So, you decided to switch your business electricity retailer to save money. Sounds great, but where do you start? Switching is a generally simple process; however, it might not be as straightforward as it should be for businesses. Where should you start your research?

First and foremost, you can start with each retailer’s website. Some retailers — like us — publish their price plans online, so it’s easier for you to compare your options. Other retailers do not show their price plans and require you to contact them directly to get a quote.

You can also look into various price comparison sites where electricity retailers upload their plans for comparison. The Energy Market Authority has set up the Open Electricity Market website to compare price plans from different retailers. However, it is not mandatory for electricity retailers to upload all their plans, so you might not see the complete list.

What are you paying for, exactly? Different price plans might have different arrangements, and it’s essential to check with the supplier what’s included in the price plans and what will be passed through to you.

The two most common plans are fixed plan and discount off tariff (DOT) plan.

A fixed plan means you pay a fixed electricity rate during your contract, and it’s generally cheaper than the regulated SP tariff. It makes planning your budget more straightforward, and you don’t have to worry about electricity prices going up. However, suppose the regulated tariff falls below your fixed price. In that case, you will not be saving any money (not to worry, this happens once in a blue moon).

A DOT plan means you enjoy a certain percentage of discount off the regulated SP tariff. So your electricity rate might go up or down, but you will get a constant discount during your contract period.

Business electricity rates offered are rarely pure energy rates, it includes a list of Third-Party charges that are payable to different stakeholders in the electricity market. Retailers may/may not pass on these charges to their customers depending on the commercial arrangements made with their respective customers. Third-party charges that are not included in the rates should be clearly indicated in the Fact Sheet / Contract.

Some retailers might be sneaky, though. They give you a low rate but passing through all of these third-party charges to you. It might seem like an attractive deal but harder to compare with other plans. Your first bill might also be higher than what you expect, so beware of these.

At Flo, we believe in simplicity and transparency. What you see is what you get: an all-inclusive rate that covers all of these charges.

If you are a large business, you can also request a personalised quote. You will receive a custom electricity rate tailored to you with different arrangements. Don’t worry, we always keep it as simple as possible.