Roll-over energy contracts see SMEs lose millions

A recent study has found that UK SMEs are losing millions by being locked into energy contracts without their consent. The study which was carried out by switchmybusiness.com revealed that just over 18% of SMEs had contracts that rolled over for another year without their say so.

Over 30% of SMEs have been entered into a deemed contract which sees them continue use their current provider and be charged up to 80% more than they should. This finding has revealed that there aren’t enough resources for small businesses to find and compare deals so as to get the best deal they can.

Also, over 16% of business owners were unaware of the contract they were in and 50% said they had problems even understanding their energy contracts.

Energy Contracts – How to get the best deal

Alan Gray, founder of the Go4 Group has said – “Small business owners need to spend a bit of time in order to get energy contractsthe best energy deal and save themselves money. Most energy companies will always beat the quote of your current provider and save you up to 40%, which is massive. You can then use that quote to get an even better deal from your current energy provider.”

The best place to start would be at an energy comparison website as they do the initial hard work for you. You can then use a deal that you find to get a better deal elsewhere. These websites save you a lot of time as you don’t have the job of trawling through individual energy websites.

With increasing competition in the energy market, there has never been a better time to save on gas and electricity. Energy companies are always trying to undercut each other in terms of pricing and it’s up to you as a business owner to take advantage of this.