Managing energy costs is important for businesses that want to stay within their budget. Renewing your energy contract is the perfect opportunity to optimise your expenses, reduce your environmental impact, and ensure reliable service. This checklist offers clear steps to help you find the best energy deal for your business.
Review Your Current Energy Usage and Costs
- Take a deep dive into your recent energy bills and usage data. Understanding peak hours, seasonal fluctuations, and overall consumption patterns is key to choosing a plan that matches your needs.
- Identify any inconsistencies, unexpected spikes, or hidden fees. This will serve as leverage when negotiating with suppliers or seeking out new ones.
- This data will also allow you to see where you could save money on energy by reducing your usage where possible.
Research contract renewal dates and set reminders
- Many energy contracts automatically renew, sometimes locking businesses into less favourable rates. Knowing your contract's end date allows you to plan ahead, giving you ample time to explore other options.
- Set reminders 60-90 days before your contract ends. This gives you enough time to explore your options.
- Make sure to explore all options during your renewal window. Doing a thorough energy comparison will ensure you choose the most cost-effective route.
Compare suppliers and rates regularly
- Energy markets are always shifting. Comparing energy suppliers and rates every renewal period can reveal more competitive deals.
- Use online comparison tools to see what is available. Don’t hesitate to contact suppliers directly. You can discuss custom rates or plans that fit your business needs.
- When comparing suppliers it is important to not just compare on price but also, on their level of customer service and compatibility with your business.
Evaluate renewable and green energy options
- More suppliers are offering green energy tariffs, often at competitive prices. Switching to renewable energy can help reduce your company’s carbon footprint. This switch will also appeal to environmentally-conscious customers and investors.
- Consider the long-term benefits of renewable energy, such as potential tax incentives and positive branding opportunities.
Assess contract length and flexibility
- Energy contracts vary in length, typically from 12 to 36 months. While longer contracts can lock in lower rates, shorter ones offer flexibility if energy prices drop.
- Currently, the energy market has been in a state of volatility. This means it is better to lock rates in for a longer period when prices drop. However, if you have to sign during a time of high prices it could be best.
Negotiate and leverage loyalty benefits
- If you’ve been with a supplier for a long time, they may offer loyalty discounts or perks. Leverage your history to negotiate lower rates or additional benefits.
- When you talk to a new supplier, share your energy use and payment history. This can help you get a discount or better terms.
Consider consulting an energy broker
- Energy brokers specialise in finding and negotiating energy contracts for businesses. At Resolve Energy we have a team of energy brokers that have procured gas and electricity contracts for 100s of businesses.
- We can source and negotiate the best energy prices for your business with an energy supplier that suits you. Get in touch with us today to find out more.
By following this energy renewal checklist, you can reduce costs, enhance sustainability, and take control of your energy usage. Every renewal period is a chance to get a better contract for your business. Use these steps to make the most of each renewal.
If you're looking to save money on your energy bills then why not get in touch today? The relationships Resolve Energy has developed with over 24 of the UK’s biggest business energy suppliers allows our energy experts to source the best business energy rates available for your company right when you need them. Request a free quote today and start saving money on your energy.
