a business has come to the end of their agreed contract with a supplier. These imposed rates are much higher than contracted energy rates, and Ofgem warns that many suppliers do very little to get customers moved from these rates onto agreed terms
Even if you are happy with your current supplier, it is always worth hunting for better rates as you could be missing out on great gas and electricity prices for your business. SwitchMyBusiness.com can help you compare energy rates from a variety of suppliers, sourcing quotes from major energy providers as well as up and coming companies.
If after comparing the market you want to stay with your current supplier, SwitchMyBusiness.com can you find the best tariffs for your business from your chosen supplier and can often help save you money on a new contract with the supplier.
If you want to switch energy suppliers before the ‘switching window’ has opened, you may have to pay a large cancellation fee so it is advised that you check the savings you’d make from cancelling your contract outweigh the cancellation charges.
Micro-businesses benefit from the ability to provide termination notice at any point in their contract. However, their switch won’t actually take place until the contract has finished. Also, if you miss your contract end date, you have 21 days to find a new energy supplier before your current provider moves you on to Out-Of-Contract rates.
If you are moving business premises, you can organise a new energy contract ahead of the date you move in. However, you do need to confirm the date that you move into the property, otherwise you run the risk of being placed on Deemed Rates. Deemed rates do not differ too much from Out-Of-Contract rates, they are just slightly less expensive but definitely more costly than agreed prices.
If you need some more help with your energy switching questions, or would like to begin comparing energy tariffs from a range of suppliers, you can contact us directly on 0800 411 8830 or you can request a callback and one of our team will be in touch shortly!
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