A guide to renewing your business energy

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When running a business, it's easy to miss the end of an energy contract, which can lead to being placed on out-of-contract rates and often paying more than before. To help you avoid falling into out-of-contract rates and secure a better energy deal for your business, we’ve created a short step-by-step guide to help. 

Step 1: Find out when your contract comes up for renewal 

Before looking for your next business energy deal, check when your current energy contract’s fixed term period is set to end. You can find this in your original contract and on your recent bill. Your supplier is also required to let you know when your fixed term period is nearing the end date.   

At Valda Energy we let our customers know 60 days before your fixed term period ends. This way you will have plenty of time to choose the best energy deal for your business and get a competitive Valda Energy quote.   

If you try to switch suppliers while you’re still within the contract period with your current supplier, the switch will be objected. Knowing ahead means you can avoid this and plan around it.  

Step 2: Understand your energy contract and what you need in your future one 

To know what the best deal for your business will be, it is important to know your current energy contract. Here are a few reasons why: 

• Knowing your current unit rates and charges helps you compare new offers accurately. 

• Understanding how much energy your business uses can help you choose the most suitable contract type, whether it is fixed, variable or renewable. 

• Being aware of the terms and conditions of your current contract, such as renewal clauses, can help prevent unexpected costs and complications. 

• Knowing your preferred payment method (bank card, credit card, or Direct Debit) can help you find a contract that aligns with your business’s payment preferences. 

By understanding your needs, you can select a contract that offers the best benefits, such as a 0p standing charge or renewable energy options, tailored to your business’s priorities. 

It is also worth reflecting on what has worked well with your current energy contract. Is there anything that you would like different/same in your next?  

Step 3: Explore your energy consumption patterns 

One way to better understand your usage is by using your smart meter.  

A smart meter can help you see how much energy your business uses and what day and time you consume the most. They can also help you discover where you can make changes and improvements to your energy usage, so it’s a win-win either way! 

Understanding your energy usage patterns can also help you make more informed decisions on what type of energy contract would work best for your company. For example, if your business uses energy mostly in the evening, you may find day and night rate contract more suitable for your business.  

Step 4: Research energy contracts on offer 

If you’re looking to switch, a good place to start is with your current energy supplier. Give them a call to see what their best prices are for your business and what they can offer. You can use this to help map out if moving provider is best for your business.  

If you are looking to renew with Valda Energy, get your free no-obligation quote in only 60 seconds today and learn more about how we can help your business. 

You can also utilise comparison websites and brokers to help your search. Brokers are third-party intermediaries that can provide expertise, guidance, and invaluable services to help secure businesses favourable rates and contracts. We also recommend going to suppliers directly as they can also often negotiate a competitive tariff. 

NOTE: When comparing energy deals, utilise the information you collected in step 2 and see which covers most of your business's energy needs.  

Step 5: Are you ready to make the switch? 

If you’re not sure you’ve found the right business energy deal yet, do not start to switch until you are certain. Unlike domestic energy, business energy contracts do not have a cooling-off period. This means that once you’ve signed the energy contract, you cannot switch until it comes up to renewing again. 

Step 5: Agree your new energy contract! 

Now you’ve found the energy deal for you, it’s time to get to agree and get the switch rolling! For businesses joining Valda Energy, we will let your old supplier know you're switching for you.  

Step 6: Get the most from your new energy contract 

Now you’ve got your new energy contract, here are some tips to help maximise it: 

1. Keep a record of your contract details: Keep a note of your rates, contract duration, and terms and conditions. Knowing your rates and comparing them with your energy usage it can help you budget for your monthly expenses. 
2. Ask About a Smart Meter: If you don’t have a smart meter, see if your provider can install one for you. At Valda Energy, we offer free smart meter installations to all customers! 
3. Monitor Your Usage: Regularly check your energy usage through your supplier’s account management system. This will help you stay on top of your consumption and find ways to save energy, such as upgrading to energy-efficient equipment, improving insulation, and encouraging energy-saving practices. 

Valda Energy customers can access the Customer Portal for all their energy account needs. You can track your usage, view invoices, book a smart meter installation, and change your payment method.