Many businesses are starting to feel the effects of the rising price of energy over the last couple of months along with other materials. Nearly half of UK businesses have reported an increase in goods and services they require over the past few months.
Since the cost of fuel and energy began to rise last year, so has inflation. This has affected businesses within the hospitality and services industry the most. Unfortunately, this price squeeze could worsen throughout the year with inflation due to reach 10% by autumn.
The rising price of energy is not the only thing that is going to affect business as more and more consumers are spending less. This is due to the cost-of-living rise, consumers have less money to spend as we are seeing the largest fall in household disposable income. This could make it harder for businesses to stay afloat over the next upcoming months.
The main reason for business energy prices rising comes from the disruption of the energy supply. This is mainly due to Russia tightening its supply over the past few months to the UK and europe. This has affected the global energy market which has an inevitable effect on UK business energy prices.
How to keep business energy prices low
As a business, it is more important now than ever to make sure that you are keeping prices down. One way you start doing this is by reviewing your energy bills and energy management each month to keep prices as low as possible.
Ways you can keep your business energy low:
- Be more energy aware and make sure your employees are being energy efficient around the workplace. This could be by being aware of switching lights and monitors off when not in use and not overusing appliances unnecessarily.
- Monitor your energy usage each month. This could be installing a smart meter in your business if you haven’t already. This allows you to track how much energy you’re using to ensure you are keeping prices low each month.
- Finally make sure your switch your energy contracts when it comes to an end. Your current energy supplier could be charging you a lot more than you need to be paying if you go onto a rollover contract. Make sure you're comparing energy deals before your current contract comes to an end to ensure you’re not overpaying.
Compare business energy with Online Energy today
If you’re looking to compare and switch energy to keep prices low for your business, then why not compare energy deals with us today. All we need from you is your business and energy consumption details and we can offer you prices from the best UK energy suppliers right now.
By switching with us you could save up to 46% on your business gas and electricity bills in under 60 seconds.