The Best Way You Can Check the Expiry of Your Energy Tariff
By Space Coast Daily // July 4, 2022
It can be overwhelming to compare business energy tariffs yourself considering that there are many energy suppliers on the market. These energy suppliers usually offer different energy rates and different energy deals, so this can be a huge challenge to figure out which one is right for your business.
If you still want to compare business energy tariffs and suppliers, then it’s a good idea to use a business energy comparison site. But before you start to compare business energy tariffs, you need to know when your business energy tariff is expiring and how you can find the best energy tariff. This page discusses the best way you can check the expiry of your energy tariff.
A business energy tariff
A business energy tariff is simply what the energy supplier utilizes to charge you for electricity or gas that your business uses. The type of an energy tariff can determine the energy rates you have to pay plus any other fees like VAT and standing charges.
Regardless of whether you have a large business that is already well-established or you have a small business that is just starting out, you need to shop around so that you can compare energy suppliers once your current tariff approaches the renewal window. When you compare energy deals available on the market, you can make sure that you are on the right energy contract for your business. Besides, you can rest assured that you are not overpaying for your electricity. This is because you have already compared and seen what other energy suppliers are offering.
The good thing is that it’s easy to check if your business energy tariff is about to expire. You should make sure that you know the expiry date of the energy tariff so that you can begin looking for alternative options that can help you save money on your energy bills. It’s a good idea to start comparing energy tariffs early to ensure that you are not overpaying on your energy bills.
For domestic energy deals, especially if you operate your business or work from home, the energy supplier can contact you once your energy contract has 42 to 49 days left before the expiry of the energy contract. You can then decide to switch energy tariffs or suppliers at any time within this time without paying an exit fee. Remember that an early exit fee is a one-off payment that some energy suppliers require you to pay when you decide to terminate your energy contract early.
On the other hand, business energy deals have slightly different rules. If you are on a business energy contract, you have to wait for the switching window to open so that you can begin comparing energy deals. This can be from one to six months before the expiry of your current energy contract.
Your energy supplier can contact you to let you know that the switching window is open and can choose to give you a new energy deal. But if you find an energy contract that has a better rate during this switching window, you can get it right away. In some cases, it makes sense to lock your energy rates to avoid future energy price increases, though the switch can only occur when your current energy deal expires.
If you fail to sign up for a new energy deal and the current one expires, then the energy supplier can place you on out-of-contract energy rates which are more expensive than the contractual ones. But if you want to check for yourself the expiry of your energy contract, then there are several ways you can do this.
You can check your latest energy bill. Besides your account number and name, the energy bill displays the expiry date of your energy contract as well as other important information.
You can also check the switching letter. Before your energy tariff expires, your energy supplier needs to send you a switching letter. This can often be delivered electronically or posted at least 7 weeks before your current energy contract expires.
Also, you can contact your energy supplier. If you are finding it hard to identify the expiry date of your current energy deal, you can contact the energy supplier directly. You need to make sure that the account name and number are available if you decide to call them because they require this information to check your account.
A fixed-rate energy tariff
With a fixed-rate energy tariff, there are several things that can happen at the end of the contract. If you have already agreed to a new energy contract, then the energy supplier can simply switch you to a new energy deal. But if you have not agreed to a new energy contract, then the energy supplier can put you on the out-of-contract energy rate. This is an expensive tariff, so you need to compare business energy tariffs to find a better energy deal.
When you want to compare energy tariffs, you should always look out for two main costs. One of them is a standing charge which is the daily fixed cost that is included in your energy bill. This charge covers the costs associated with the maintenance of your energy meter.
Another cost is the unit rate which is the fee that you must pay for each kilowatt-hour of energy consumption of your business. You need to make sure that the unit rate is low before you choose an energy tariff.
Keep in mind that there are other costs that are included in your energy bill, but these two costs are the most important. This is because they can sometimes fluctuate depending on an energy supplier and the energy contract your business is on.
Regardless of whether or not you agree to electricity or a gas deal with the same energy supplier, there is a chance that the energy provider can offer you two separate energy contracts. You should note that most business energy suppliers don’t usually have dual-fuel deals for a business. That said, the best way you can find the right energy deal is to use business energy comparison sites.