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Business Electricity Comparison

business electricity prices

Business Electricity Prices

Comparing business electric Prices isn’t quite as simple as one should need to be aware of business electricity tariffs and deals. Without comparing business electricity prices if the business has been rolling along on the same electricity tariff for years, then they are missing some significant savings.

Here at Lloyd Energy, our energy experts do all the hard work. Business owners just need to call our energy experts so that they can quote the best price for the business electricity. We’ll compare the recent business electricity tariffs to find the Business electricity prices in the UK.

Business Electricity Prices

Compare Business Electricity Prices per kWh

    To compare business electricity rates in minutes.
  • Compare: Provide the key details like business postcode and Annual business electricity consumption along with the details of the current business energy supplier.
  • Select: With a single call, we'll analyse live business electricity rates from top business energy suppliers including “BIG SIX”, presenting with a free customised energy quote that matches the specific needs and offers the best electric deals available.
  • Switch or Renew: Whether renew the current business electricity contract or switch to a new electricity tariff, we’ll help to complete it in 5 working days online. Speak to our energy experts for more information

Why switch business electricity suppliers?

    Switching Business Electricity Suppliers is one of the main ways to cut down your business electricity bills, this will help in finding out who is the cheapest business electricity supplier and also about the different business electricity tariffs. The things to keep in mind when running a business electricity price comparison are:
  • • Customer Service: Having a low unit price for electricity tariff isn't the only important thing. Some electricity suppliers don't give good service. They might mess up electricity bills, charge the wrong amount for direct debits, or not fix problems well. If a business keeps having these issues, they might switch to a different electricity supplier, even if it costs more.
  • • Clean and Green Electricity Tariffs: Businesses of all sizes, from small to large, can choose to use green electricity. By comparing electricity quotes for green energy and switching suppliers, businesses can lessen their impact on the environment, contribute positively, and enhance their public image.
  • • Contract Terms: Understand the length and terms of the contract businesses entering into. Some contracts might offer fixed rates for a specific period, while others might have variable rates.
  • • Unit Rates and Standing Charges: Pay attention to both the unit rates (price per unit of electricity consumed) and standing charges (a fixed daily or monthly fee). These can vary significantly between suppliers and affect overall costs.
  • • Additional fees: Be aware of any additional fees or charges, such as early termination fees or fees for exceeding usage limits.
  • • Contract Flexibility: Evaluate the flexibility of the contract in case your business needs to change in the future. Some contracts may offer more flexibility than others regarding adjustments to energy usage or contract terms.
  • • Billing and Payment Options: Check the billing and payment options available. Some suppliers may offer online billing, direct debit discounts, or other incentives.
  • • Energy Efficiency Support: Look for suppliers that offer energy efficiency advice or support programs to help your business reduce energy consumption and costs over time. Some Suppliers also provide Smart Meters free of cost. This would help in accurate calculations for electricity consumption readings. If want to learn more about meters, we’ll guide you through it with our Business Energy Guides.
  • • Hidden Costs: Scrutinize the contract for any hidden costs or clauses that may impact your overall expenses. Read the terms and conditions carefully to avoid surprises.

Types of Business Electricity Tariffs

  • • Fixed-rate tariff: A fixed-rate business electricity deal is a favoured choice among business owners for managing their business energy costs. When choosing this type of electricity tariff, businesses agree to pay a consistent unit rate and a daily standing charge for a set number of years. This arrangement can remain in place for a duration of up to five years, subject to the terms offered by the business electricity supplier.
    Choosing a fixed-rate business electricity contract offers businesses the advantage of predictable billing, allowing for more effective budget planning. By securing your business electricity rates, businesses are protected against any potential hikes in energy prices per kWh throughout the term of the agreement.
  • • Variable rate tariff: Choosing a variable rate tariff for your business's electricity means the amount you pay for each unit of business electricity (unit charge) can go up or down based on the business energy market prices. This kind of plan can be good for businesses that are looking to save money when business electricity prices drop.
    However, Since the unit rate changes with the market, there's also a chance that prices could increase. This means you might end up paying more at times. If your business is okay with prices changing and can handle the ups and downs, then a variable tariff could work well. It's all about whether the business is willing to take the chance on business electricity prices per kWh going up with the hope they might also go down.
  • • Rollover tariff: When a business forgets to renew its business electricity contract, it can end up on something called a rollover contract automatically. This contract lasts for a fixed period, usually a year, and the business has to stick to it legally. The problem with rollover contracts is that they often have higher business electricity prices compared to what businesses could get with a new electricity contract. This means businesses might end up paying more than they need to. Also, being on a rollover contract makes it hard for businesses to switch to better business electricity deals elsewhere.
  • • Green electricity tariff: For Zero Carbon mission and environmental safety, many businesses are aiming to be more environmentally friendly by choosing business electricity plans that come from renewable sources like the sun and wind. These plans are called green electricity tariffs, and they're getting helpful with the companies that want to reduce their impact on the environment. Many business electricity suppliers are now offering these green electricity tariffs to businesses. This means that a small business organisation or a large business has more options to choose from when it comes to picking an eco-friendly business electricity deal per kWh. By opting for green business electricity tariffs businesses get to do their part for the planet while also having more control over their business energy choices.
  • • Pass-through tariff: Understanding a pass-through electricity tariff can be a bit more complex compared to other types of business electricity tariffs. Essentially, it splits your business electricity bill into two main components: fixed wholesale rates and additional rates covering things like National Grid levies and network costs. The fixed wholesale rates remain constant over a specific period, offering some stability in pricing. However, the additional rates, which include charges related to National Grid and network expenses, can fluctuate multiple times within a year. These tariffs are typically most suitable for businesses that actively manage their business electricity consumption and closely monitor energy market changes. If your business is proactive in controlling its energy usage and staying informed about tariff adjustments, a pass-through tariff could provide the flexibility and transparency needed to make informed decisions and potentially optimize costs over time.
  • • Deemed rate tariff: When a business hasn't signed up for a specific business electricity contract, they're automatically put on what's called a deemed rate tariff. These business electricity tariffs are known for being the priciest options available in the market.
    Essentially, if a business has never agreed to a particular electricity contract, the business energy supplier will assign them to this default tariff. Unfortunately, deemed rate tariffs usually come with higher electricity rates per kWh compared to negotiated contracts. It's a situation where businesses end up paying more simply because they haven't chosen a specific business electricity contract. So, it's in the best interest of businesses to actively seek out and agree to a suitable electricity contract to avoid these costly deemed rate tariffs.
  • • Flexible tariff: For large business electricity consumption organizations, buying all their electricity supply upfront can be a strategic move. By doing so, these businesses gain access to wholesale market rates, which can help bypass some of the additional costs associated with retailers.
    Purchasing business electricity in bulk upfront allows these organizations to negotiate directly with wholesale electricity suppliers. This direct engagement often results in lower prices per unit of electricity compared to what retailers might offer. Additionally, by buying in advance, these organizations can hedge against potential price increases in the future, providing more stability and predictability in their energy costs.
    Overall, opting to purchase electricity supply in advance can be an advantageous strategy for large consumption organizations looking to manage costs effectively and optimize their energy procurement process.

Business Electricity Rates for Different Business Sizes 2024

Business Electricity Rates per kWh varies from small businesses to large businesses

Business Size Annual Usage Unit Price Per kWh Daily Standing Charge Cost Per Year
Micro Business Up to 5000kWh 24.2p 95.8p £954.32
Small Business 5000 to 15000kWh 24.4p 95.6p £2788.83
Medium Business 15000 to 25000kWh 24.4p 101.2p £5251.91
Large Business 25000 to 50000kWh 25.2p 120.1p £9876.62

    To effectively compare competitive business electricity rates, it's crucial to have the right information at hand. Here's how you can do it:
  • 1. Recent Business Electricity Bill: Having the latest electricity bill allows you to understand your current business electricity consumption patterns and costs.
  • 2. Electricity Usage Data: Gather data on your electricity usage for at least one year. This historical data helps suppliers provide accurate quotes tailored to your business needs.
  • 3. Meter Type: Identify your meter type, whether it's a smart meter, standard meter, or half-hourly meter. This information ensures that suppliers can offer tariffs compatible with your metering setup.
  • 4. Business Information: Provide relevant business details such as your company size, industry, and location. This information helps suppliers tailor their quotes to your specific business requirements.
  • 5. Current Supplier Details: Know the name of your current business electricity supplier. This allows you to compare their rates with those offered by other suppliers.

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