When it comes to selecting the right energy provider for your small-scale business, it’s important to choose one that offers competitive costs. The cost of electricity can be affected by the energy provider you choose. Certain suppliers provide fixed rates, while others offer variable rate rates. Electricity is charged each month in accordance with the contract you select.

Standing charge

If your company requires power its premises, you should compare business electricity prices and providers. It doesn’t matter if are looking to sign an extension of your contract or you need to renew one. You should find the best deal. The ideal time to do this is during the renewal window that is between one and six months before the contract expires. You can also wait for the renewal offer from your current supplier to provide an initial point of reference for comparison.

Contract length

When it is about electricity contracts the length of the contract could make a huge difference in the cost of electricity for your company. A fixed price contract for 24 months like this one, for instance, can be less expensive than a 12 month contract. A longer contract can also protect you against rate increases in the second year. To determine which length of contract is suitable for your business, speak to an agent for sales.

Variable rate tariffs

Variable rate business tariffs are referred to contracts where the market determines the unit rate. If your business uses electricity, the company could give you a price they’re willing to pay per kWh. However, this price could not be the same price as the one you pay. The company is under no obligation to honor that price. Due to increased demand, prices tend to rise in colder weather.

There is no cooling-off period.

You should ensure that your supplier does not provide a cooling off period in the event that you decide to change your company’s electricity provider. Sometimes, switching providers can result in an increase of 250% in cost. If this happens, it might be worth the cost to get better customer feedback.

No fees for early termination

A Late Termination Fee is one of the most unpleasant aspects of a service contract. If you cancel your contract before the period expires, these fees will be charged to you by the payment processor. While they’re generally fair and often required but early termination fees could leave you with a large cost.