NEWS

How to choose the right energy supplier

Electricity pylons used to supply energy

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Choosing a good energy supplier can be a bit of a minefield. With so many energy suppliers to choose from, how can you make sure you’re making the right decision? Here’s a few things to consider when deciding to make the process smoother.

Which energy supplier is offering the best rates?

When you’re deciding on a supplier, you should look at each supplier’s rates. Every supplier will be different, so, by comparing, you may be able to find the lowest rates for your energy usage. Have a look at your most recent energy bill and compare what you’re paying to what the supplier is offering. This is a great place to start your selection process.

What contract length works best for your business?

Energy suppliers will offer a full range of contract lengths. This can range from six months to 60 months. They may also arrange for bespoke end dates for contracts if you’re looking at aligning your contracts. When choosing the length of your contract, it’s important to consider external factors too. For example, longer contracts may be more cost effective than shorter contracts depending on the wholesale market. Therefore, it’s important you spend time thinking about which contract length works for you.

What type of contract works best for your business?

There are a whole range of different contracts that energy suppliers offer. This could be anything from fixed to pass through contracts. Each supplier has slightly different names for each contract so it can be a bit confusing. The main thing to consider is whether your costs are fixed for the contract period or not. It’s important that you’re weighing up the pros and cons of each type of contract to figure out which is best for your business. You’ll need to consider your consumption when looking at standing charges as if your consumption is low, you might be better off with a higher unit rate.

Which energy supplier has the best terms and conditions?

Once you’ve found the best rates, length, and contract type for your business, it’s important you check the fine print to avoid any nasty surprises down the line. Look out for excessive late payment fees or anything that might leave you being penalised for over or under consumption. You’ll need to check for any other charges from your supplier that aren’t included in your unit rate. If you’re planning any energy efficiency projects that will reduce your consumption, then you’ll need to look at any take or pay.

What are their customers saying?

Once you’re satisfied with the supplier’s terms, it’s a good idea to check their reviews. This can be a good indicator of the quality of service they’re providing. You’ll also be able to learn more about the concerns and comments their current customers have. This is a great way of spotting any red flags with the supplier to avoid any hassle in the future.

Can a broker help you choose the right energy supplier?

Using an energy broker can simplify the whole process for you. A good broker will be able to provide you with all the knowledge you need to make an informed decision on which energy supplier you choose. We’re selective with the suppliers we work with so that you only receive the best contracts for you. We work with the big six as well as suppliers that will only work with brokers, but these will all have to meet our strict accreditation process. We regularly assess all our suppliers, taking into consideration their rates, customer service, reliability, T&Cs as well as their position in the market. As this is an ongoing process, you’ll have the peace of mind that you’re only working with reputable companies.

Contact us

Need help securing your business’ new energy contract? Our team of experienced energy advisors are on hand to make sure that you’re only signing contracts that are right for your business. With their extensive market knowledge, our experts can find the best contract for you, so that you can get back to focusing on running your business. Contact us today to learn more.