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According to the ACCC, businesses are paying too much when it comes to electricity. The industry body states that lack of competition in the energy industry and policy blunders by state and federal administrations have added significant expenses to power bills. They claim governments can easily cut power bills by at least 25 per cent.

Unfortunately, the likelihood of that happening is low. Instead, it’s up to businesses to do their research and find the right plan to suit their requirements and budget. Using a comparison platform like GoSwitch is the best way to do that.

Why compare?

With more than 20 merchants offering energy services, the choices are open – and they all essentially provide the same service, it’s just that some offer a better price. By switching providers you could save your business hundreds of dollars every year. In fact, the Australian Energy Market Commission (AEMC) says you could save up to $800 or more, which is quite significant, particularly for small business owners.

If you’ve been with the same provider for as long as you can remember, you’re probably missing out. There are fantastic bundle packages available that will see you using energy as you need it. You can opt for off-peak tariffs so you’re not paying the same amount overnight when no one is in the office, and you can also consider providers who offer single-use tariffs, time of use, daily supply rate and solar feed rebates. You may even find energy plans with cashback alternatives for businesses – for example, some providers offer a 20 per cent discount if you pay your bill on time.

Comparison tools allow you to compare the costs of several business-related energy plans, so you can make an informed decision for a plan that meets your needs.

What to look for

Things you might consider when comparing include:

  • Your energy requirements – do you require more or less energy than when you first signed up?
  • Is sustainability and reducing your carbon footprint important? If so, you might look at companies that have a green energy tariff
  • Smart meters – these monitor your consumption in real time and data is sent directly to the provider so you’re never paying for energy you don’t use

Making the switch

Before you switch providers, you need to find out if your current provider has any exit fees attached to the plan. Next, decide what you need – consider your habits and usage; look for deals in your area, including incentive programs, discounts, lower rates – and then use a comparison tool to choose a new provider.

You might also like to give your old provider a call and let them know you’re looking at competitors – see if they can match the deal or come up with something better. You will often find that they can provide you with great deals at the risk of losing you. If they can’t match or better the deal you have found, make the switch.

Remember, when it comes to energy plans for your business, there’s no one-size-fits-all. Every business is unique, so even if the company across the road raves about one particular provider, that doesn’t mean they are right for you. Do your research, compare the market and start saving today.

This sponsored editorial was brought to you by Innovate online. For more information, visit www.goswitch.com.au.

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