Many businesses transition their utility suppliers to secure a more advantageous deal, aiming to cut costs, reduce overheads, and ensure their rates mirror current market conditions.
It’s quite common for business leaders to miss out on these opportunities, either by forgetting renewal dates or feeling overwhelmed by the process of gathering quotes and evaluating contract terms. This often results in being placed on a ‘default’ or ‘deemed’ rate that wasn’t actively chosen, and since suppliers are not required to offer their best rates automatically, there’s always room for a better arrangement.
This is where a brokerage like Toucan Energy steps in. Once we have the necessary details, we handle the quote comparisons and guide you towards a decision that’s both financially beneficial and time-efficient.
IMPORTANT In the event your supplier has ceased operations, following Ofgem’s guidelines, we recommend not switching suppliers immediately. Instead, refer to the guidance document provided by Ofgem on their website for proper direction.
HOW DOES THE SWITCHING PROCESS WORK WITH TOUCAN ENERGY? STEP 1: VERIFY YOUR SWITCHING ELIGIBILITY Determine if your current tariff term is nearing its end, has time remaining, or if you’re already out of contract, along with the notice period required for a switch. Switching before your contract concludes may result in charges and potential financial loss.
If you’re unable to switch, inquire with your current supplier about transitioning to a more cost-effective tariff, which may involve a new contract. Scrutinise the new contract’s duration, unit cost, potential price fluctuations, and the notice period.
STEP 2: COMPREHEND YOUR CURRENT ENERGY CONTRACT Your contract provides crucial insights into your business energy rates, enabling you to compare unit costs and other associated charges. Clarify the following through your contract and past bills:
- Unit rate and standing charge
- kWh usage (monthly and annual)
- Annual and monthly costs (£)
- Contract termination date
- Notice period for contract termination
Having your MPAN (Meter Point Administration Number) for electricity and MPRN (Meter Point Reference Number) for gas at hand is also beneficial. These numbers are typically found on your meter.
STEP 3: ENGAGE WITH A BROKER Armed with essential information, one of the most effortless ways to switch energy providers is to reach out to a utility broker like Toucan Energy.
As seasoned intermediaries between businesses and energy suppliers, we aim to procure competitive offers from our network of providers. Opting for Toucan Energy or another broker, they will serve as your guide through the energy market, assisting not only with quotes but also in identifying the contract and provisions that best fit your business needs.
STEP 4: SELECT YOUR NEW SUPPLIER Your broker will gather quotes from various suppliers using the information you’ve provided, presenting you with a range of options.
While pricing is a key factor in choosing a supplier, leverage your broker’s expertise at this stage for a well-informed decision. Seek clarification on any ambiguities or pose any lingering questions before moving forward.
The final step involves instructing your broker, who will then notify the chosen supplier. You’ll receive your contract, and your new tariff will commence without delay.
