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Business Energy Contract Termination

Terminating a business energy contract is not always as easy as it sounds. It could be that you are coming to the end of your agreement and have found better deals elsewhere. Alternatively, you might not be getting the service you deserve and would like to switch.

Knowing how to cancel your business energy contract could help save you a lot of money.

This article will explore what happens at the end of a business energy contract. We will also look into cancelling contracts mid-term, and how you can find the best energy rates on the market.

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Can I Cancel My Business Electricity Contract?

Cancelling an existing business contract is possible. However, the ease with which you can do this will depend on your circumstances.

If you are nearing the end of your existing business energy contract, you will enter the renewal window. This period can be anywhere from one to six months before the contract is due to end.

During this period you should be able to switch suppliers relatively easily.

If you want to switch during your contract, it might not be possible. If you are permitted to switch you may be subject to a penalty known as an early exit fee.

It’s worth checking the terms before agreeing to a contract to see whether this fee will be applicable and how much it would be.

The other scenarios that might allow an early exit from a contract include moving the business premises or going bankrupt. If you are moving premises, it might be the case that the landlord has an existing energy contract in place.

Before moving, contact your energy supplier and give them as much information as possible.

How Do Electricity Contract Terminations And Renewals Work?

Terminating a contract with a business energy supplier can be more complicated than dealing with domestic energy contracts. This can take some new businesses by surprise so it’s important to understand how terminations and renewals work.

When your current business energy contract is nearing an end, you can let it run on and automatically renew. This will typically result in poor rates and you could end up paying more for your energy.

Alternatively, you can switch to a new business energy supplier. Taking the time to compare energy deals will help you find the most competitive rates on the market.

You should also notify your existing business energy supplier of your intention to terminate the contract when it expires.

Business energy suppliers require a letter stating your intention to leave. We have included a template for this letter later in the article to ensure you provide all the necessary information.

Where And How To Find Your Contract End Date

Business energy suppliers will typically notify businesses when their contract is due to end. This date can also be found on bills in some cases. It’s more likely this will appear on micro or small business energy bills. However, it can appear on larger companies’ bills as well.

Renewal letters advise businesses of when they can cancel by and when renewal dates will commence.

You can contact your supplier if you have any doubts or misplaced correspondence. They will be able to provide you with the date of when your contract is due to end.

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How To Cancel Your Business Energy Contract?

To switch your business electricity contract to a new supplier at no cost, simply follow these three simple steps:

Terminate your existing contract

To terminate your existing contract you must know the official end date of the current energy contract. You can then send a termination letter within your notice window.

The notice window should be detailed in your renewal letter or original contract. This will prevent automatic renewals and allow you to start comparing rates on the energy market and finding a new supplier.

Automatic renewal deals have the potential to be more expensive than your original rates.

After terminating your existing contract you must find a new supplier. This will help you avoid paying potentially expensive out-of-contract rates. In some cases, they can be twice your usual rates.

Compare rates and find a new supplier

Once your current business electricity supplier accepts your termination letter, you can start comparing rates to find the best new deal.

The business energy brokers and consultants at Business Energy Comparison make it easy to find improved energy rates for your business.

We will scour the market to find the best deals and will take care of the switch, allowing you to focus on your business.

Switch to your new energy supplier

The final step is to make the move official when you find the deal that suits your business needs.

It’s worth noting that switching business energy suppliers typically takes longer than switching domestic suppliers. You can simplify the process and reduce stress by using a business energy specialist like Business Energy Comparison.

Your new contract becomes active the day after the previous contract’s expiration date. Taking meter readings at the end of the old contract and the start of the new one will help to ensure your bills are correct.

Electricity Cancellation Letter

To terminate your current deal with an energy supplier you must make them aware of your intentions.

Sending a letter by post or email is a great way to do this. If you are notifying your energy supplier by email you must ensure the email is received.

It’s also important that letters sent by post are sent by recorded delivery so you have evidence that they have received it.

Letters should be sent on company-headed paper if possible. Notifications should also be sent at least 30 days before the contract is due to end. This should be detailed on renewal letters or your original contract.

Letters and emails must include the following:

  • The business energy account number
  • The meter number
  • Business letterhead or come from a business email
  • A signature from someone with the authority to manage energy supply contracts
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Is Your Business Energy Contract Ending? Contact Business Energy Comparison To Secure Your Next Energy Deal

Dealing with business energy contracts might seem like a daunting task. Putting it off won’t help and you will run the risk of the deal automatically renewing after the contract end date.

To avoid this happening, the advice above will help you terminate existing business energy contracts in plenty of time.

It’s important you explore the energy market to find the best rates for you. This is an excellent opportunity for you to reduce energy costs.

Taking the time to contact and sort through quotes for all the energy suppliers in the UK would take a lot of time and effort. We can help.

At Business Energy Comparison we can provide you with a selection of business energy quotes in minutes. This makes it easy for you to compare business energy prices and save money on energy costs.

All we need is your business address and we can then use industry-held data to gather the information required to provide you with quotes.

We also take care of all the hard work when you switch to a new supplier for business utilities. This ensures you can concentrate on your business. We provide our customers with peace of mind because the switch will be seamless and without interruption.

Conclusion

Dealing with business energy contracts doesn’t have to be difficult. If you’re nearing your contract end date, simply follow the advice provided above. This will help you to contact your supplier and terminate your current contract.

Always ensure you get confirmation from your current supplier when terminating your contract. This will help you avoid complications.

After doing this, using Business Energy Comparison to find new energy deals is easy.

We will help you find quotes quickly. Our team of experts is on hand to help you every step of the way when you switch to a new supplier.

We can help with small, medium, and large business energy needs. Our experience helps us identify the most suitable suppliers for unique circumstances.

Failing to explore other deals on the market can result in you being trapped in your current contract. If the contract automatically renews, you will typically pay higher rates as well.

If you are in the market for cheaper business gas or electricity, get in touch today. Our energy switching services are ideal for businesses that are fed up with paying more than they have to.

Frequently Asked Questions

Will a new business energy contract have a cooling-off period?

The majority of business energy contracts do not have cooling-off periods. So, taking the time to examine the terms and conditions of the contract is essential.

This is why exploring the energy market to see what deals are available is recommended. You will be able to determine which deal best suits your needs.

If you are unsure, the team of experts at Business Energy Comparison are always happy to answer any questions you might have.

Does moving premises guarantee I can terminate my current contract?

Moving premises does not always allow you to exit your current contract.

In most cases, you will need to notify your current supplier of your intention to move. This will allow them to switch your supply to the new address.

If the current contract can’t be transferred, there may be an exit fee. This will be detailed in the terms and conditions of the agreement.

Some suppliers may agree to waive the fee as an incentive to stay with them.

Will I be without power if I switch suppliers?

Your energy supply should not be affected and should begin when your new business energy contract starts.

Ensuring both your existing and new supplier have the correct date will help you avoid any confusion.

Using an energy broker to secure the best business energy tariff not only helps you reduce bills, but can also provide peace of mind.

At Business Energy Comparison, we manage the switchover to ensure there are no issues and your supply remains uninterrupted.