With energy prices fluctuating due to global events and market instability, many UK businesses are struggling to understand what constitutes a good price for business energy. The challenge is made harder by the presence of over 3,000 energy brokers and more than 20 suppliers, all claiming to offer the best deal.
Unfortunately, this crowded and often unregulated market increases the risk of energy contract mis-selling, leaving businesses vulnerable to hidden fees and inflated rates.
How to Secure the Best Business Energy Deal
While energy brokers can offer valuable services, their advice must be transparent, unbiased, and in the best interest of the business. To ensure you’re getting a fair deal, follow these steps:
- Get multiple quotes from different suppliers and brokers
- Use price comparison tools to benchmark unit rates
- Understand your energy usage and choose the right tariff (e.g. fixed vs. pass-through)
- Know your meter type (e.g. half-hourly, 03/04) to avoid unsuitable contracts
- Negotiate using your quotes to drive down prices
Taking the time to shop around could save your business up to £25,000, the average claim amount recovered by Business Energy Claims.
Key Questions to Ask Your Energy Broker
Using an energy broker can save time, but it may cost more in the long run if you’re not asking the right questions. Before signing a contract, ask:
- Why is this the right tariff for my business?
- Have you compared quotes from all suppliers?
- Why is the contract length recommended?
- How do you get paid, and how much?
- Are there any hidden commissions or fees?
Transparency is key. If you’re using a broker, always ask how they’re compensated and ensure their advice aligns with your business needs, not their commission.
Protect Your Business from Mis-Selling
Business energy costs are taking up a growing share of annual budgets, and there’s little sign of relief in the short term. That’s why Business Energy Claims urges all UK businesses to:
- Review energy contracts carefully
- Search the entire market before committing
- Ask the right questions to avoid hidden costs
- Consider a free contract review to identify potential mis-selling