With the approval of the Electricity Act of 1989, the UK electricity market was de-regularised and it helped in increasing the competition between suppliers. This has helped in keeping the prices low and the quality of service has improved over time.
Customers from both the commercial and residential sectors can get energy solutions that fit their requirements and needs. However, depending on your location and energy needs it can become difficult to choose an electricity supplier that provides the best business electricity rates.
Which Supplier Should You Choose?
The three most important factors that will help you in making your decision are:
- The energy requirements of your business, is it a small scale production enterprise or a large scale manufacturing plant?
- What kind of value-added and additional services do you want from the supplier?
- Do you want fossil fuel produced electricity or green energy?
Your business’s electricity consumption will help you in choosing the right supplier. Your kWh per day electricity consumption will give you the amount of energy that will be required in a block contract. However, you can also sign an indexed rates contract if prices in your region are not extremely volatile. Remember to check the future electricity rates forecast from an independent source and choose a contract that is closest to the forecast.
Electricity suppliers can give you incentives to sign you up with them but over time they will start charging you for these services. Try to find a supplier that is providing all the value-added services needed by your business. Negotiate with them and get the best possible deal. Remember value-added services such as real-time energy consumption software comes at a higher cost and the supplier will not be providing you with this in a basic package.
Some businesses want to project a greener and environment-friendly image on their customers so they might want a supplier that provides green electricity. You can find suppliers that are generating energy from renewable resources such as water, wind and solar panels. This can reduce your businesses’ negative impact on the environment.
You can now proceed to compare the rates of different suppliers. You would need to keep in account the terms and conditions of each supplier. For example, some suppliers try to sign you up by providing the cheapest rates at that time. But would not let you cancel the contract without paying a hefty cancellation fee.
Get The Services Of A Electricity Procurement Firm
Another way of getting the best business electricity rate is to hire an electricity procurement firm. They specialize in brokering the best possible electricity rates for your business. Since they are in the industry and have the experience they can get you discounted rates and a contract that is beneficial to you.
Other than getting you the best possible contract they provide consultancy and guidance on how to reduce the operational costs of your business through energy management. An energy utility firm such as Utility Bidder will also determine the areas where your business needs improvements and upgrades to reduce the consumption of electricity. You can find more about the services provided by Utility Bidder here: https://www.utilitybidder.co.uk/
