Business energy comparison

No, there is no price cap on business energy rates, it only applies to domestic rates. Business energy and household energy are different, this has largely to do with how energy is bought and sold, and the way contracts are drawn up.

For domestic customers, the price cap is reviewed every three months. Although this doesn't directly affect non-domestic rates, it's worth keeping an eye on it to see whether energy prices are expected to go up. If the price cap review says the level of the cap will rise, it's probably a good idea to review your existing business energy contract and compare rates.

You can compare business energy quotes when your switching window opens and your contract is up for renewal. This is usually a few months before your contract's end date but timeframes can vary by supplier and contract type. If you arrange a new deal during your switching window, this new contract won't begin until your current one has ended.

If you've moved into new premises or you're on your supplier's out-of-contract rates, you compare and switch at any time.

Your switching window is the earliest point at which you can compare prices and arrange a new deal, and it’s the responsibility of your supplier to let you know when this window opens. As standard, this will be 90 days before the end date of your contract, but timescales can differ so always check your contract. And if you run a microbusiness, bear in mind that the rules around switching are different to those of other SMEs.

However long your switching window, your supplier must provide you with written confirmation of it and also explain their automatic renewal policy and the terms of their deemed contracts.

When you compare business energy prices and switch with any broker, comparison site or third-party intermediary (TPI), you’ll need to sign a Letter of Authority (LoA).

As this is a recognised legal document, it follows a standard format and states that while a third party can gather information, negotiate and submit notice of termination on your behalf, they do not have the right to agree a contract without your consent.

When you switch with Bionic, signing this letter confirms that you’ve given us permission to handle the switch with both your old and new suppliers. But we can’t agree to a contract on your behalf until you’ve signed the LOA. This means you stay in complete control of the switch.

This depends on the size of your business. If you run a micro business, Ofgem's Faster Switching rules mean everything should be sorted within five days. For all other businesses, it can take up to 30 days. 

If you still have a contract with your current supplier, the switch won’t happen until this current contract ends. Even if you sign a new contract well ahead of your current contract's end date, you won't be switched to your new supplier until your current one ends.

And remember, you can only agree to a new non-domestic energy contract when your current one is up for renewal. This can be up to ten months before your current contract's end date, so it's worth keeping an eye on the date. If you sign up for the Bionic Digital Renewal service, we'll take care of this for you.

You generally can't switch business energy suppliers if you are in debt with your current supplier and have been for more than 28 days. If this is the case, your current supplier can object to the swicth and you'll need to pay off the debt before switching to a new provider. 

No. The switching process is usually straightforward, and your business will face no disruption when you change supplier. And you won't need to worry about your new provider installing anything at your business premises, as they’ll use the same pipes and cables as your old supplier.

If you’re moving into a new business premises, your energy contract at that property will be cancelled. If you don't arrange a new contract at your new premises, you'll be put on ‘deemed rates’ contract with that property’s existing supplier. These are more expensive than fixed rates so you should switch as soon as possible.

To find more, check out our guide to your business energy when relocating.

When your business energy contract ends, your supplier will offer you renewal rates for your next contract. It's worth comparing rates from other suppliers before you agree to this offer.

If you don't take your renewal offer or arrange a fixed-rate contract with another supplier, you'll automatically be rolled onto your current supplier’s more expensive out-of-contract rates. If this happens, you should arrange a fixed-rate contract as soon as possible to avoid overpaying.

Yes. Energy contracts are legally binding, and you don't need to physically sign one -  you can agree to a contract over the phone. And there's no cooling-off period on business energy contracts. That’s why it can help to talk through your contract details or see everything in writing before you agree to sign.