Why do I need a business electricity account?
Businesses typically pay different rates to domestic users, and policies are set up differently.
A business account is similar to a mobile-phone contract. You set up the policy for a term of 1-5 years and based on your business and size of premises, the supplier will estimate how much energy you'll need. With that estimate, the supplier will then be able to give you a set amount to pay each month.
If you have a large business, you can install meters that update every 30 mins, instead of every hour, or multiple meters to more accurately report your energy usage.
If you're applying for business electricity, you should know:
- Your company is likely to be subject to a credit check
- You'll have to give notice to your current supplier (if you have one). If you don't, you could be rolled over to a standard contract which is typically more expensive
- If you're in debt with your current supplier, you could be refused to switch until that debt is cleared
Whether you’re a restaurant or café with electric ovens, or even a hairdresser with electric hair dryers, straighteners and curlers, you’ll know that a good price for your electricity can make a difference to your businesses operating costs.
If you're still a little unsure what is involved with switching and what business electricity is, the government department Ofgem have some useful guides to help.