Business energy comparison tools
With a variety of online tools available, you can compare business energy rates for gas and electricity. If you want to save money on your bills, switching suppliers can be an excellent option. However, it is important to find a reputable supplier with good rates. Business energy comparison tools can also help you find a supplier with good customer service.
Before switching, it is important to know the terms of your current energy contract. If you have been with the same provider for many months, you should know if you can switch to a cheaper energy provider. You should also consider how long your current energy contract is. If it is still valid, you won’t regret switching. Many entrepreneurs switch their energy providers when their contracts expire.
Price cap abolished
The government has announced that the price cap for business energy will be abolished from 1 October 2022. It will only apply to non-domestic properties, but it is already expected that business customers will see a price cut. This discount will be automatically applied to the price per kilowatt-hour. However, businesses will still pay more than the cap’s current PS117/MWh mark.
The announcement came as part of Liz Truss’ first duties as PM. Liz has promised to take action against the soaring costs of energy. The UK government’s recent stance on the energy crisis has focused attention across social and political spectrums. It is widely believed that urgent action is needed.
New support price for electricity
The government has announced a new support price for business electricity and gas that will be in place for the next six months. This will affect all businesses, including charities and public sector organisations. The cap will cover gas and electricity prices for six months from 1 October. It is expected to reduce business electricity and gas rates by as much as 50%.
The new support price is equivalent to the wholesale element of the Energy Price Guarantee for households and will also remove the green levies that non-domestic customers will be paying. It will also apply to new fixed-price contracts.
New support price for gas
The Government is considering a new support price for business gas and electricity, which will cap suppliers’ prices for units of these energy sources. The scheme will affect new contracts signed on or after 1 October as well as existing contracts. The new price is likely to be higher than the current market rate, which is around PS405 per MWh.
The new price will be based on the wholesale gas prices. This means that if the wholesale price of gas increases, the contract price will increase, too. This is a good opportunity for businesses to save huge sums of money on their business gas costs. In addition, the new price will reduce the carbon footprint of the business, as natural gas used in central heating systems generates carbon dioxide, a direct greenhouse gas.
Costs of switching to a new supplier
Switching from one business energy supplier to another requires careful planning. While switching to a new supplier can save you money, there are also costs to consider. For example, your old supplier might charge you an early termination fee, which could be several hundred dollars. To avoid this, wait until your current contract ends. However, if you have a long-term contract, it can be worth paying the fee, as you can still save money.
The switching process can take two to three weeks. To ensure that the switch goes smoothly, the new supplier needs to be able to work with your existing supplier. They must also provide you with a date for switching, so you can prepare accordingly. While switching, your energy supply will not be disrupted. The new supplier will supply you with the same pipes, so there won’t be any drilling or rewiring involved. To ensure that your business keeps running smoothly, it is a good idea to start looking for a new business energy supplier at least six months before your existing contract ends.
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