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Businesses throughout the world often keep a close eye on all their overheads, and if something looks more expensive than it should be, they’re often a cause for concern. This is certainly the case with energy costs, which, despite being on a fixed-price tariff which seemed like good value, can often be too expensive. This often prompts some business owners to consider switching suppliers with the help of experts such as make it cheaper, but they find that it can’t be done at will.
Research conducted by Make it Cheaper shows that, out of the 750 businesses surveyed, only half were aware that, if they wanted to switch suppliers, they had to wait until a renewal window was open, while only 20% said they even got notification of the window’s existence by receiving a letter. How they work is that they start anywhere between 60-120 days in the last remaining months of a contract, and can last for as little as 30 days. During that time, customers can either stay with them or switch to a different energy supplier.
As businesses are only obliged to let them know about the renewal window when it’s about to commence, many businesses who are locked into contracts might not be aware that there are savings to be made by switching suppliers. This is why it’s important for businesses to know when the window is actually open, as it represents an ideal opportunity to find a much more favourable energy deal.
By knowing when the window’s open, you’re able to find out whether you can get a better deal elsewhere. You could use a website such as make it cheaper to compare prices offered to businesses by a range of energy companies, and find which deal is right for your company. In 2010 alone, they managed to save clients a combined £40m. Switching could help save your business a lot of money, as research by Make it Cheaper shows. They discovered that changing to a different supplier, on average, saved them 4p per kWh of electricity used and 1.6p per kWh of business gas consumed.
If you don’t take advantage of the renewal window, it’s more than likely that your existing supplier will automatically renew your contract with them. In some cases, they charge more after renewal, which can leave your business with even more of a financial headache. By being aware of the renewal window, you can find a better deal and save your business money on its energy bills.