Energylinx for Business News

September 29, 2017

80% of UK small businesses are overpaying for their energy

LifetimeStock-257970-L (2).jpgDue to time restraints, almost 60% of UK SMEs struggle to shop around for the best energy deal. This is according to new data from the energy supplier, Utilita.

Whilst the domestic energy market is seeing a significant number of customers switching suppliers for a better energy deal, the commercial market isn't. Despite the fact, the CMA's 2016 report into the energy market found that as much as 80% of the UK's small businesses are overpaying for their energy.

The findings, in an independent study commissioned by Utilita on the trials facing UK high street, reveals fewer than half of micro-businesses (46%) believe they are getting a fair deal with high tariff rates and excessive payment arrangements.

The survey reveals that only 41% of businesses review their energy at least once a year and a further 20% only review their deal every two to five years - with one in ten admitting they have never shopped around for a better deal!

The Competition and Markets Authority has enforced rules that energy suppliers have to stop locking businesses into expensive, automatic rollover contracts and need to make it simpler for them to compare the cheapest energy prices. The CMA believes that these changes could help micro-businesses save up to £180 million a year.

Do you have a small business? Energylinx for Business offers a free energy comparison service. If you find a cheaper deal for your energy supplier you can arrange a switch through our online platform or by calling one of our advisors on 01259 225400.

Posted on September 29, 2017 at 01:44 PM