SMEs failing to shop around for energy deals

Research from business energy supplier Opus Energy has found that time-pressured small and medium-sized enterprises (SMEs) across the UK could be missing out on potential savings on their energy spend, despite cost of energy being the most important concern for them when choosing a supplier.

The Opus Energy Business Boost Report found that when their energy contract is due for renewal, 81 per cent of SMEs do not shop around with other energy suppliers to check whether there are any better deals on offer. More than one in ten (12 per cent) have never switched energy suppliers and, for nearly a quarter (24 per cent) of businesses, lack of action means they are on ‘out-of-contract’ rates and potentially paying more than needed for their energy supply.

However, the research does also show that some companies are making efforts to manage their energy better and have positive attitudes towards renewable energy. More than half (51 per cent) already have smart meters, which can help them keep track of their energy consumption. But, a fifth of these do not know how to use or find the data provided by their meter. More than three quarters (78 per cent) of SMEs are also keen to be supplied with renewable energy, with 40 per cent wanting it because it is good for the environment and 38 per cent to help boost their business’ green credentials.

As well as revealing the behaviour of businesses regarding energy, the research also showed that the majority (57 per cent) would welcome a boost to help their business grow or survive. Louise Boland, director at Opus Energy, commented: “It’s great to see so many companies optimistic for the future of their business, but we’ve noted many would welcome a boost to prosper. As we’ve grown as a business ourselves, we know how important support can be.”