PURCHASING UTILITIES
STEPS BUSINESSES CAN TAKE TO PROTECT AGAINST
SPIRALLING ENERGY COSTS
Britain’s businesses are failing to take simple steps to protect themselves (and their customers) from soaring gas bills. Here, Love Energy Savings provides a few tips on how to save on energy costs
T
he current energy crisis has seen wholesale costs double, and companies are often forced to pass
the increases to customers. The result is that many firms coming to the end of their current contract face their bills increasing by 100% overnight. But, as we see inflation rise again, in contrast to
consumers, all businesses enjoy a renewal window of 12 months –meaning they can lock in a new deal as far as a year in advance – insulating themselves and their customers from further price rises. Phil Foster, Love Energy Savings’ chief
executive explained: “Britain’s businesses have been through the ringer over the last couple of years – and understandably have had to pass on some of these costs to customers. “Many need all the help they can get at the
moment, which is why it’s so important that they don’t miss out on what could be significant savings on their energy bills. “By locking in a new energy deal at the start
of their renewal window, rather than at the end, they can benefit from the peace of mind of knowing that they’ve secured a great deal on their energy – up to a year in advance, meaning they have protection from unexpected price hikes. “The coming months will remain immensely
challenging for Britain’s businesses, so it’s vital they take action sooner rather than later.”
SUPPORT FOR BUSINESSES Over the past two years, businesses have seen the cost of a unit of energy soar. UK firms, however, are particularly vulnerable to increases in wholesale prices as they are not protected by the Ofgem price cap that limits how much consumer bills can go up by. Since 2007 Love Energy Savings has been
providing crucial support to small businesses by driving down bills – by an average of £1,067. During this time it has provided a landmark £100million in savings to UK businesses. So how can your business save money?
1. Utilise the expertise of an energy retailer, such as Love Energy Savings, to undertake a market comparison in minutes rather than days, saving you time as well as money.
2. Lock in your deal as early as possible. Don’t leave it to the last minute to get a new deal. Renew early so you have peace of mind you’re not going to be affected by any further energy price rises.
3. Choose an energy retailer, such as Love Energy Savings, who offer a totally online business
energy switch (most insist on phone calls between 9 & 5) so you can fit it into your busy schedule.
4. Think about all your utilities. Many SME business owners don’t know you can switch your water provider and a whopping 85% have not switched. Review all utilities to ensure you’re on the best deal across the board.
5. The legacy copper wire telephony network is being fully switched off by 2025 and replaced with modern full fibre broadband. Prices to renew contracts on legacy technology are predicted to rise between now and 2025, meaning businesses could make savings by switching to the new technology sooner.
Love Energy Savings
www.loveenergysavings.com
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ENERGY MANAGEMENT - Spring 2022
www.energymanagementmag.co.uk
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