Businesses have many expenses, and it can be difficult to stay on top of everything. With energy being one of the biggest expenses, having the right business energy plan is crucial to getting the best deal on your energy costs.
If you haven’t recently compared your business energy plan, now may be the time to do so, to see if you could be saving more.
The right energy plan
Choosing the right energy plan can have a big impact on your energy costs. You need it to suit your specific business needs, and there are numerous factors to consider.
Your energy plan should suit the size of your business premises to ensure you’re getting charged for the amount of energy you’re using, and not getting charged more than you need to be.
Consider your heating and cooling needs. Heating and cooling uses a significant amount of energy, so depending on how much heating and cooling you use, you may need this to be factored into your energy plan, so you’re not paying through the roof. If your business uses a significant amount of refrigeration, this will also impact your energy bills.
What kind of energy meter do you have at your premises? If you have a smart meter, it can provide more accurate information on your energy usage. Time of use can impact energy costs, especially if you’re on a demand meter, and you’re using energy during peak demand times.
When looking at energy plans, consider whether you want a fixed price over a longer period, or a price that changes with market price changes.
If your business is looking to invest in renewable energy, whether through installing solar panels or by selecting Next GreenPower for your electricity plan, this can impact your energy plan.
Review your energy consumption and costs from the previous year to get an idea of whether your current energy plan still suits your needs. You are likely to find areas where you could be saving on energy.
There are many options when it comes to energy plans, and there is no one-size-fits-all solution.
Changing business needs
Your energy needs can change throughout the year, so it’s important to review your energy plan and business needs on a regular basis.
Your business may grow over the year, which may involve expanding with more employees, moving to a new premises, and purchasing more equipment. All these factors will increase energy consumption.
Alternatively, you may downsize your business and have more people working remotely. This may involve you moving to a smaller office, and will result in a decrease of your energy usage, however, if you remain on the same energy plan you may be paying the same amount even though you’re using less energy.
Energy bill comparison
While comparing energy plans from various providers requires time and research, it may help your business save a considerable amount of money on energy bills.
Electricity prices can change regularly, as the electricity market changes (both up and down), so it’s a good idea to compare your plan on an annual basis to find the best deal for your business. Before looking elsewhere, you may want to speak to your current provider about whether they can offer you a better deal on your energy. Though it may still be worthwhile doing some research into other plans available, so you have a better understanding of what you can ask for.
At Next Business Energy, we pride ourselves on providing competitive rates. Compare your current energy provider to our rates to see if you could be saving money on your energy bill.