Taking the heat out of your energy bill

Posted on: 29 November 2013

Increasing energy prices is a hot topic at the moment, as one by one, energy suppliers have released plans to increase prices in January. E-on was the last of the big six to announce their price hike.

Just like consumers are advised to shop around for the best deal, businesses could also benefit from following a similar approach.

So, where do you start? Here are some pointers to get you started in your search for the best energy deal for your business:

  • Go online – use a price comparison website so you can get a clear overview of the deals available to you.
  • It’s recommended that instead of using your annual spend as the key metric, ask your current supplier for your last year’s gas and electricity usage in kilowatt hours (kWh), which most suppliers claim will give you more accurate search results.
  • When deciding on the type of service you want a big gamble is whether to go for a fixed or variable deal. Fixed are often more expensive initially but you will reap the benefits if energy prices rise rapidly – or feel the pain if they drop. Take into consideration exit penalties if the deal you’re on becomes uncompetitive – is it worth bailing out or will the potential savings be lost if you transfer?
  • Timing is also important when deciding to change deals. If you pay for your energy by fixed direct debit it’s likely that during the winter months your usage will exceed your regular payments, potentially leaving you with a bill to settle on exit. It’s therefore important to submit regular meter readings so you can ensure your fixed payments will cover your annual usage.

     

As one of the UK’s leading business insurance providers, Premierline understand the needs of all small businesses. For more information click here.


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