Maximising Savings: The Importance of Energy Contract Reviews

Are you looking for solutions for saving on business energy? If so, then you have come to the right place. Business Energy Claimline has the answer for you: energy contract reviews.

A business energy contract review can help identify whether you might have been mis-sold an energy contract by a broker. If this is the case, don’t worry – Business Energy Claimline has got you covered. As legal specialists when it comes to mis-sold business contracts, you can rest assured that we can help you receive money back that’s rightfully yours.

Starting a claim is simple with our business energy claimline experts at Business Energy Claimline, here to assist you. Begin your claim by filling in our contact form, and we’ll be in touch soon.

Why Is It Crucial to Have Regular Energy Contract Reviews?

If saving on business energy is your top priority, then energy contract reviews play a critical role in this. In fact, by reviewing your business energy contracts, you could benefit from the following:

• Identifying whether you are overpaying for your energy supply
• Checking whether your agreements/conditions are correct and suitable for your business needs
• Determining whether your current energy supplier is right for your business
• And more…

As you can see, reviewing your energy contracts could help you figure out whether you might need to cancel the energy contract or renew it, especially if your contract is coming to an end.

Why Are Prices So High for Businesses?

With the cost of living crisis and the soaring inflation rates, energy prices skyrocketed for both consumers and businesses. However, in general, businesses are charged more for energy, considering that they consume significantly more energy compared to a standard household.

In 2019 alone, UK micro to large businesses consumed up to 75,000 kilowatt hours in gas and up to 90,000 kilowatt hours in electricity on average. For the industrial sector, this expanded to an average of 500,000 kilowatt hours and 250,000 kilowatt hours for gas and electricity respectively. 

Energy suppliers buy their energy supply from the wholesale market, and then sell it to consumers and businesses. Wholesale prices are inevitably increasing, meaning that suppliers will often increase their prices in order to make a profit. Plus, there is currently no price cap on business energy.

Interested in learning more about business energy and how it works? Our FAQs answer many energy queries.

Types of Business Energy Contracts

Business energy contracts are distinctly different from household energy contracts. Here are the types of business energy contracts you can expect:

• • Deemed contract/out-of-contract – if you move into new business premises without an agreed contract, a deemed contract might apply; if your contract expires but you continue to receive an energy supply from your supplier, a deemed contract or out-of-contract may also apply; often the most expensive rates
  • Fixed – as its name suggests, fixed contracts enable you to pay a (pre-agreed) fixed rate (per unit) for the term of the contract; total bills might still fluctuate depending on your energy consumption
  • Rollover – if you haven’t agreed to a different contract before your current one ends, this ties you into a new contract with your current supplier, often at higher rates
  • Variable – rates are linked to market activity, meaning that rate per unit of energy could change at any time throughout your contract

Still unsure about the types of business energy contracts? Ofgem provides a useful guide on the separate business energy contracts. Learn more about how business energy differs from household energy here. 

How to Know If You’re Overpaying for Your Energy

Aside from business energy contract reviews, you should also be looking at your energy bills. This is a great way to identify whether you might have been overpaying for your energy. As a result, you should make sure to validate invoices and even conduct meter readings.

So, as a business, how can you find out if you have been overpaying for your energy?

How to Review Your Energy Usage & Contract

When it comes to reviewing your energy usage and contract, here are the simple steps that you should follow:

1. Evaluate current pricing and future pricing for your business energy contract
2. Analyse business energy usage and consumption to identify areas of improvement/where you can reduce waste and/or savings opportunities
3. Assess meter readings/energy usage and whether they align with your energy costs, according to your existing contract
4. Run an energy contract comparison to see whether you are on suitable rates
5. Understand how to cancel energy contract and if there are energy contract exit fees to help you get out of your energy contract if necessary

By following the above, you are en route to discovering whether your current business energy contract meets the demands and needs of your business, or whether you might have been mis-sold and are overpaying on your energy bills.

Solutions for Reducing Your Business Energy Prices

The question remains: how can you save money on business energy? Fortunately, we have gathered a few ways in which you can reduce your energy prices, which we outline below:

Financial Incentives and Grants

There are numerous financial incentives and grants available which can help you reduce money on your business energy bills.

For instance, the UK government’s Energy Bills Discount Scheme supports businesses between 1 April 2023 to 31 March 2024, replacing its predecessor, the Energy Bill Relief Scheme.

Aside from government schemes, charities and other specialist organisations might also provide funding and support for certain businesses. The UK government website offers a list of various schemes, grants, and loans for businesses.

Make sure to ask around!

Strategies for Procuring Cheaper Business Energy Prices

As the prices of energy continue to surge, it is more important than ever to be able to procure cheaper business energy rates. There are many ways that you can do this, and as a matter of fact, we have a few tips and tricks that we recommend if this is something you are interested in:

• Set reminders for when your contract expires – this will give you plenty of time to seek out a new and potentially better contract for the next year, or re-negotiate with your current supplier for a better deal
• Switch energy suppliers – if you feel that your current supplier is too expensive, you should switch out to a cheaper supplier as soon as possible; this is only possible for deemed contracts and expired contracts

• Carry out an energy contract comparison – this is something that should be done prior to agreeing to a contract; comparing different suppliers, their rates, and their contracts is a great way to identify which supplier can meet your requirements without you having to break the bank

• Use an energy broker – if you simply don’t have the time to compare suppliers and obtain quotes, an energy broker is someone who can do this for you; taking the time-consuming task off of your hands and help you find the right energy supplier

• Consult energy experts – you might also want to simply discuss your options with an energy specialist; this is a good idea if you are unsure of what to do when it comes to saving on energy for your business

• Shop around – it is unlikely that you will find the perfect energy supplier with reasonable rates the first time, which is why you shouldn’t be afraid to shop around and get quotes from various suppliers

• Don’t settle – if you’re in the process of negotiating the rates with a potential supplier, be prepared to be proactive and do not settle for what you believe is less than what you deserve!

Renewable Energy Solutions for Businesses

Renewable energy provides a cost-effective and sustainable solution for businesses to reduce energy prices. This can include alternative heating and cooling solutions such as heat pumps and wind-driven ventilation systems.

In the meantime, energy can also be produced sustainably through solar panels and wind turbines. With renewable energy sources, you can expect energy bills to decrease!

On top of this, you can reap the numerous benefits (aside from reducing energy costs) of renewable energy for your business, which includes:

• Improving energy efficiency throughout your business

• Potential profit from selling unused energy back to the grid

• No reliance on energy suppliers and their inevitable price rises 

• Greener power generation – reducing business’ contribution to negative environmental impacts such as climate change and global warming
• Better reputation among clients/customers/within the industry – can propel your business forward as a leader for greener initiatives and attract eco-conscious consumers
• Less disruption to services/business operations – power outages can be frustrating to deal with, especially as they can hinder operations, but renewable energy is often more stable and resilient compared to traditional fossil fuels

Reduce Your Business Energy Consumption

It has been proven that businesses consume a large amount of energy, but how much of this energy is actually used? It could be possible that although your business is using energy, it could also be also wasting energy at the same time.

This is particularly true for businesses that keep appliances, machines, or other electrical equipment on even when they are not in use. Standby mode consumes energy, despite the fact that we are not actively using the device or equipment.

If you are looking for ways to reduce your business energy bills, it might be time to start doing the following:

• Turn off machinery, equipment, devices, and other electrical units off when not in use – this includes computers, specialist machines, air conditioning systems, and even the kettle in the kitchen/staff area
• Turn off the lights if you are the last person leaving the room

• Remove any obstructions that could be in the way of radiators and air conditioning units 

• Consider the use of laptops instead of desktop computers – laptops consume less energy than desktop computers

• Invest in energy-efficient appliances and other systems (for instance, LED lighting)

• Schedule regular maintenance and servicing checks for all systems that require energy – this ensures that your systems are operating at their full potential without wasting any energy

• Purchase and install a smart meter 

Reduce Your Business Energy Consumption

If your energy contract reviews indicate that you might have been mis-sold by an energy broker, making you overpay on your energy bills and preventing you from saving on business energy, it’s worthwhile looking into making a claim for a rebate.

You might be eligible for a business energy rebate if you:

• Own a business or are responsible for managing the energy for multiple businesses
• Used a broker for your business energy contract or deal
• Manage your own energy bills for a serviced office space

To be 100% certain that you would be eligible to make a claim, you can talk to the team at Business Energy Claimline, and we can offer the right support and guidance that you need to start a business energy claim.

Why Make a Claim?

It might be daunting to make a claim, regardless of whether you are confident that you have been mis-sold or not. However, trust us when we say that you could claim for all overpayments, plus more, when you make a successful claim. You could receive hundreds to thousands of pounds worth in compensation!

You don’t have to worry about a thing when you work with Business Energy Claimline to make a business energy claim. With excellent communication that always keeps you in the loop with your business energy claims progress, Business Energy Claimline is here to help you throughout the entire process.

Get the Compensation You Deserve with Business Energy Claimline

If you’ve identified suspicious conditions or overpriced services in your energy contract reviews, you should consider checking to see whether you’ve been mis-sold your energy contract, especially if you’re struggling with saving on business energy. With a free assessment and a no win, no fee guarantee, you can count on Business Energy Claimline to support you through making a claim.

Do you think you have been mis-sold your business energy contracts by brokers? At Business Energy Claimline, we can help you get your money back, plus compensation. Please don’t hesitate to get in touch with us to see whether you might be eligible for a claim.

Start a claim with Business Energy Claimline today.