Travel & Culture

Why You Should Compare Business Electricity Prices and Switch to a Better Deal

Switching your company’s power supplier can save you money which is a good news. Before compare business electricity make the switch there are a few things you need to do. This includes switching to a Fixed rate tariff, teaching staff to turn off devices and comparing prices. There are many other ways to save money on your company’s energy bills.

Fixed-rate tariff

A fixed-rate energy bill is a good option for businesses, as it helps them budget more accurately. The price of electricity is fixed for the duration of the contract and the standing charges and unit costs remain the same. This type of contract permits companies to save money over the long-term and can be changed at any time without incurring an cost for exit.

A fixed rate tariff is usually cheaper than a roll-rate tariff for business electricity rates. However, it can be difficult to switch providers in the event of a need and is generally less flexible than fixed tariffs. You can also opt for variable rates.

The price of business energy is capped.

The government has recently passed a new law to reduce the cost of energy for businesses. The law caps suppliers’ charges per unit of energy. This applies to prepayment as well as standard variable tariffs. If you own a business check your current costs against the unit rate that is capped. The cap is set to take effect on January 1st, 2023.

This policy is designed to aid small businesses that are suffering from the rising cost of energy. The government has introduced the Energy Bill Relief Scheme, an initiative designed to assist businesses to manage their energy costs. This scheme is designed to cut the cost of energy. The scheme will set prices that are as high as 21.1 pence per kilowatt-hour of electricity and 7.5 pence per kilowatt-hour of gas. Contracts that are signed after April 1, 2018 would be subject to the new price caps. Market conditions could cause the amount to change.

Selecting the best tariff for your business

If you need to import or export goods from one country to another, it is essential to choose the right tariff for your business. There are a myriad of tariff options available each with each having its own advantages and disadvantages. The right tariff can make a an enormous difference to your company’s growth and profitability. Learn the major differences between flexible and fixed tariffs, how to choose the best one for your business and how to save money along the way.