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If you own or run a small business, it is highly recommended to switch electricity companies every 12 months to get the best rates available and manage monthly electricity costs. The average small business can save over 15% by switching energy supplier and plans each year. If your energy plan is up for renewal, here is a step-by-step guide on making the switch to a better rate and long-term savings.
This is the easy part and it starts online. Today, businesses have a variety of online websites and tools to search and compare energy providers, plans, and rates. The best way to compare providers is to use a simple and agnostic marketplace like EnergyBot.com. In less than 5 minutes, you can enter basic information about your business, like your zip code and monthly electricity bill, and then search and compare dozens of top energy suppliers in your area to find the lowest energy rate.
When you are comparing electricity plans, it will pay – literally – to take time to review the plan details, contract terms, and legal copy. Energy companies may entice you with a low rate, yet the fine print will reveal that it is a variable rate – that is only applicable when you are in a specific range of kWh usage. Also, review the contract term, cancellation fees, and out clauses before signing up for a new plan.
In many cases, the website you are using to find a new electricity bill will ask you to upload your most recent electricity bill. Although this may feel a bit intrusive, it is very pertinent and important to finding and securing the best rate available that day for your business. Your energy bill has your business information as well as the data that outlines your monthly energy usage. At Energybot, we will complete a quick bill analysis to make sure you are signing up for the best plan for your business.
To add, your new energy supplier requires a proof of your energy usage and your electricity bill is the easiest way to meet the requirement.
If you own or run a larger business with high energy usage (and higher monthly bill), then it may be beneficial to request a custom pricing quote. For larger companies, the process is a bit different. Due to your high energy usage, energy suppliers require a comprehensive review of your energy usage to provide a custom quote on a new plan and rate. At EnergyBot, you can get custom pricing support from one of our energy experts. To request a quote, get started by uploading your bill here.
If you use EnergyBot to switch energy providers, you will receive a confirmation email with the plan details and start date. It’s very important to review the plan you authorized and the new start date. The transition to a new supplier will be seamless… you won’t even notice until you get the electricity bill the next month. Then you can do a happy dance with all the money you saved because of the switch.
While changing energy suppliers may sound like a big deal, it’s really not. Energy companies are constantly adding and removing service addresses. All of the changes happen behind the scenes without any service interruption to your home or business.
No. This is the biggest misconception when changing energy providers. The energy you are using isn’t changing, just the way you are charged. You are just paying a new company for the power you are using. There won't be any an interruption to your electricity service, no new wires, or hardware installed.
Your new plan and rate will go into effect on the exact date on your new contract. That is why it’s important to review your contract when you sign up.
Will my new energy supplier contact me?
Every energy supplier is different yet in most cases, you will receive a confirmation email and/or a welcome packet in the mail within a couple of weeks of switching.
No. After your switch date, you will only receive a bill from the new energy provider. Just make sure that your account from your old supplier is paid in full.
Yes. You can switch suppliers as often as you like, but depending on the length of your contract you may be charged a cancellation fee to switch. Again, read your contract terms.
In most cases, you can save your business money by signing up for a new plan every 12 months and switching providers every year. In some cases, you may even be able to find a great rate with your current supplier. Yet, make sure you do not let your energy supplier simply renew your plan as they may increase your rates. Energy costs are important to your bottom line so take the time to complete your research, compare plans online, and find the best rate for your business.
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