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Comparison of Business electricity prices and rates in 2024

Everyone, including businesses, loves to save money. We have helped businesses of all sizes in the UK to cut costs when it comes to comparing business electricity rates. Whether you're looking for business electricity tariffs or easy online switching, we're here to assist you.

How to Get Cheaper Business Electricity Rates?

Are you wondering if you're overpaying for your business electricity? The quickest way to find out is by comparing the latest live rates using our comparison engine. It takes just 60 seconds to see live prices customized to your specific needs. For many businesses, searching for the best business electricity deal can be a time-consuming hassle. Time is money, and our comparison engine is designed to help SMEs discover excellent deals for their business electricity without the need to spend hours getting quotes. We aim to simplify the process of comparing various business electricity suppliers. Once you've chosen your preferred business electricity tariff, our expert team will manage the entire process, ensuring a smooth and hassle-free switch to a new supplier.

What Are the Current Business Electricity Rates Per kWh?

As wholesale costs have been on the rise, business electricity prices have increased significantly. However, it's essential to understand that the prices you pay in 2024 will vary to that you paid till 2023 depending on various factors, including the size and location of your business premises and your electricity consumption. Larger businesses with higher electricity usage often have access to cheaper unit rates than smaller businesses. This can make it challenging for businesses to determine if a unit rate is suitable for their needs. To help you, we've broken down average business electricity tariffs based on business size and 2-year fixed-rate contracts.

Usage Category Unit Price/kWh Daily Standing Charge Full Year Price
Micro (up to 5,000 kWh) 29p 67.4p £1,685.17
Small (5,000-15,000 kWh) 29.1p 75.1p £4,642.19
Medium (15,000-25,000 kWh) 29.9p 75.1p £7,746.61
Large (25,000-50,000 kWh) 29.3p 140p £15,161.61
Very Large (50,000-100,000 kWh) 28.9p 119.3p £29,356.62

Are Business Electricity Rates Still Rising?

Businesses have understandably been concerned about electricity prices in recent years, but electricity unit rates have been decreasing. We analyzed the three most affordable electricity tariffs each month since October 2022 and found that prices have dropped consistently from around 80p per kWh to approximately 28p. This reduction translates to a decrease of about 52p per kWh and an annual savings of almost £13,000.

What's Included in My Business Electricity Quote?

When you compare business electricity rates, the prices you see include several components, such as:
  1. Electricity unit price per kWh

  2. Daily standing charge

  3. VAT at 20% (with some discounts available)

  4. Climate Change Levy (CCL) at 0.00775p per kWh this year

How to Get the Cheapest Business Electricity Rates in 2024?

Business electricity rates have stabilized since 2023. In later 2024, creating an opportunity for businesses to assess their tariffs and find cheaper deals. Comparing business electricity rates is easy; we only need some basic information about your business to provide an accurate quote. Here's what we need:

  1. Your business name, address, and contact details

  2. Your electricity usage for a year (you can find this on your business electricity bill)

  3. Information about your current business electricity supplier

Even if you don't have all the information, our powerful comparison engine can find any missing details.

What Business Electricity Tariffs Are Available?

Several types of business electricity tariffs are available, but most businesses opt for either variable rate or fixed rate tariffs, depending on their needs.

Fixed-Rate Tariffs:

Fixed-rate tariffs are the most common type of tariff, offering businesses the advantage of locking in more affordable electricity prices. Typically associated with a 1 to 4-year contract, these tariffs provide a stable rate throughout the contract duration, ensuring predictability in energy costs. However, it's important to note that fixed-rate tariffs often come with limited flexibility during the contract period.

Variable Rate Tariffs:

Electricity prices that fluctuate with the market provide a flexible option for businesses. While this approach offers adaptability, it's crucial to be aware that savings are not guaranteed, as prices can vary based on market conditions.

Green Energy Tariff:

A Green Energy Tariff is an ideal choice for environmentally conscious businesses seeking to align their energy consumption with sustainability goals. This type of tariff supports green initiatives by sourcing electricity from renewable energy sources. Green Energy Tariffs are available from various suppliers, allowing businesses to make eco-friendly choices in their energy consumption.

Rolling Contracts:

Rolling contracts, often featuring the most expensive unit rates, are employed when a business hasn't negotiated a new electricity contract. These contracts operate on a rolling basis and should be periodically reviewed to prevent overpaying. It's crucial for businesses to stay vigilant and consider negotiating a more favourable contract to optimize cost efficiency.

Compare Business Electricity Prices here with Lloyd Energy within 60 Seconds.

To see the latest business electricity prices, you should compare regularly. Assessing your tariff and switching to a better deal can save your business money while also contributing to your green goals. With business electricity rates stabilized in 2023, now in 2024 it is the perfect time to explore your options and cut down on costs. Let our energy experts do all the hardwork.

Our energy consultants will compare the energy prices accross different business electricity suppliers in your location and help your business grab the cheapest electricity tariff which will be best for your business.

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