Business Energy Brokers Explained
Are you wondering how business energy brokers work? If you’re approaching the end of your business energy contract you may be shopping around for a new deal. Many business owners have little time to approach each supplier for a gas and electricity quote and this is where using an energy broker can speed up the process.
The added time constraint involves the absence of dual-fuel tariffs for business, meaning that this process has to be repeated twice for gas and electricity.
How Much Money Do Businesses Save With An Energy Broker?
We can’t speak for other services but we can save our customers up to £1,401* on average annually. As a business utilities retailer, we take pride in saving UK businesses as much money as possible and will offer you quotes for other utilities should you wish to grab extra savings.
We can help you save up to £1,401*
Do Energy Brokers Charge You A Fee?
Fees are charged by brokers in a variety of ways. The issue is some brokers hide fees, gaining them a bad reputation. Many average brokers will charge commissions anywhere from 1% to 2% of the total energy contract. You should always make sure they disclose commissions before signing an agreement to ensure you’re getting the best deal.
To be transparent, we’ll always disclose our commission with you before any agreement is signed and these will be added to the overall cost of your contract with no fee to be paid upfront. Despite this fee, you will still save money in comparison to using other switching methods.
For a full view of the energy market, including suppliers and brokers; Ofgem has published a list of licensed companies.
What Type Of Business Benefits The Most From Using A Broker?
Small and medium-sized businesses gain the biggest benefits of using an energy broker with them taking away large amounts of the admin. Alongside this, a business falling into one of the following categories will see the benefit of seeking broker help:
- Business energy renewal is more expensive than anticipated
- The contract end date is fast approaching and you need to secure a new deal
- Time constraints and inability to source multiple quotes directly
- The ability to switch online anytime is appealing
Do Energy Brokers Compare The Entire Market?
No energy broker can compare the entire business energy market. Energy brokers have agreements with individual suppliers that give them access to tariffs. This means many brokers only work with a handful of suppliers, if not just a small few.
The energy brokers that set themselves apart are those who work with a wider selection of suppliers and include some of the well-known in the market.
Here are some of our trusted suppliers:
What Information Does An Energy Broker Need From You?
Our innovative energy comparison engine only needs some very basic details to show you business energy quotes tailored to your business in just 30 seconds. We’ll ask for your name, business address and contact details. We’ll ask for your permission to look up your meter and we’ll pull all other relevant information to provide you a price in seconds.
What sets Power Compare apart from the others is that you’ll be able to switch entirely online.
How To Choose A Business Energy Broker?
Not all energy brokers are equal. Whilst you’re looking to save time you must be comfortable with who you’re working with. Here are some simple things to keep in mind when using an energy broker:
- Do they have a wide range of suppliers on their panel?
- What rating on Trustpilot do they have?
- Are they transparent with information on their website?
- Ask about their commission structure
- Do they offer any additional services that could save you money?
- How easy is the switching process?
- Can you switch suppliers online?