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
A high percentage of small businesses don’t compare and switch energy supplier, often because it’s too time consuming and confusing. It doesn’t have to be.
Here we explain everything you need to know about switching your business energy supplier.
If you don’t compare business energy prices and stick with the same business energy supplier, you could be paying more for your business electricity and gas than you need to. Even if just contacting your current business energy supplier to ask for a better deal could sometimes bring cheaper business energy rates. But only a comprehensive business energy supplier comparison will reveal how if you are getting a cheap business energy rate?
If you’re in a fixed term business energy contract, you (in theory) have to wait until your contract end date before you can switch supplier. Remember when your contract ends because if you don’t want to end up rolling over into a more expensive deal you will need to tell your current business energy supplier you want to terminate your fixed term contract.
In fact, Ofgem changed the rules in July 2015, so small businesses can now tell their business energy supplier they want to switch at the end of their deal at any time before the notice period. For contracts starting on or after 30 April 2015, the maximum notice period for terminating a micro business contract has been reduced from 90 to 30 days. Around 60 days before a fixed-term ends, suppliers must also now tell small firms how much energy they use each year, and give them details on how the price of their current deal compares with the new prices.
Even if your contract is not ending, cheaper business energy rates due to global developments like more renewable generation, fracking and low oil prices could make it worthwhile paying termination fees. Weighing the benefits against the costs usually means a series of complicated, time consuming calculations. Getting a free, no-obligation business energy quote in just 20 minutes can save this hassle.
We can give you a basic quote with just a handful of details but if you want an accurate quote then we need a few more pieces of information.
We need your name and address (including postcode) and your current supplier. We also need your MPAN/MPRN, usage, contract end date, renewal termination date and the renewal rates you’ve been given.
Your name and address helps us to match the meter we are quoting for to the correct address. In short, your MPRN and MPR numbers tell us a lot about your meter – what type of meter it is, its location and usage level. Don’t worry – we can’t switch you to another supplier with this information – but it tells us some vital information so that we can give you accurate prices. If you want to find out more, we have guides to explain both your MPRN and MPR.
If you can’t find your MPAN or MPRN then we may be able to find it from the national meter database. However, as with all databases, sometimes they’re not up to date so we may need you to find it on a recent bill. If you can’t find it, your current supplier will be able to provide you with it. To ensure we can give you an accurate quote we also need your consumption and when your current contract needs to be terminated. If we know who your current supplier is we can advise you more effectively and provide you with more accurate information. Suppliers have different termination deadlines and also different terms and conditions, so knowing who you are with currently is helpful to provide you with accurate information. If you want to find out more, we have guides to explain both your MPRN and MPR.
How much energy you use each year can affect your business energy prices because unit rates are dependent on consumption. Business energy suppliers buy much of their energy in advance, which is why business energy prices don’t always come down when wholesale costs fall. But it’s an important piece of information for a supplier to know because if you’re switching to a new supplier they will need to buy the correct amount of energy – and if your yearly consumption is wrong you may be charged extra. If everyone gave the wrong yearly consumption, business energy suppliers would have no idea if they were buying in the correct amount of business energy for the coming year.
We need your contract end date because the prices can vary depending on when your new contract is set to start. Furthermore, if your new business energy supplier takes over the supply too soon it may be rejected by the current supplier.
Once you’ve decided which quote you’d like to go with just tell us to SwitchMyBusiness and we’ll sort everything out for you. We will go through a verbal agreement with you (it’s like signing a contract) and the whole quoting process including the verbal agreement can be done in 20 minutes.
SwitchMyBusiness.com will then do all the hard work for you and even send you a termination template which you can forward to your current supplier so they don’t roll you over into another contract.
It usually takes 4-6 weeks and don’t worry – your supply can’t be cut off as a result of switching. SwitchMyBusiness.com will keep you informed and you can contact us at any time if you have any questions you want answering.
We will also be here for you for the term of your contract and we will even remind you when your contract is due for renewal to ensure you have plenty of time to choose the most suitable business gas or electricity option for your company. To get the best deals in only 20 minutes give us a call on 0330 0100 251 (or request a call back using our form).
Our dedicated page has lots more information about business energy.
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