Business energy contracts differ from domestic energy contracts in that you are normally locked in for the contract for the agreed period. This means that you cannot opt out or switch to a new contract without having to pay an early cancellation fee. One of the biggest differences is that business energy suppliers will roll their customers over into a new and often more expensive contract, known as deemed contracts, if the customer has not given notice that they will switch plans.
Also, there are no cooling-off periods for business energy contracts like there are for domestic energy ones. Once your business energy contract starts, you are locked in for the duration of the contract. Terminating an energy contract with a business energy supplier will cost you regardless if it happens days after signing the contract or before the stated renewal period.
Here, we will discuss the importance of knowing your business energy contract end date, how to find them, and why switching to a new supplier just prior to the end of your current contract is a good idea.
Important things to know about your business energy contract end date
Here just two quick but important things to remember about business energy contracts end dates:
You cannot switch before the contract ends
Unless you are moving or you have gone bankrupt, you generally cannot switch contracts before your current one ends. If you do opt out early, you will likely be charged exit fees.
You can switch during the renewal window of your current contract
While there are no cooling off periods or the freedom to switch out of the contract like there are with domestic ones, you are able to switch to a new deal during the renewal window of your current contract.
This period often lasts between one and six months before the end of the contract, but be sure to confirm this with your supplier. It is within this period that it is the best time to seek out and secure a new supplier of business energy, as you will have ample time to compare business electricity from multiple suppliers.
Our smart grid-connected price comparison tool lets you compare energy deals from over 20 suppliers in a matter of minutes. To initiate the search, you just need to enter your meter’s postcode. This allows us to use your actual energy consumption for reference during the comparison. Providing your current spend and the end date of your current contract will further help our tool find more great deals for you.
Where and how to find your contract end date
It is sometimes difficult to find the date on which your energy contract ends. Here are some places where you can find your contract’s end date.
Micro businesses can find them on their bills
Ofgem requires energy suppliers to write the contract end date and the notice period on all fixed-term contract bills. Some even do it for larger businesses.
Further, micro businesses will get a three-month’s notice via a renewal letter from their supplier. They will provide options for a new contract, but it is often more expensive than what is in place already. That is why it is highly recommended to switch energy supplier: you are very likely to save money on your next deal.
Contact the supplier
When in doubt, contact your supplier. They are obligated to let you know when the contract will end. Be prepared for a hard bargaining pitch from your supplier during this time. Now that you know when your contract will end, shop around for a new deal.
Energy switching services like Business Energy Quotes will remind you
When you secure a business energy contract through BusinessEnergyQuotes.com (or through our parent company Northern Gas and Power), a dedicated account manager will let you know when your current contract is nearing its end. Through us, you’ll receive a timely reminder of your renewal, be given guidance on the market at that time, and, most importantly, receive options towards the end of your business energy contract. It is all part of what we offer – we want to help your business avoid rollover rates and overpaying for your business energy.
Is your current business energy contract ending soon? Switch now with BusinessEnergyQuotes.com
Switching suppliers is easier and quicker than ever thanks to BusinessEnergyQuotes.com. You can simply select the best business energy tariff for you, follow the online process, and e-sign your new contract. You’ll be switched over in just three minutes.
As mentioned above, we do all administration work behind the scenes, including getting in touch with your old and new suppliers and arranging the necessary paperwork. We provide you with a dedicated account manager who will be available to you for the duration of your contract.