In 2022 researchers found that there were 67% fewer supplier changes when people were renewing their energy bills than there were in 2013. Only 1.3 million businesses and households switched their supplier in 2022.
This lack of activity from consumers comes from the rise in energy prices which has caused less competitiveness between suppliers as many of them went bust in 2021. Due to this, consumers have seen fewer incentives in switching suppliers. This shows that businesses are concerned about energy bills and would rather stay with something they know than spend more money, whilst this can seem safer for businesses to do this could lead your business from missing out on cheaper prices.
Not comparing energy prices is costing businesses more
With inflation, we understand overhead costs are increasing pressure for all businesses regardless of size. This is why many businesses have been opting to go for a simple renewal with their current energy supplier. However, by doing this you could be missing out on huge savings. When you renew with your current supplier you miss out on the most competitive prices. You also can’t see if there are cheaper prices available like you would be able to by comparing prices.
Businesses need to be taking proactive steps when it comes to their energy bills to ensure they’re paying the lowest prices possible. This could include comparing prices all year round to see when the best time for your business is to switch contracts.
Although it can seem more convenient to stay with the same supplier you could be missing out on huge savings by doing this.
Prices rising throughout 2023
At the beginning of 2023 prices dropped compared to what they were in 2022. As the market settled slightly, we saw the lowest prices we have seen since the Russian-Ukraine war in January. However, there are many factors that could change this. Since the market is still volatile prices can be very easily affected and can go back up as quickly as they came down.
Europe Managed to conserve gas over winter however, this was down to luck, and they might not be able to do the same in 2023. Due to China’s gas demand will rise this year rising as their economic activity is set to rise this will create more competition for contracts which could lead to higher prices.
How Online Energy can save you money.
Finding the right supplier and securing the best price can make a massive difference to your bottom line. At Online Energy, we make it easy. With access to prices from some of the UK's most competitive suppliers, we can provide you with a great value package tailored specifically to your needs. And because we compare prices from numerous providers, you can be sure that you're always getting the most affordable deal available. Fast and cost-effective, our comparison services help ensure that you're outsmarting rising energy prices for your business.
Online energy can save you money in three easy steps:
Use our gas and electricity comparison tool to get prices in under 60 seconds! Then choose the best prices for you. You can choose prices depending on the contract length or supplier you want. We will always recommend the best contract for your business.
With our quick and easy process, you could have your contract signed within the hour, with no long phone calls or hassle allowing you to get on with your job.
Finally, enjoy your savings! Once your contract is signed then you are all done, however, we do have a support team that will be happy to help if anything goes wrong or is not right with your contract. Please don’t hesitate to get in touch.