How To Switch Electricity Providers

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 Might Your Business Want To Switch Its Energy Supplier?

Before making any decision that could affect the future of the business, you should analyze the incentives for adopting a new approach. When it comes to switching gas and electricity suppliers, the reasons are clear.

Finding the right plan from the right energy supplier will generate instant and monthly savings. The savings can be significant for homeowners, but commercial premises stand to save thousands of dollars each year. Many business owners are inclined to switch because:

• Overpaying for your energy is an unnecessary cost burden on your business.
• The savings that switching provides allow you to better utilize your company budget. You’ll have more funds available to invest in other, beneficial areas.
• If deregulated energy is available in your state, there are added benefits to switching suppliers.

Which States Are Deregulated

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 the 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.

What Types Of Organizations Can Benefit From Switching Their Energy Suppliers?

 A range of different business types can benefit including:

• Commercial organizations
• Industrial organizations
• Educational institutions
• Small businesses
• Government organizations
• Non-profit organizations

If you are not sure whether your company can use our services, please contact us to find out.

What Are The Benefits Of Switching Your Energy Supplier?

There are numerous benefits to working with a commercial energy procurement firm such as Navigate Power. These include:

Better value for money: Your bills will fall thanks to preferable energy rates.

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 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.

A customized solution for your company’s specific needs: We will investigate your business’ unique requirements and create a customized energy solution. This ensures you are only ever paying for 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 in order 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 Could 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 a number of 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.

How Do You Switch Suppliers?

Before switching suppliers, it’s important to understand how billing works. You have to factor in the Price per KwH, service charges, and taxes in order 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:

• Compile a list of the available suppliers in the region and compare their various rates and plans. Be sure to check that any estimates and quotes are relevant and accurate.
• Compare the pros and cons of the available fixed-rate and variable rate plans.
• If you need gas as well as electricity, remember to check whether suppliers can offer a combined deal that covers both services at a discounted rate.
• Call your existing supplier to see whether they can offer a better deal – if they show reluctance, do not be afraid to give them the quotes you’ve received from other energy suppliers.
• Using the best deal available, complete the switch. This can be done online or via the phone. Either way, be sure to test the prices from their direct service.
• After confirming the switch, you should call your former supplier to check that they have stopped their service and will no longer charge you. 

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, it’s very likely that you’ll 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 Versus Variable Rates

When looking at energy rates, you will usually be offered one of two options – fixed rate or variable rate. A fixed-rate uses a set price (per KwH) for the duration of the contract. Conversely, a variable rate means that the prices float. As such, the unit cost will rise or fall depending on the wholesale value at any given time. It is possible to find hybrid plans too, but they are far less common.

So, which option is right for you? Let’s take a look at the pros and cons of each

Fixed Rates

The reasons for wanting to choose a fixed rate energy supply include:

• 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.

However, it is necessary to consider the potential drawbacks too. Most notably there will be early termination fees for ending the contract early due to the fact that suppliers pre-buy the energy needed to match your needs. Of course, if energy prices go down, you’ll be left with the higher bill too.

Variable Rates

Variable-rate contracts can be attractive in various situations too. The benefits to variable-rate contracts include:

• 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.

However, the lack of reliability does make it difficult to predict the costs that you will face over a long-term period. Likewise, if the costs were to increase, this could have a serious impact on your cash flow and overall expenditure levels.

What Is A Utility Bill Audit?

Learning to audit your utility bill can be another key step towards 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.

Conclusion

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.