While there has been much speculation surrounding the previous year’s energy crisis and concerns about what the market will look like as we delve into the second quarter of 2024, there is to be some relief for business owners. As energy prices are expected to fall.
Gradually throughout the year, it has been suggested that both electricity and gas prices will slowly fall, leaving behind the dire state of the energy crisis in 2023.
However, this doesn’t mean to say that rates will be anything comparable to years gone by. In fact, prices continue to hinder and burden customers. Affecting livelihoods and business. Add in the cost of living, small businesses may certainly still be feeling the effects of high business energy costs. If you or someone you know is a small business owner and are struggling to cover energy bill payments, this article may provide you with some much needed support and guidance.
Could you find cheaper rates elsewhere?
Firstly, if you have noticed your current supplier is offering little support for your business and your rates are continuing to rise, it may be the right time to consider switching. Now, this can be a slightly daunting task, since it’s not easy to compare rates and understand what you may or may not be getting from a new supplier. But many of the business support services, including Citizens Advice can help you if you are struggling.
Simply using price comparison sites is a good way to start, although we would always suggest reading the small print and T&Cs to understand exactly what each supplier is offering and at what rate. If you do choose to switch, be sure that your current supplier is aware and any debts are settled before you make the transition to the new supplier.
Dealing with any debt you may owe your current supplier
If you are currently in debt with your business energy supplier, you should contact them at the earliest opportunity to discuss next steps and potentially negotiate with them. Making your supplier aware of your current situation, may allow them to propose a payment plan that meets both your needs and theirs.
Choosing to avoid debt and communication with your supplier will only lead to being disconnected. Which will just pose further complications for you and your business.
Sometimes the best fix for these problems is to simply have an open discussion with the company to achieve the best possible outcome. After all your supplier will not want to lose you, if you are a valued customer, but they will also want to help you resolve the debt as simply as possible.
Make sure your bills are accurate
Noticing a sudden change in your energy bills and not sure why? If you have not been made aware of changes to your rates and your usage has stayed the same, your supplier may have overcharged you or inaccurately estimated a reading. In this scenario, you should pay close attention to your most recent bills and check to make sure that what you are reading is accurate to your business.
There are occasions when clerical errors lead to customers being charged for energy they have not used. Understanding your bill and what it may mean is the first step. If you are certain something is wrong, give your supplier a call and speak with them to confirm the rates you are meant to be paying are correct.
Consider a business smart meter for more accurate meter readings
For greater control over your usage and more accurate meter readings, consider a business smart meter. Being pushed by the government and rolled out by energy suppliers, there are many simple ways to access a smart meter for your business and have this installed in no time.
Your business energy supplier will be able to arrange an installation for you. Taking you from traditional meter readings to automatic, accurate readings that are sent directly to your supplier in real-time. So, no more estimations or inaccurate readings and bills. Your smart meter will make sure you are only charged for what you use. Plus, with a visual display, you will be able to see your usage and rates fluctuate throughout the day. With this information, you can work towards lowering your energy consumption and therefore your bills.
For more support regarding your business energy usage and bills, be sure to research any schemes or tax relief offered by the government. Check if you are eligible and get the financial support you need to keep your business up and running.