No business can escape getting a power bill in the mail each month—but that doesn’t mean you don’t have control over which company you get it from. While not all states provide options for businesses to choose from, those who do have a choice can shop around to help soften the blow when they have to sign the check for electricity.
Navigating the energy market can be complex, especially when considering the diverse range of factors that influence energy prices and services. Let’s take a look at whether or not you have options as a business to determine who you get your power from, and how you can find an energy supplier that not only meets your financial requirements but also aligns with your business values and objectives.
Do I have the option to choose an energy supplier?
As of July 2024, only 13 states and Washington, D.C., offer the option to choose how to heat or power your business. This means that businesses located in these areas—known as deregulated markets—have the advantage of shopping around for energy suppliers, potentially securing better rates and services.
For businesses outside these regions, the local utility company is the sole provider, which means you can’t compare options. But don’t lose hope—there are still plenty of ways to lower your energy bill each month.
How to choose the right energy supplier for your business
If you do have options for who you get your electricity from, take the following steps to make sure you get the best deal for your business:
- Review your current contract
Begin by thoroughly reviewing your current energy contract to determine what you are currently receiving. Identify how much you’re paying per kilowatt-hour (kWh) and whether the energy prices are fixed or variable. Additionally, consider if your current supplier offers any useful products or services in conjunction with energy, such as smart meters or energy management tools. It is also important to know when your contract is up and if there are any termination fees associated with ending it early. Assess the quality of their customer service and their commitment to environmental initiatives. All of this information will be useful as you start to gather information on other energy suppliers and their offerings.
- Contact energy suppliers
Next, reach out to other energy suppliers in your area and ask them the same questions you asked about your current contract: inquire about their prices and whether they are fixed or variable, the type of billing plans they offer, the length of their contracts, and any termination fees. Evaluate their customer service and commitment to environmental initiatives. Pay close attention to how transparent and responsive they are during these discussions, as this can be indicative of the level of customer service you can expect if you choose to work with them.
- Compare suppliers
Now you can compare the different energy suppliers based on the information you have gathered. Weigh each company’s offerings against your financial goals and company mission and choose the supplier that offers the best overall package, aligning with both your financial requirements and your company’s values. While cost savings is typically the primary determiner of the right company for you, remember that they will essentially be a business partner for you—you’ll want to make sure you’re getting transparency and communication to meet your needs.
Control your energy costs
Ultimately not everyone is going to have the choice of who they get power from, but every business can control their energy expenditures. If you’re feeling squeezed on your power bill, the first step is to install a smart meter that will gather data on your facility’s energy expenditure. With this data you’ll have insights into the quality of your energy and where you’re wasting power.
Electripure’s CleanPQ smart meter is a fantastic solution that not only monitors your energy usage 24/7 but also cleans up the damaging harmonics in your power—saving you a potential 20% on your energy bill right off the bat.
Contact us today and start getting your money’s worth out of the power you pay for!