This website uses cookies to ensure you get the best experience on our website. Find out more.

Compare Business Electricity Rates

It takes just 30 seconds to view the latest business electricity rates. Unlike many other business electricity retailers, you can switch entirely online.

Compare electricity deals

devices comparing business electricity rates.

Compare Electricity Rates With UK Suppliers 

  • British Gas Lite logo.
  • Opus Energy logo.
  • E.ON Energy logo.
  • EDF Energy logo.
  • Npower Business Solutions logo.
  • Scottish Power

Business Electricity Prices Per kWh - February 2024

The table to the right shows current business electricity prices for 2-year contracts. Prices vary by UK region and these are the national average.

They reflect the average business electricity prices per kWh as paid by companies of various sizes (based on consumption levels). It includes the prices with and without a Climate Change Levy (CCL) of 0.583 p/kWh but excludes VAT.

Businesses were grouped based on their annual electricity consumption as follows:

  • Very Small: less than 5,000 kWh a year
  • Small: 5,000 to 15,000 kWh a year
  • Medium: 15,000 to 25,000 kWh a year
  • Large: 25,000 to 50,000 kWh a year
  • Very Large: 50,000 to 100,000 kWh a year
Compare deals

Business Size
(Annual Usage)

Average Business Electricity Unit Price (p/kWh)

Very Small / Micro Business
(up to 5,000 kWh)

25.1p

Small Business
(5,000 to 15,000 kWh)

25p

Medium Business
(15,000 to 25,000 kWh)

25.8p

Large Business
(25,000 to 50,000 kWh)

25p

Very Large Business
(50,000 to 100,000 kWh)

24.6p

Data correct as of February 2024. Business electricity prices are based on a 2-year contract and are a UK-average for the usage banding. These prices reflect a live market and are subject to fluctuation.

Are Business Electricity Rates Still Rising?

No – the numbers we’ve got to hand show that prices have been falling consistently each month for quite some time. We are now in a period of stability. 

There’s a clear downward line with the average cheapest price falling, from almost 80p per kWh to 28.03p.

Month

Business Electricity Price per kWh

October 2022

79.72p

January 2023

57.24p

April 2023

31.21p

October 2023

27.93p

January 2024

27.9p

February 2024

25.73p

Business electricity rates trends.

 

Many businesses in the UK will welcome the downward trend in commercial electricity prices. Diving into 2024, prices have stabilised at just under 30p per kWh and many predictions, including from Cornwall Insight expect this to remain the case for a while. However, this is a prediction and things could change tomorrow!  

  • Chat Logo.

    Simply provide us with contact details and we'll look up your electricity meter. 

  • Survey Icon.

    Choose a great deal from our live panel of electricity suppliers. We work with a panel of trusted UK suppliers with exclusive rates. 

  • Switch Complete Logo.

    Once you have chosen your new business electricity tariff, we will have you switched over to your new supplier within 5 working days.

Secure Your Electricity Rates

Compare Live Business Electricity Rates In 30 Seconds

Choosing Your Business Electricity Tariff 

The starting point for securing cheaper business electricity rates. 

  • Fixed rate - the electricity rate you agree to with your supplier is fixed for the duration of your contract. This tariff is great for budgeting and predictability. 

  • Variable rate - the unit price for electricity will differ each month as wholesale prices go up or down. This is great for flexibility but expensive in times of higher wholesale prices. 

  • Green/ renewable - renewable electricity tariffs are a great first step to reducing your carbon footprint. 

  • Deemed rate - Deemed rates are what businesses taking over new premises will pay until they enter into an electricity supply contract. 

  • Out-of-contract rates - The amount charged is usually very similar to deemed rates but usually arises when a contract ends and a new contract has not been put in place. 
Compare Rates

Are No Standing Charge Tariffs Cheaper? 

'No standing charge' tariffs may seem appealing but can often mean that the supplier will set the business electricity rates higher to offset any losses from a cheaper or no standing charge tariff. Here are some example tariffs to illustrate the differences: 

  • No standing charge - a business using 25,000 kWh of electricity annually with a fixed rate unit price of 31p will pay a monthly bill of £645.83. 

  • With a standing charge - a business using the same 25,000 kWh of electricity but at a cheaper fixed rate unit price of 28p and a daily standing charge of 45p will pay a monthly bill of £597.01. 

As business electricity suppliers typically charge slightly more when there is a zero standing charge they often charge a slightly higher unit rate. In the example above, it shows a significant difference in the monthly price. 

Even if this isn’t always the case, it is important to understand the unit prices and stranding charges you’re agreeing to. 

Business Electricity Rates per kWh By Supplier - February 2024

Considering switching business electricity tariffs but unsure who the best supplier is for you? You can review supplier ratings here and we’ve listed the cheapest business electricity prices from some of our panels for February 2024. This offers a little taste of the prices you should expect to see when comparing business electricity.

Suppliers

Electricity Unit Rates (p)

Standing Charge (p)

smartest energy logo.

25.3p

63.1p

edf logo.

25.1p

75p

British Gas Lite logo.

29.1p

42p 

Valda Energy logo.

24.1p

68.9p

scottish power logo.

23.4p

96.5p

opus energy logo.

23.4p

175.7p

British Gas logo.

29.8p

62p


Business electricity rates displayed in the table are calculated averages of all contract terms (1, 2 and 3-year fixed-rate) and are based on an assumed annual consumption of 25,000 kWh per fuel.  The cheapest unit rates for each fuel have been highlighted. 

Compare deals

How to Get Cheaper Business Electricity Rates

Getting the lowest tariff on business electricity is not the easiest thing in the world but the following 10 tips can hopefully help:

  1. Using a comparison service to view the latest business electricity rates is the quickest and easiest way to find great deals.
  2. Know how much electricity you use each year as this makes comparisons easier and may make it easier to negotiate a discount.
  3. Have your MPAN (Meter Point Administration Number) ready as this can also help you make a better comparison.
  4. Consider how you pay your bill. Some electricity suppliers will offer up to a discount if you pay by monthly direct debit.
  5. Check your company credit rating. Bad credit can mean you’ll pay more for your business electricity.
  6. Look into when you use your electricity. For example, if you run a late-night business you may be able to benefit from off-peak rates for your electricity.
  7. Look into installing renewable options such as solar panels or wind turbines. While not an option for many businesses, you may be able to benefit from various government schemes. Moreover, you may be able to offset future price increases.
  8. If you have multiple business locations you may be able to negotiate a lower unit price by buying in bulk.
  9. Look at ways to lower your overall electricity usage such as using LED light bulbs or more efficient appliances. This can significantly reduce your total bills going forward.

Electricity suppliers don’t offer dual fuel contracts or discounts as they do for domestic customers. This means you may find it cheaper to buy your electricity and gas from separate suppliers.

To get your switch started, you can compare business electricity rates with Power Compare.

How To Identify Your Business Electricity Meter

When it comes to knowing what kind of meter is installed on your business' premises, it's worth knowing that, broadly speaking, there are two main types of business electricity meter.

Many businesses are using standard meters and larger businesses are using half-hourly meters. You can tell what type of meter you’re on based on your MPAN (Meter Point Administration Number). This number can be found on a recent business electricity bill or on your actual meter box.

  • If your supply number starts with a 00 you have a Half Hourly meter.
  • If your supply number starts with 03 you have Standard Meter.
  • If your supply number starts with 04 you have an Economy 7-meter
  • If your supply number starts with 05-08 you are Maximum Demand (MD) customer

A regulation called P272 was implemented on 1 April 2017 which means all 05-08 customers are now billed on a Half Hourly basis.

Knowing what your meter type is made comparing electricity prices much easier as not all suppliers are set up to handle Half Hourly customers. Some niche suppliers only deal with Half Hourly customers and won’t deal with SMEs on 03-04 profile classes. You will need to be aware of this when you switch business electricity supplier.

Despite a push by suppliers to get all customers on smart meters, many smaller suppliers are still not set up to deal with smart meters. If you would like to remain on a smart meter, you should check that your new supplier supports them before you switch business electricity.

It could be that you need a new meter installed, we offer free business electricity meter installation in some cases.

Compare Latest Tariffs