Deregulation of the energy industry in many states has given businesses the power to choose their energy supplier. This means that businesses can shop around for the best rates and contract terms that meet their unique energy needs. However, with so many options available, it can be challenging to determine the best time to switch energy suppliers. In this article, we’ll discuss some factors businesses should consider when deciding when to switch energy suppliers in deregulated states.
Why do I need to switch business energy suppliers?
If you own a small business, you may be wondering why you would need to switch business energy suppliers. The truth is, there are many reasons why you might consider making a change. For one, switching business electricity suppliers can save you money on your energy bill.
Another, is suppliers don’t offer better rates to existing customers, so loyalty won’t get you cheaper rates. Also, just because one supplier had better rates when you originally signed the contract, doesn’t mean they will be the best presently.
What a supplier offers and their pricing change regularly with the market and various other external factors. It is worth comparing suppliers every time you are looking for energy rates to see which supplier is best for your business at the time.
Switching Suppliers: Gas or Electricity
When it comes to commercial energy, it’s important to be aware of the different plans available to you. By switching power suppliers, you may be able to find a plan that better suits your business’s needs and budget. Additionally, standing charges and other fees can vary between business energy providers, so switching business gas and power can help you find a better deal.
Just because you can switch, doesn’t mean you always should switch your energy supplier.
There are many factors that go into the decision that need to be carefully considered. We’ve outlined those below. Some factors can be expected but you should lean on professionals like our representatives at Consumer Energy Solution who can help guide you through these turbulent energy fluctuations. With decades of experience and over one million customers served we are here to make sure you are getting the best deal possible.
When is the best time to switch your business’ energy supplier?
Unfortunately, there is no single “best time” to switch your energy supplier. It is going to depend on a couple of factors:
- What is the state of the energy market in your territory? Has there been any regulation changes, extreme weather, etc.
- Are there any global events affecting energy pricing?
- Seasonality
- What are your business’s specific needs?
- How much time is left on your current contract?
Check out these articles for more detailed answers on the best time to get electricity rates and the best time to get natural gas rates.
How to find your new business energy supplier
Businesses have 2 ways to find a new supplier and here are the pros and cons of each.
Direct to supplier
Working with an Energy Broker
Is Switching Energy Suppliers Worth It?
So, when should you consider changing your business energy supplier? It’s a good idea to review your energy supply and costs on a regular basis, especially if you’ve been with the same electricity supplier for a long time. You may also want to switch business electricity suppliers if you’re not happy with your current provider’s customer service or if you’re looking for more flexible business energy contract terms and conditions.
Of course, switching business electricity suppliers does require some effort on your part. You’ll need to compare different electricity supplier options and assess your energy needs before making a decision. That’s where we come in to help! Many small business owners find that the effort is worth it when they see the savings on their energy bills.
Renewable Energy Options
Another reason to switch energy suppliers is to take advantage of renewable energy options. Many business energy suppliers offer green energy plans that can help your company reduce its carbon footprint. It should be noted that seeking out renewable options is possible, but it often comes with a higher cost and not being able to meet your businesses demand.
Why it’s important to stay on top of your business’ energy contract
There are 2 main reasons to stay on top of your energy contract:
- The vast majority of energy contracts rollover onto market based rates after expiring if you do not sign a new contract or opt out. Rollover rates are used as an assurance for energy providers. Without a contract you get charged a premium to cover your usage.
- Recognizing advantageous times to renew or change energy suppliers. Things like severe weather, regulation changes, seasonality, and the price of fuel affect energy prices.
You never want to enter a new contract that interferes with an existing contract as you will incur cancellation fees. You can, however, sign a contract with a future start date. Let’s say you were in a 3 year contract and 2 years into it the market dips, you can take advantage of that dip and lock in the current cheaper rates for when your contract ends in a year.
Consumer Energy Solutions Gives You the Power to Choose
At Consumer Energy Solutions, we understand that switching business energy suppliers can be overwhelming. That’s why we offer support and guidance to small business owners looking to switch suppliers. Our team can help you navigate the energy market and find the best electricity billing and natural gas options for your business. So why not make the switch today and start saving on your energy bill?
Ready to switch business energy suppliers?
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