Switching your business energy supplier is easy, and it can save money and get you better service.

Check your current contract

Find your most recent bill and check the details of your contract. Look for the contract end date, and check for early exit fees. If can’t find this information, then get in touch with your supplier.

Get your information together

Before you compare deals and switch suppliers, you’ll need have this information to hand:

• Business address and postcode
• Annual energy usage
• Details of your current tariff
• Serial numbers for your meters
• Your MPAN (electricity) or MPRN (gas) numbers

If you can’t find everything, don’t worry. Just get in touch with your supplier and they should be able to help you out.

Compare deals

Unlike domestic energy (for your home), business energy tariffs are based on how much you use, and what kind of business you have. The bigger your business, the more chance you have of negotiating better rates.

It’s important to shop around and get quotes from a few suppliers. When comparing, think about:

• Unit rates for gas and electricity
• Standing charges
• Contract lengths
• Payment terms
• Quality of customer service

Always read the small print

Business energy contracts can often be complicated. It’s important to keep an eye out for things like automatic rollover clauses (where the contract keeps going if you do nothing) and pricing structures.

Make the switch

Once you've chosen your new supplier, they'll manage most of the switching process for you, including letting your current provider know.

Then all you have to do is sign the new contract and give your new supplier the current meter readings.

Usually, it takes around 2-3 weeks for electricity, and up to 6 weeks for gas. But don’t worry, you’ll still have electricity and gas at all times during the changeover.

Once you've switched

It’s important to take meter readings on the day of the switch, and to keep copies of your final bills from your previous supplier. Your new provider should set up your account and payments. If anything goes wrong during the switch, don’t worry - it’s up to the two energy firms to fix any problems.

What not to do

It’s not just a case of looking for the cheapest unit rate (though that’s part of it of course). Pay attention to the standing charge and any small print in your contract because something that looks cheap could end up costing you more once you factor it all in.

Never compare with just one other supplier. You should always shop around for the best offers.

If you’re renting your business premises, check whether you’re responsible for choosing the energy supplier or whether it’s up to your landlord.

When to switch again

When signing your new contract, make a note of the end date and set a reminder to alert you a few months before. You can usually shop around before it ends, and you might be able to switch a little bit early without having to pay early exit fees.

When looking for your next contract, it’s important to check your usage again to make sure you always get the best offer.

Jamie Stewart, Binq CEO

Switching energy providers is one of those things that can save you a lot of money in the long run but lots of people don't get round to it. That's why we offer to take care of it at Binq. Our AI keeps an eye in the background to make sure you're on the cheapest deals and then if you're not, we can handle the switch while you crack on with other things. It's so easy.