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Compare April 2024 Electricity Quotes and Save up to 45% Today
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The benefits of comparing business electricity
Comparing business electricity rates is easy with AquaSwitch. Use our simple four-step business electricity comparison service to request quotes from across the market. We’ve helped thousands of businesses find cheaper business electricity rates. Compare today and benefit from:
Compare the latest business electricity tariffs
Compare business electricity prices to ensure you are getting the best deal for your business.
Protect your business from rising costs
Take control of your business electricity by signing up for a cheap 1 to 3 year fixed-rate electricity tariff.
Review quotes from across the market
Compare the top business electricity quotes and get the best commercial electricity deals.
Compare business electricity – April 2024
Following the unprecedented energy crisis of 2022, most UK SMEs pay for electricity with a variable rate tariff. In the last few months, the electricity market has stabilised, and there are now significant savings to be made by switching to a fixed business electricity tariff.
Find out how much your business can save by entering your postcode into our smart business electricity tool below.
What to look for when comparing business electricity?
Here are the top five most important factors to consider when comparing business electricity quotes:
- Fixed or variable unit charges – In all business electricity contracts, you’ll pay for each unit kWh of electricity used. In a fixed tariff, the cost for each kWh will stay the same throughout the contract, whereas in a variable tariff, this cost will rise or fall with the market. Consider carefully whether your business would benefit from the protection of a fixed-rate contract.
- Contract length – Business electricity quotes are offered between 1 and 3 years. Early termination fees for commercial electricity can be expensive, so consider carefully the ideal contract term for your business.
- Estimated annual cost – When you start to compare business electricity, you’ll be asked how much electricity your business consumes annually. This is an important factor as it allows you to compare the estimated annual cost of each quote. Ensure that you provide an accurate consumption estimate to get the best quotes for your business.
- Supplier reputation – Reputation is essential when choosing an electricity supplier for your business. With a business electricity tariff, you’ll be locked in with a supplier, so look for a reliable supplier with a proven reputation for delivering quality customer service.
- Payment terms – Business electricity suppliers offer a variety of payment terms; some may require upfront payment, while others may offer monthly billing. Choose payment terms that suit your business’s operations and cash flow requirements.
Multi-site comparison for business electricity
If your business has more than one property, managing your electricity contracts in a single multi-site comparison can save time and money.
A multi-site solution makes managing business electricity contracts easier and allows you to access cheaper business electricity rates:
The benefits of multi-site business electricity comparison are:
- Accurate billing using a multisite meter.
- Compare business electricity usage site to site and make efficiency improvements.
- Less admin. One business energy bill rather than sporadic bills from multiple suppliers.
- Singular renewal date – no need to constantly compare business electricity prices as different MPANs reach the end of their contracts.
Our business electricity experts will help you compare consolidated business electricity quotes from multiple suppliers. Start by entering the postcode of your main property into our comparison tool below.
Compare green business electricity
Businesses concerned about their environmental impact are adopting green business electricity tariffs. The terminology of the different green electricity can be confusing so let’s compare green business electricity deals:
Mixed business electricity – Green electricity generation now accounts for over a quarter of all electricity generated in Britain. In a standard business electricity contract, most electricity will come from non-renewable sources. Review the fuel-mix disclosure on the website of your business electricity supplier to find out exactly how much.
Direct generation green electricity – In a direct generation quote, your supplier commits to never separating renewable energy guarantees of origin (REGOs) from underlying electricity purchases. More simply, direct generation means your electricity comes from renewable sources only.
Indirect generation green electricity – A green contract where your supplier may purchase REGOs separately from electricity. Separate REGO purchases may occur on windy days with excess green electricity making them cheap. It allows your supplier to buy electricity from non-renewable sources if it holds excess REGOs.
Carbon offset green electricity – In this green contract, your supplier may use electricity generated from fossil fuels by offsetting greenhouse gas emissions by purchasing carbon credits from investments such as forest regeneration.
Smart export guarantee electricity – A special contract designed for businesses with their own renewable electricity generation, such as solar panels. The scheme allows you to purchase and sell electricity to and from the national grid. Find out more in our guide to the smart export guarantee.
How to compare business electricity quotes
At AquaSwitch, we make the process of collecting and comparing business electricity quotes as simple as possible. Here are the three simple steps:
Enter the postcode of your business.
Simply enter the postcode of your property, and complete the key details for us to begin the comparison.
We'll provide you with the best deals.
Our electricity experts will get the best business electricity deals and provide them to you.
We will take care of the switch for you.
Our experts will take care of the switch for you, ensuring the process is easy and seamless.
What are the different types of business electricity contracts?
The different types of business electricity contracts (also known as tariffs) are listed below. Each tariff defines the way business electricity bills are calculated. Toggle down using the links for more information on each contract type.
Fixed-Rate business electricity contract
Variable-Rate business electricity contract
Pass-through business electricity contract
Deemed rate business electricity contract
Rollover business electricity contract
Green business electricity contract
Time-of-use business electricity contract
Fixed-Rate business electricity contract
A fixed-rate tariff is a contract where you pay a fixed amount per kWh of electricity – this stays the same throughout the duration of the contract.
You’ll know precisely the cost of your electricity usage, and it protects you from any fluctuations in pricing.
The only negative is that if there is a reduction in wholesale costs in the electricity market, you won’t receive the discounted rates.
But, if the wholesale prices increase, you will not incur any rise in electricity prices.
Most small businesses opt for the simplicity and protection of a fixed-rate business electricity contract.
Variable-Rate business electricity contract
A variable-rate contract is a tariff that varies based on the current market price for electricity.
With a variable rate tariff, you’ll benefit from falling prices but spend more if the cost of electricity rises. There will typically be no early exit fee in a variable rate tariff, meaning you can switch business energy suppliers anytime.
Variable rate business electricity contracts often apply if you reach the end date of your current tariff but haven’t agreed on a new tariff or made arrangements to switch to another supplier.
Pass-through business electricity contract
A pass-through electricity contract is a hybrid of the fixed and variable tariffs above. In a pass-through business electricity tariff, your bill will be split into wholesale costs and distribution costs.
The wholesale element of a pass-through tariff is fixed over the contract term on a per kWh basis, while the distribution elements will be “passed through” based on the costs the supplier incurs. In practical terms, this means only the distribution cost element of your bill can go up or down during the contract.
Deemed rate business electricity contract
A deemed rate tariff is a contract that applies if you’re being supplied with electricity but haven’t made any arrangements with your supplier. For example, if you’ve moved into new premises and haven’t yet signed up for a new business energy supplier, you’ll be given a deemed tariff by the previous occupant’s supplier.
Deemed contracts are generally more expensive than new customer rates, so you should look to compare your deal and switch to a lower-cost tariff as soon as possible.
Rollover business electricity contract
A rollover electricity tariff is where you do not arrange a new electricity contract before your current deal ends. Your current electricity supplier can then roll you over onto a new deal.
Business electricity rates on a rollover contract are far more expensive than a fixed-rate deal; make sure you make new arrangements before your electricity tariff ends.
Green business electricity contract
Green business electricity tariffs offer environmentally friendly electricity to commercial properties. With a green business electricity contract, your electricity will be produced by one of the following low-carbon sources:
A green business electricity tariff will dramatically reduce the carbon emissions associated with your business. Unfortunately, these contracts are usually slightly more expensive than a standard tariff that relies on gas-fired power plants to generate electricity.
With a green business electricity contract, you will still have the option to choose either fixed or variable unit rates.
Time-of-use business electricity contract
In a time-of-use tariff, you’ll pay a cheaper electricity rate during off-peak hours when there is lower demand. These benefit businesses with an EV charging facility that can be used overnight.
A time-of-use tariff will use either a half-hourly meter or an economy 7/10 meter to measure your business electricity consumption separately for peak and off-peak hours.
Here’s our complete guide to electricity is cheaper at night.
What’s included in a business electricity tariff?
At AquaSwitch, we help businesses compare business electricity rates offered by suppliers across the market.
Once we’ve found your business a great deal, our business utility experts will arrange for your business to enter into a fixed-term contract for supplying electricity to your commercial property.
Business electricity tariffs are legally binding, so it’s essential to understand all the terms of the contract. Here’s our guide to the different items in a business electricity tariff:
Details of your business:
- Business name – The legal name of your business, e.g. XXXX Limited. This is the business that will be legally liable for sticking to the contract terms.
- Business registration number – The registration code of your business on Companies House.
- Business type – What your business does (usually defined by SIC codes)
- Contact name – The day-to-day contact at your business that is responsible for the electricity contract.
- Contact email address/phone number – Contact details so the business energy supplier can get hold of you if any queries arise.
Details of your business electricity supplier:
- The name of your supplier – The contract will typically be branded with the logos of the business energy supplier who you are contracting with.
- TPI name – The service you used to compare business electricity and switch to a new tariff (AquaSwitch Limited for us).
- TPI commission cost – This is the estimated amount of commission your business electricity supplier will pay to the TPI through the tariff.
Details of your electricity supply:
- Supply address – The address of the property receiving the electricity.
- Product code – Most suppliers have a unique code for each supply type, so they can easily process the contract on their internal systems.
- Standing charge – A daily business energy standing charge, priced in pence per day, that you’ll pay over the length of the tariff.
- Unit rates – The amount you’ll pay per kWh of electricity you use during the tariff. For off-peak meters, you’ll have a separate day and night rate.
- Contract end date – The date on which your fixed-price agreements end. Also known as the “price review date”, the date your contract will roll over onto less favourable terms per the supplier’s terms and conditions.
- Contract end notice date – This is the date before the contract end date that is a deadline for providing your supplier with a contract termination notice if you want to avoid being switched onto your supplier’s standard rollover/deemed contract terms.
- MPAN number – A unique identifier for your supply point on the local electricity network. Here’s our complete guide to the MPAN.
- Meter serial number – A unique number to identify your meter. It’s usually written on the actual meter.
- Expected annual consumption (EAC) – The initial estimate of how much electricity you’ll consume annually is measured in kWh. The actual meter readings during the contract will determine the amount you actually pay.
Payment method details
- Payment method – In a standard business energy tariff, you’ll either pay by direct debit or with BACS on agreed payment terms
- Expected yearly spend – The expected electricity charges, including the standing and unit charges, are based upon the expected annual consumption.
- Billing details – The address and contact details of where you want your business electricity bills will be sent.
- Direct debit details (if applicable) – This is a standard direct debit guarantee form that most people will be familiar with and will include bank account numbers, sort codes and bank details.
Our expert opinion on business electricity comparison in 2024
AquaSwitch founder Ben Brading says, “It’s a great time to compare business electricity
Most government support for business electricity rates ended in March, so businesses will start paying the real cost of electricity.
But happily, there are also now good rates available in the market. The unseasonably warm winter has eased the pressure on the wholesale market, making electricity cheaper for businesses.
Compare business electricity with AquaSwitch
With AquaSwitch, you can compare the latest business electricity prices for free and get a range of quotes to compare.
We make it simple. We’ll start with just a few details about your property and electricity supply. Our team will prepare a business electricity comparison document where you can see the best business energy tariffs currently available on the market.
You can discuss any questions or queries you may have with our business electricity experts.
Business Electricity Comparison FAQs
Here is a breakdown of frequently asked questions by people looking to compare business electricity.
What is a business electricity tariff?
A business electricity tariff forms part of your contractual agreement with your business electricity supplier.
An electricity tariff is how the supplier will charge you for providing an electricity supply.
Here are the key parts of a business electricity tariff:
- Unit price – Defines the cost of each kWh of electricity supplied; this can either be a fixed-rate or a variable-rate that changes with market conditions.
- Standing charge – A fixed cost, in pence per day, for the supplier maintaining your business electricity connection.
- Term – The period of time that the tariff terms will remain in force.
Can I compare business electricity on a variable tariff?
Yes, variable business electricity tariffs typically have no fixed end date, and you are free to switch suppliers at any time.
To compare business electricity prices on a variable tariff, simply select “I’m out-of-contract” on our smart comparison form. Our business electricity experts will then provide you with a comparison report of quotes offering an immediate switch.
Where can I find my meter number (MPAN)?
You can find your MPAN on your latest electricity bill. MPAN stands for Meter Point Administration number. The MPAN is also called the “S Number” or a “supply number”.
The MPAN is a 21-digit number that begins with an S – making it easy to identify. Even though the MPAN is used to identify your property, you won’t find it on the meter and will have to review a past electricity bill to locate the number.
What is a deemed electricity contract?
A deemed contract is a default electricity contract that is put in place when you haven’t agreed on commercial electricity rates for your business with a supplier.
Here’s an interesting article on deemed contracts by the Evening Standard that shows 10% of micro-businesses are on a deemed contract.
What is business electricity?
Business electricity is a specific type of electricity quote where a licensed business energy supplier will provide electricity to a non-domestic property.
The key differences between business electricity and domestic electricity are:
- Prices are more complicated and change daily, so it’s necessary to obtain tailored quotes to compare the market.
- Contracts are generally fixed for a longer term.
- Business electricity costs are subject to VAT at the full 20% and contribute to the climate change levy.
Will my business electricity prices rise mid-contract?
It depends on your current business electricity tariff. In a standard variable tariff, your business electricity prices per kWh can increase or decrease depending on market conditions.
In a fixed electricity tariff, there are only limited circumstances where your business electricity rates can change. Check out our full explainer on unexpected increases in my business energy contract.
Can I compare business electricity if I work from home?
If you are looking to compare business electricity for your home office, you’re unlikely to be able to qualify for business electricity tariffs. However, we can help you compare domestic electricity tariffs.
To qualify for business electricity rates, at least 50% of your usage must be for business purposes. Some suppliers will demand an even higher percentage to qualify your home usage as business usage.
If you are looking to compare business electricity for your home office, you’re unlikely to be able to qualify for business electricity tariffs.
What do I need to do at the end of a business electricity contract?
Business electricity contracts have a section that says what happens if you reach the end of your contract without arranging a new one.
Typically, you’ll continue to be supplied by your current business electricity supplier with either:
- A rollover contract where you’ll be locked in for a further year at a fixed rate, or
- An out of contract deemed rate with a variable unit rate.
Either way, these automatic business electricity contracts are unnecessarily expensive. To avoid wasting money, we recommend using our business electricity comparison service to arrange a renewal or a hassle-free switch to a new supplier.
Here’s our complete guide on what to do at the end of a business electricity contract.
Can I compare business electricity prices without a standing charge?
Yes, it’s possible. Most business electricity rates come with a standing charge, but you can request specific rates that do not have a daily standing charge.
However, generally in aquote without a standing charge, the unit rate of electricity you pay on consumption will be higher. This isn’t always ideal, especially if you have high consumption.
Can I cancel my business electricity contract early?
It depends on your current business electricity tariff. You can cancel anytime if your business pays for electricity in a standard variable contract or a deemed contract.
If you’re paying for electricity with a fixed-rate tariff, you’ll likely incur an exit fee to cancel your contract early.
The only exception is when vacating your property; you can cancel your contract on the move-out date by submitting a ‘change in tenancy’ form with your supplier.
Here’s our full guide to cancelling a business energy contract.
How to compare small business electricity
Comparing small businesses, electricity follows the same process that all companies use. Simply enter the postcode of your business and select your address to begin.
Enter a few additional details, and we’ll present you with a comparison report with the available business electricity prices.
Read the full guide on small business electricity here.
How do I compare business electricity prices for a business with high energy consumption?
Comparing the market for large commercial electricity users can be complex. Business electricity suppliers generally only provide bespoke business energy quotes to large businesses, which take a little while to prepare.
Additionally, businesses with half-hourly meters must provide historical consumption data to obtain accurate quotes.
Our business electricity experts can help cut through the complexity. We’ll manage the process of collecting and comparing high-consumption electricity quotes. Start the process today by entering the details of your head office in our business electricity comparison form above.
How can I compare business electricity prices for my exact business location?
The location of your business is a key factor when comparing business electricity quotes. Electricity prices depend on which local electricity distribution network serves your commercial property.
To get accurate quotes for your business location, simply enter your postcode into our business electricity comparison form above. Our smart address finder will automatically locate the details of your business name and address.
How do I compare business electricity for a business with an electric vehicle (EV) fleet?
Electric vehicle charging stations consume vast amounts of electricity, so getting the best deal for your business electricity is essential.
To compare accurate business electricity quotes for EV charging stations, it’s important to accurately estimate how much electricity you expect to consume. For more information, check out our comprehensive guide to EV charging.
To start comparing electricity prices, simply enter your postcode, MPAN and estimated consumption into our business electricity comparison tool above, and our experts will collect the best electricity quotes from across the market.
How do I negotiate a better business electricity deal?
In the last year of a business electricity tariff, your supplier will automatically send you a renewal offer which sets your rates that apply when your current tariff ends.
This is the best time to negotiate with your current supplier to get a better business electricity renewal offer; here’s how:
- First, compare business electricity rates from other suppliers to get an idea of how competitive your renewal offer is.
- Then, ring the customer services department of your current supplier and ask them to match the best electricity quote you’ve received from other suppliers.
Business electricity suppliers don’t want to lose customers, so this is the point where you’re in the best position to negotiate a better deal for your business.