How to Choose the Best Energy Tariff?

There are several energy tariffs out there. Before choosing a tariff, it’s important to conduct research. It’s important to select an energy tariff that suits your business’s explicit needs. This guide will take you through different tariffs and how to select the right one.

Old Supplier Goes Broke

Before switching a tariff or supplier, ensure that your account has been moved to your new energy supplier. This will help you get funds owned by your old supplier. Remember, simple mistakes can see you lose money. Thus, take your time. Consult an expert to help you get the steps right.

Looking for the Cheapest Option

With fixed energy tariffs, you should sign a contract. Normally, the contract should last for 12 months. In this contract, you will pay a fixed sum of money throughout the contract period. This amount won’t change. However, if you use less or more energy, the amount payable will change. A fixed tariff allows you to budget for energy use. Of course, there are cheaper variable tariffs out there. However, these tariffs can be expensive in the long run. They will change depending on the marketing forces.  Also, consider checking for exit fees. With exit fees, customers are required to pay in case they leave a supplier or tariff before the contract expires.

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Want to Move

If you are not so much into signing contracts, then think about standard or variable tariffs. With a variable tariff, you can switch to a different supplier as you like. Here, you are not tied to any contract. Plus, changing to another supplier won’t result in charges.

These tariffs come with fluctuating prices. Depending on the market forces, your utility bills can go up or down.

Pro Tip: Choose fixed tariffs if you think that you will struggle to meet your utility bills. A fixed plan will be good for your budgeting.  

Night Energy Consumption

Some businesses operate mostly at night. Such businesses or households can choose economy-based tariffs. These tariffs come with lower rates. Thus, you will end up paying less. However, you will pay more for energy consumed during the day. These tariffs are ideal for businesses with more night shifts and electric storage heaters. If you work more at night, this is the tariff for you.

Looking for Eco-Friendly Energy

A green tariff is ideal for those looking for eco-friendly energy. Common with suppliers with renewable energy, this tariff can help you make a huge impact on the environment. These tariffs are associated with solar, wind, as well as biomass energy. They are designed for businesses looking to reduce their carbon footprint.

The Bottom-Line

Don’t select any energy tariff. Choose the right one. Remember, there are different types of tariffs out there. Each of these tariffs comes with different terms. Read the terms. Go through the rates. Understand business electricity rates in the UK. Choose the right supplier. Select a flexible tariff. Choose a tariff that can help you save energy. Use the above tips and tricks to select the best tariff.