If you take the easy option of renewing with your current supplier on the back of receiving a renewal letter, chances are you’re being quietly overcharged.
Even worse, if you miss your renewal date and roll into Out of Contract or Deemed Rates, then you could be paying up to 100% more for your business energy. If you are a high user, then very quickly this can add up to a significant amount of money.
Recently I reviewed a potential customer’s bills. He was close to his renewal date and didn’t think he would have the time to sort out a new contract. Having looked at his supplier’s Deemed Rates which most suppliers publish on their website, often well-hidden so they take a bit of finding, I discovered that he would be paying twice as much out of contract as he was currently paying. Time for a change I think and worth the effort.
Sticking with the same supplier might sound convenient but suppliers rely on the fact that a significant proportion of customers enjoy the convenience and will take the path of least resistance. They will build in uplift above market rates because they know many of their customers will just sign on the dotted line.
Energy suppliers bank on you not noticing. And too many businesses don’t notice.
Why it happens:
- Busy schedules
- Missed reminders
- Unclear contract terms
What to do:
- Know your contract end date
- Set calendar reminders
- Or better yet – let us manage it for you!
We track your renewal dates and give you plenty of warning when your contracts are due to end.
We will advise you on the best time to renew. Did you know you can lock in rates up to a year in advance if the market is favourable, so you don’t have to wait until a few days or weeks before your renewal date. Take advantage of seasonality or market conditions and renew when prices are lower.
At the appropriate time we will review your usage, approach multiple suppliers across the market and negotiate better rates on your behalf.
We do all the leg work and the paperwork, you stay in control, and your costs stay as low as possible.
Don’t let your existing supplier take advantage of your loyalty.
Let Modenergy manage your renewals so you never miss a beat—or a better deal.