How to switch business energy

Introduction

Switching business energy requires careful consideration of the unique principles that differentiate it from residential energy. Understanding these principles is crucial to ensure a smooth transition and potentially secure cost savings for your business. In this guide, we will walk you through the process of switching business energy, highlighting key considerations and providing valuable insights to help you make an informed decision.

Principles to Consider

Contract Termination: You can only terminate a business energy contract during the contract termination period. We can quote and lock-in prices for a follow-on contract up to six months before the termination period. The best deals are usually available in the six-month period before the contract ends.
Moving Premises: If you move premises, your existing contract ends automatically. When you register with a new supplier, you may be placed on deemed (out-of-contract) rates. To secure a better rate, we recommend getting a new contract as quickly as possible.
Outstanding Debt: Your current supplier can block a transfer if you have unpaid debts. Settling any outstanding balances is crucial to avoid disruptions during the switching process.
Price Volatility: Business energy prices can be volatile, changing on a weekly or daily basis. Timing is crucial to secure a favorable fixed price.
Lock-in Rates: Signing a contract to begin when your current contract ends allows you to lock in a favourable rate for the future.
Credit Checks: Energy suppliers typically require strict credit checks. Not all credit risks are accepted, so it’s important to be aware of the credit score requirements.

The Switching Process

Check Contract Termination Notice: Check the notice period to ensure it’s not too late to terminate your contract. If less than six months remain on your current contract, we are happy to provide a quote and lock in prices if you agree.
Complete Quotation Request: Fill out our on line form, providing as much information as possible. We can gather most required information from your current bill, so please upload a copy using the link provided.
Finding the Best Deals: Our team will work to find the best energy supply deals for your business, free of charge and with no obligation.
Accepting the Quote: If you agree to the quoted prices, you’ll receive your new contract via email or Docusign. Simply sign and return the contract along with the Direct Debit form, and we will lock in the contract on your behalf.
Terminate Current Contract: Send a written termination letter to your current supplier within the notice period specified in your contract. This might not be a necessary step in all cases due to recent legislation, but you will still need to do this if you have been put on to an Evergreen tariff by your current supplier.
Clear Outstanding Balances: Ensure you have fully paid your old supplier with no outstanding balance to facilitate a smooth switch.
First Invoice with New Supplier: After your current contract expires, expect your first invoice from the new supplier approximately 4-6 weeks later.

Conclusion

Switching business energy requires attention to the specific principles that govern the process. By following the step-by-step process outlined in this guide and considering factors such as credit ratings, risk management, and budget certainty, you can make an informed decision when choosing a new energy supplier. Our team is here to provide you with the latest market information, supplier quotes, and expert advice to support you throughout the switch. Contact us today to get started on securing the best energy deal for your business.