June 2017

Many businesses will perform a price comparison online for their business electricity only once. They will see which company offers the lowest rates and go with that, or they will look to see where their current supplier lands on the overall price range and make their decision to stay with their supplier or switch suppliers based on that information. For most of them, this isn’t something they do often, but they definitely should.
It may not seem to make sense to keep checking the prices, if you are happy with what you have and you have already signed a contract, but there is definitely the potential for much greater savings than what you enjoyed by doing that first business electricity supply price comparison.
Be Aware of Price Changes
The benefit to doing regular price comparisons is that you will be informed when price changes occur. There may be other suppliers running promotions and sales that you can take advantage of. There may be a new electricity supplier entering the market who can offer a lower rate initially. You could also benefit from lower rates being offered by long-time suppliers who want to take a larger market share. There are all sorts of reasons why new, lower prices may become available, and you would be doing yourself and your business a disservice not to be aware of them.
Prepare for Change
More than just being aware of the changes in price, you should also be ready to take advantage of a lower price point. You may think it is a lot of hassle to switch out contracts just to save a little bit of money here and there. However, that little bit can add up when you factor in all your power needs across your business. You should also factor into your calculations how much you will save from month to month, added up over the course of several years. If you sign a contract with a new supplier for lower prices that are locked in for a few years, then you could enjoy incredible savings during those years. When your contract is up, you can always find a new, lower price and keep saving money instead of paying the increased rate your supplier will likely offer you.
Don’t Wait for Your Contract to Be Fulfilled
The contract is a binding agreement between you and the power supplier, but that doesn’t mean you cannot get out of it. You can do so legally as well and be better off for it. You simply have to tell your supplier that you want out of the contract. At that point, they may try to renegotiate with you and give you a lower price in return for you signing a longer contract. You should consider their offer, if that happens. You may be able to save some money and avoid having to pay the contract termination fees.
There are likely to be fees involved with leaving a contract before it is fulfilled, and you …

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