Is your business looking for a way to reduce expenses without compromising the quality of its products and services? Switching your business energy providers could be the perfect solution.
Summary
- A business can improve its bottom line and reduce expenses by switching energy suppliers through an energy consultant.
- Switching allows businesses to access competitive rates in deregulated energy markets and save thousands annually. A range of organization types benefit.
- Reaching out to an expert consultant ensures the best suppliers and deals are considered, saving time navigating the commercial energy market. Savings of up to 30% of energy costs are possible.
By taking advantage of the energy market exchange with the support of a commercial energy consultant, you can successfully improve your company’s bottom line. The results can be seen almost immediately and will result in savings that can be realized for many years to come.
Here’s what you need to know about switching your business’ energy suppliers.
Why Switch Your Business Energy Supplier?
Switching energy suppliers isn’t just about saving money—though that’s a significant benefit. It’s about gaining control over your energy costs, improving your budget allocation, and potentially enhancing your company’s sustainability profile. Here are the key reasons why businesses consider switching:
Cost Savings: Many businesses overpay for energy due to outdated contracts or non-competitive rates. By switching, you can reduce your energy bills by up to 30%, freeing up capital for other important areas of your business.
Access to Better Rates: Deregulated energy markets offer a variety of suppliers with competitive pricing. Switching allows you to choose a plan that suits your business needs, ensuring you’re not stuck with a high-cost provider.
Enhanced Budget Management: Lower energy costs mean you can allocate funds to other business areas, such as marketing, operations, or employee benefits.
Sustainability: Switching suppliers can also offer access to renewable energy sources, allowing your business to reduce its carbon footprint and appeal to environmentally conscious consumers.
Which States Offer Deregulated Energy Markets?
Only the businesses that are based in deregulated states can truly take advantage of switching suppliers. Illinois is one of them, which is why finding energy consultants in Chicago can work wonders for your venture.
The states that offer deregulated energy are California, Connecticut, the District of Columbia, Delaware, Massachusetts, Maryland, Maine, Michigan, Montana, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Texas. The remaining states are bound by traditional energy supplier regulations.
If your business is located in one of these states, you can take full advantage of the opportunities available through deregulated energy markets.
Who Can Benefit from Switching Energy Suppliers?
A range of different business types can benefit including:
Commercial and Industrial Organizations: Large-scale operations can save significantly on energy costs.
Educational Institutions: Schools, colleges, and universities can redirect savings to educational programs.
Government and Non-Profit Organizations: These entities can utilize savings for community-focused initiatives.
Small Businesses: Even small companies can see meaningful savings, which can be reinvested into business growth.
If you are not sure whether your company can use our services, please contact us to find out.
The Benefits of Switching Energy Suppliers
There are numerous benefits to working with a commercial energy procurement firm such as Navigate Power. These include:
Better value for money: Competitive rates can reduce your monthly expenses, increasing your bottom line.
Higher profitability: If you are spending less on your energy costs, your business’ profit margin should increase substantially.
Hassle-free experience: Sourcing a new energy contract can be incredibly time-consuming. When you use Navigate Power’s energy procurement services, you outsource this process. We then explore and evaluate the options on your behalf. This saves you valuable time, while still delivering excellent results.
Customized Solutions: We will investigate your business’s unique requirements and create a customized energy solution. This ensures you are only ever paying for the energy and services you need.
Simple access to deregulated energy: Over three million businesses have already made the switch to deregulated energy supply. This offers significant cost savings. If deregulated energy is available in your state, we can help you access these cost savings quickly and efficiently.
Easily accessed green energy: If you wish to make the switch to more “green” energy, our services can help. This enables your business to market itself as environmentally friendly. As the number of environmentally conscious consumers grows, businesses that switch to renewable energy stand to benefit in many respects.
Expert insight: The commercial energy market is often volatile and difficult to navigate without prior experience. A commercial energy procurement service is familiar with the ins and outs of this world. We can utilize our expertise to overcome common obstacles. As a result, Navigate Power delivers maximum cost-efficiency to its clients.
Additional Read: How Energy Procurement Services Help Your Company Succeed aa a Modern Energy Buyer
How Much Can Your Business Save By Switching Energy Suppliers?
In the best-case scenario, companies who switch their supplier will see a 30% reduction in their energy costs.
The exact amount your business could save depends on several factors. Your existing contract terms are important. The type of energy you require and your projected future needs will also influence the total savings you can achieve.
The Navigate Power team will utilize our industry expertise and experience to get you results. We’ll ensure you achieve the best possible cost savings for specific circumstances.
Steps to Switch Your Business Energy Supplier
Before switching suppliers, it’s important to understand how billing works. You have to factor in the Price per KwH, service charges, and taxes to make a calculated decision. If opting for a service that offers a great introductory price, you need to calculate and predict the overall expense of the whole contract, or else, you could end up spending more in the long run.
Having already checked that your business is in a deregulated state, it’s important to follow the right plan of action to switch suppliers. Use this checklist for guidance:
Analyze Your Current Energy Usage: Understand your current consumption and costs. This will help in comparing new plans.
Research Potential Suppliers: Compile a list of suppliers in your area, focusing on those with competitive rates and favorable terms.
Compare Plans: Look at both fixed-rate and variable-rate options. Fixed rates offer stability, while variable rates can provide savings if market prices drop.
Negotiate with Your Current Supplier: Sometimes, your current supplier may offer a better deal to retain your business.
Make the Switch: Once you’ve chosen a new supplier, finalize the contract and notify your current provider of the change.
Monitor Your Billing: After the switch, keep an eye on your bills to ensure that you’re being charged correctly.
Once you’ve completed these steps, you can enjoy the cheaper rates without even realizing any change in terms of the service provided. Finally, you should make a note of when the initial contract with the new supplier ends. This is because an even better deal may be available once this time comes.
How Long Does It Typically Take To Switch Energy Suppliers?
Many businesses worry that the process of switching business energy suppliers is long and arduous. This, however, is not the case. The switching process begins after your last meter reading. From there, it should take no more than two weeks for your energy to switch to your new supplier.
Does Switching Your Business’ Energy Supplier Impact The Supply?
No. The process is automatic, so you do not need to worry about outages impacting your business.
Using A Commercial Energy Consultant
While the process is fairly straightforward in theory, the reality is that switching energy suppliers is a very time-consuming process. Moreover, if you do not have access to every supplier, you’ll likely miss out on the best deals.
Reaching out to an energy consultant like Navigate Power is a much easier approach, and brings a host of benefits to your company. These benefits include:
- A team of professionals with the knowledge to analyze all possible suppliers.
- A team of experts with the ability to negotiate better deals on your behalf.
- Save yourself time and hassle, letting you focus on your business.
- Peace of mind knowing that any deal brokered with a legitimate supplier is safe and secures your savings.
Fixed vs. Variable Rates: Which Is Right for Your Business
Choosing between fixed and variable rates depends on your business’s risk tolerance and financial goals:
Fixed Rates:
- If energy prices increase, you’ll benefit from being tied to the lower price.
- It’s easier to monitor the expected prices as you can simply multiply the unit price by KwH.
- The prices are set, offering far greater reliability and consistency to reduce your ongoing expenses.
Fixed Rates:
- If prices fall, your rates will be adjusted to reflect this, which will work wonders for your overall costs.
- There are usually no costs for opting out of the deal, allowing you to keep switching for the best deals.
- You have the freedom to do as you please, which can be useful if a company treats you poorly.
Conducting A Utility Bill Audit?
Learning to audit your utility bill can be another key step toward achieving better rates and greater efficiency. This is a service that Navigate Power offers. It essentially records the necessary data relating to your energy usage before using this information to make calculated decisions for the future of your operations.
Furthermore, this type of service can often unearth the opportunity to seek refunds on various aspects of the energy and utility bill offerings through the use of the NUR (National Utilities Refund). This covers errors in rate codes, taxes and more. Refunds can be awarded for :
- Electricity
- Natural Gas
- Water & Sewage
- Telecoms & Cellular
- Internet & Data
With the opportunity to claim money back for up to the last three years, this is a very worthwhile addition indeed.
Why Your Business Should Switch Energy Suppliers
Switching your energy supplier can unlock a whole host of benefits on the financial front. Given how easy it is to make the switch through a professional commercial energy broker, you should no longer consider the idea of bidding on energy as a difficult task.
Capitalizing on the energy market exchange will save you time, money, and a lot of headaches without creating a negative impact on your office, store, or other commercial premises. Now is the time to make it happen.
Consult A Professional At Navigate Power
Navigate Power is a team of energy consultants in Chicago that prides itself on helping businesses like yours in their bid to get more from their energy budgets. We are a highly reputable provider that was named one of Inc 5000’s Fastest Growing Companies in the United States and loves nothing more than generating big energy savings for small and medium-sized businesses throughout the United States.
Navigate Power welcomes all inquiries, so please do not hesitate to get in touch to discuss your needs further. We look forward to providing you with the expert energy procurement service your business needs. You can be confident that we will get you the results you’re seeking.
