Get Cheaper Business Electricity Rates
As a business owner or manager, finding the best electricity rates for your company can be a daunting and time-consuming task. However, it’s essential to get the most competitive rates to help keep your business running efficiently and maintain your bottom line. In this article, we will discuss the factors that influence business electricity rates, the process of comparing electricity rates, tools and resources available to help with the process, and tips for choosing the best electricity plan for your business.
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We have different pricing options for electric, natural gas, and renewable energy products that can be tailored to your business needs. Commercial and Industrial energy rates tend to change frequently so it’s crucial you get up-to-date rates. We will present you with multiple plans, allowing you to quickly find the best rate.
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Factors That Influence Business Electricity Rates
Business electricity rates can vary depending on several factors.
Understanding these factors can help you determine which plans will be the best fit for your company. Some of the factors include:
- Types of Tariffs: The type of tariff you are on can significantly affect your electricity rates. For instance, some tariffs are time-of-use (TOU), which means that the price you pay for electricity will depend on the time of day or night that you use it. Others are demand charges, which means that you pay more when you use more electricity during peak demand periods.
- Size and Location of the Business: The size and location of your business can affect your electricity rates. For example, if your business is located in an area with a higher population density, the electricity rates may be higher. The size of your business also affects your rates, as larger businesses typically use more electricity, they may benefit from custom-quoted rates.
- Electricity Consumption Patterns: The amount of electricity you use and when you use it can also affect your rates. If your business uses more electricity during peak demand periods, you may be subject to higher rates. Additionally, businesses that consume more electricity may be eligible for lower rates if they enter into a long-term contract with their energy provider.
- Time of Use and Peak Demand Charges: As mentioned earlier, the time of use and peak demand charges can significantly affect your electricity rates. It’s essential to know when your business uses the most electricity and try to avoid peak demand periods if possible.
- Renewable Energy Options: Renewable energy options, such as solar power, can help reduce your electricity costs. Some energy providers may offer special rates or incentives for businesses that use renewable energy.
- Regulatory Policies and Market Competition: Regulatory policies and market competition can also influence business electricity rates. For instance, deregulated markets often have lower rates due to increased competition.
The Process of Comparing Electricity Rates for Businesses
Comparing electricity rates for businesses can be a complicated process, but it’s essential to find the best rates for your company. Here are the steps you can take to compare electricity rates:
- Understanding Billing Components: Before comparing electricity rates, it’s crucial to understand the different billing components that make up your electricity bill. This includes the supply charge, demand charge, and any additional fees or charges.
- Finding and Analyzing Available Electricity Plans: Once you understand your billing components, you can start researching and analyzing available electricity plans. This may involve visiting energy providers’ websites, calling them directly, or using an energy comparison website.
- Evaluating and Comparing Energy Rates: When comparing electricity rates, it’s essential to compare the total cost, including any additional fees or charges. Be sure to compare rates for the same length of contract, energy usage, and billing components.
- Identifying Hidden Fees and Charges: Some electricity plans may have hidden fees or charges that are not immediately apparent. Be sure to read the fine print and ask any questions you may have before signing up for a plan.
- Considering Customer Service and Billing Practices: It’s also important to consider customer service and billing practices when comparing electricity rates. Look for energy providers that have a good reputation for customer service and transparent billing practices to avoid any surprises on your bill.
It’s more important than ever to compare electricity rates to get the best deal. The chart below gathers data from the U.S. Energy Information Administration and shows that since 2001, the average cost of electricity for businesses in the US has gone up steadily. In January 2001, it was 7.25 cents per kWh, while in February 2023, it was 12.77 cents per kWh. This means there has been a 76% increase.
Tools and Resources for Comparing Electricity Rates for Businesses
Fortunately, there are several tools and resources available to help you compare electricity rates for your business. These include:
- Energy Comparison Websites and Platforms: Energy comparison websites allow you to compare electricity rates from different energy providers quickly. These websites typically require you to input your business’s energy usage, location, and other information to generate a list of available plans.
- Utility Providers’ Websites and Resources: Most utility providers have websites and resources that can help you compare their electricity rates with other providers in your area. They may also offer online calculators to help you estimate your monthly bill.
- Business Energy Consultants: Business energy consultants can help you analyze your energy usage and identify areas where you can reduce your electricity costs. They can also help you negotiate with energy providers to find the best rates.
- Industry Associations and Government Agencies: Industry associations and government agencies may provide information and resources to help businesses compare electricity rates. These organizations can help you stay informed about changes in energy policies and regulations that may affect your electricity costs.
While there are many tools and resources available to help you compare electricity rates for your business, the process can still be time-consuming and overwhelming. That’s where SlashPlan comes in. SlashPlan is a service that can streamline the process of shopping and comparing business electricity rates. It can quickly compare between dozens of energy suppliers to find the best rate for your business. Here are some of the benefits of using SlashPlan:
- Time-Saving: SlashPlan can save you time by doing the legwork for you. Instead of spending hours researching and analyzing electricity plans, you can let SlashPlan handle the process for you.
- Cost-Saving: SlashPlan can help you find the most competitive electricity rates for your business, potentially saving you hundreds or thousands of dollars each year.
- Easy to Use: SlashPlan is user-friendly and easy to use. You simply input your business’s energy usage and other information, and our specialists will use it to shop around for the best deals, including sweet-spot pricing from an extensive list of providers. We leverage our relationships with all providers to get you the best pricing possible.
- Personalized Recommendations: SlashPlan provides personalized recommendations based on your business’s energy usage patterns and other factors. This ensures that you find the best electricity plan for your specific needs.
Tips for Choosing the Best Electricity Plan for Your Business
In addition to using SlashPlan or other tools to compare electricity rates, there are some other tips you can follow to choose the best electricity plan for your business:
- Set Clear Goals and Priorities: Before comparing electricity plans, it’s essential to set clear goals and priorities for your business. This may include reducing your electricity costs, using renewable energy, or improving your sustainability practices.
- Evaluate the Long-Term Costs and Benefits: When comparing electricity plans, it’s important to consider the long-term costs and benefits. While a plan may have lower rates initially, it may not be the best fit for your business in the long run.
- Negotiate with Electricity Providers: You can often negotiate with electricity providers to find the best rates for your business. Be sure to ask about any discounts or incentives that may be available.
- Consider Energy Efficiency and Conservation Measures: Implementing energy efficiency and conservation measures can help reduce your electricity costs. This may include upgrading to more energy-efficient equipment or improving your insulation and weatherization.
- Stay Informed and Monitor Usage and Costs Regularly: Finally, it’s essential to stay informed about changes in energy policies and regulations that may affect your electricity costs. Additionally, monitoring your energy usage and costs regularly can help you identify areas where you can save money.
Better Business Energy Rates with SlashPlan
Comparing electricity rates for businesses can be a complex and time-consuming process, but it’s essential to find the best rates to help keep your business running efficiently and profitably.
Fortunately, SlashPlan is here to help streamline the process for you. Just send us a few basic details about your business and we’ll get quickly find the cheapest business electricity rates for you.
Our service is completely free and there is no obligation to sign up. Just a get free energy quote and see how much you can save on your bill every month.
Which Businesses Can Shop For an Electricity Plan?
You can shop and switch your electricity plan if your business is located in an energy-deregulated area.
Some states only have deregulated gas, some have deregulated energy, and some have both utility services deregulated.
Between 1996 and 2001, 17 US states changed their electricity markets to make them more competitive. This meant that companies had to compete for customers, with the goal of lowering prices for homes and businesses. This idea wasn’t new, as some states had already made changes to their natural gas markets in the 1980s. However, the electricity market is still complicated, with some states not making many changes. You can learn more about these changes in our guide to energy deregulation.
Read more about energy deregulation on our blog.
By following the tips outlined in this article, you can make an informed decision about which electricity plan is best for your business. Remember to set clear goals and priorities, evaluate the long-term costs and benefits, negotiate with electricity providers, consider energy efficiency and conservation measures, stay informed, and monitor your usage and costs regularly.
With the right tools and resources, or with SlashPlan by your side, you can find the best electricity plan for your business and save money on your energy costs.