When was the last time you looked at your electricity bills? Are you paying a competitive rate (prices) for your business electricity? Do you know when your business electricity contract ends?
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Standing charge is also known as a daily charge & quarterly charge depending on the meter type and business electricity supplier. It is effectively a fixed charge which covers maintenance costs of your business electricity meter.
As the standing charge is a fixed cost it can form a large part of your bill, therefore small users must give importance on both the unit rate and standing charge whilst large energy users can primarily focus on the unit rates.
Unit rate is the actual charge of the electricity we use and it’s always worked out as pence per kWh (KILOWATT HOUR).
Depending on the type of meter, you could have one flat rate or multiple rates which is subject to the time of day.
Long / Short term contract – Which one is right for your business?
Businesses unsure of their future financial positions should go for the cheapest contract which is usually the shorter contract (1year option). However this will leave the business exposed to a possible energy price spike the following year.
In comparison, businesses with a more long term view can fix their prices for 2 or 3 years which not only protects them from future price rises but also reduces the hassle of arranging new contracts.
Electricity out-of-contract rates (prices) – How much more expensive are they?
The most expensive contracts are those termed ‘Deemed Contract’. That is to say there is no contract between you and the supplier, and you are able to leave with no notice.
The rates on a deemed contract will vary from supplier to supplier but it could be anything from 14p- 25p/kwh which is significantly more than contract based business electricity charges.