When it comes to business, finding the right energy retailer isn’t just about your bottom line. It’s about understanding your energy consumption now and in the future to get the best fit for your business. It can be challenging to know where to start, so let’s break down what you need to know when selecting an energy retailer.
Key Points:
• Businesses need to understand their current and future energy needs in order to select the right energy retailer.
• Evaluate usage levels, compare contract terms, and consider metering options and market classifications when selecting an energy retailer.
• Solar power can be a great option for businesses looking to reduce their reliance on traditional sources of electricity while also cutting carbon emissions.
• Before signing up with any provider, check their reviews and reputation to ensure quality customer service should issues arise during the life of the contract.
Understanding Your Consumption Habits
The first step in selecting an energy retailer is understanding your consumption habits and needs. If you are a small business or startup, then you may not need a high level of electricity or gas usage.
On the other hand, if you are a larger company or have extensive equipment you run, extra fees during peak hours can have a significant impact on your bottom line. This is where monitoring your usage can help – by tracking how much electricity or gas you use each month, you can then evaluate which energy contracts offer the best value for money based on your individual needs.
Comparing Contract Terms
Once you have identified your energy needs, it’s time to compare different contract terms. There are several factors to consider when comparing contracts such as the rates charged per kilowatt hour (kWh), any discounts or promotions available, and even incentives like rebates or loyalty programs that may be offered by certain companies. Depending on your circumstances, you may have a narrow range of suitable retailers to pick from.
The importance of Meters and Classifications
The type of meter and classification of your business useage category can impact what rates or options a retailer can offer you. It can be confusing, but these components of your energy bill are often overlooked and result in a business paying substantially more for their energy then they need to.
Below is a snapshot of why metering and classifications are important.
Metering
Energy meters measure the amount of electrical power consumed in a building or facility, tracking electric current, voltage and power factor within each system. They provide an important tool for understanding both how much energy is being used and where it is used most efficiently.
But more importantly, the type of electricity meter you have though will impact the way your retailer charges you for power. There are different types of meters, and the type of meter affects how you are charged for your usage.
Your retailer and plan options may change based on what type of meter you have, and making the change could save you in the long term.
Classifications
Small business energy vs large business energy classifications are very different, both in how they are set up and in terms of price. Businesses that float between certain consumption thresholds can choose to be placed in the small market and large market. Changing the market classification for a business can help significantly reduce its energy costs.
Your plan options and the retailers who can service your business are different for each classification. Before locking in a retailer, it is important to make sure you are correctly classified so that you can make sure you have the most suitable option for your business.
Is Solar Power an option?
Solar power offers businesses the opportunity to reduce their reliance on intermittently-priced sources of traditional energy while also cutting carbon emissions. They can not only save your business money due to reduced energy costs, but your business may also be eligible for rebates or other government incentives to help you make the switch.
If you are considering implementing a Solar solution at your business, you can review your options at any time. We recommend speaking with a Solar specialist who will be able to advise you on the appropriate solution and any incentives that you may be eligible for.
Having solar integrated into your system can affect your retailer options, as well as the types of plans that are available. So if your energy contract is due for renewal, now is a good time to investigate your solar options.
Checking Reviews & Reputation
Finally, before signing up with any energy retailer, it’s important to check reviews and do research on their reputation in order to ensure that they are reputable and reliable providers who will offer quality customer service should any issues arise during the life of the contract. You should also read through any fine print associated with contracts so that there are no surprises down the line – this includes checking if there are any early termination fees or additional charges associated with switching suppliers at a later date.
Struggling To Make Sense Of It All?
Selecting an energy provider doesn’t have to be complicated – all it takes is understanding your individual consumption habits and needs before researching various options available for businesses like yours. Once you understand what kind of contract terms work best for your company size and budget, look into which companies offer those deals along with good customer service reviews and reputations.
If you’re seeking guidance on the best energy consumption plan for your business, WiseUp is here to support your business. Reach out to us at info@wiseupenergy.com or call 07 3162 0737 – let’s chat about finding an ideal solution that works for you!